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What Is Bitcoin?
Bitcoin is a decentralized peer-to-peer network that enables easy transfer and storage of money in its ’blockchain. It is an open source meaning anyone can make use of its’ platform, and it is also decentralized, meaning that, any central authority does not regulate it. It was created by anonymous cryptographer called Satoshi Nakamoto in 2009.
Bitcoin was created by an anonymous name called Satoshi Nakamoto Other notable names rumored to be part of the team include
- Hall Finney mentioned as one of the people that remodeled bitcoin network.
- Nick Szabo worked as part of the team that developed the application. He made a comment about “bit gold,” which later metamorphosed to bitcoin.
- Craig Steven is a former academic to have supervised the creation of bitcoin.
The practical uses of Bitcoin
- Bitcoin is one stop shop for exchanging goods and services around the globe.
- Bitcoin is widely being used for investment either by itself or anything associated with it.
- It can be used to create and store digital assets such as academic credentials, financial agreement, properties,
- It is for payment of services, school fees, royalty fees,
- Bitcoin is used advance learning and research.
- It is widely .used to create applications such as mobile application, e-payment app.etc.
If you have the required hardware, you can mine bitcoin even if you are not a miner. There are different ways one can mine bitcoin such as cloud mining, mining pool, etc. For cloud mining, all you need to do is to connect to the datacenter and start mining. The good thing about this is that you can mine from anywhere and you don’t need a physical hardware to mine.
For mining pool, all you need to do is to join a mining group, and if that team solves a computational problem, blocks are added to the blockchain, they get the reward and you get a share of it based on your contribution.
PoW algorithm-SHA-256 is used for mining. Which utilizes a lot of computational power.
How Does Bitcoin Mining Work?
Bitcoin mining saps energy, costly, uses more power and also the reward delays. For mining, run software, get your wallet ready and be the first to solve a cryptographic problem and you get your reward after the new blocks have been added to the blockchain.Mining is said to be successful when all the transactions are recorded in the blockchain and the new blocks are added to the blockchain.
Notes for investors
Die-hard Bitcoin supporters believe that bitcoin is the future; we are just scratching the surface. Considering the continuous rise of bitcoin in the market capitalization, it is one investment every investor needs to take advantage of it.
The current market capitalization of bitcoin stands at an all-time high of $109 billion. As at January 2016, bitcoin was traded at I BTC for $970 but today is being traded at $6,600 for 1 BTC.
From the statistics presented above, it that bitcoin is one investment, you will never regret embarking on. It keeps recording an impressive results daily in the cryptocurrency market.
Cryptocurrency investment is speculative, and it involves unquantifiable risks – the market is full of uncertainty, susceptible to attack and capital loss, and sensitive to secondary issues, time may do not permit to mention here.
Seek advice before investing.