You might be aware that GPU prices have skyrocketed in recent months. This is due in large part to the rise of cryptocurrencies, to which there are many. Bitcoin is the first and most popular one, but what is Bitcoin? We`re here to demystify the topic for you. While Bitcoin and cryptocurrency are incredibly deep and complex topics, in this beginner`s guide, we`ll not only explain what Bitcoin is, but we`ll also dive into how it`s created, discuss its use-cases, clear up misconceptions, and much more. Here`s everything you should know about Bitcoin and cryptocurrency.What is Bitcoin? Bitcoin is the first decentralized digital currency. You can send and receive it to an individual via a peer-to-peer payment system anywhere in the world as long as you have an internet connection. You can also purchase goods with it among several online sites and physical stores. Its decentralized design means that it isn`t controlled by any one individual, central bank, company, or country. In short, Bitcoin is an open-source international currency. Who invented Bitcoin? Satoshi Nakamoto wrote the technical whitepaper to Bitcoin in 2008 and the first Bitcoin was produced the following year. It`s unclear who Nakamoto is, however, and there are rumors that the alias may represent more than one person.What is the blockchain? Bitcoins are produced, or `mined`, by individuals with high-end computers that solve encrypted math equations over a distributed online database called the blockchain. Whenever a Bitcoin transaction takes place, that data is encrypted and sent across the network for these mining computers to verify. They do so by decrypting the data. This process is known as cryptography and forms the backbone of security for Bitcoin (more on security later).Once the data has been decrypted, they are publicly stored in one megabyte blocks on the blockchain network. As an added security measure, these blocks are formed every 10 minutes and can not be altered. New transactions are s ...
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