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What Is Bitcoin?

Bitcoin

As the first existing cryptocurrency, Bitcoin is the most popular and accepted currency worldwide. Many people are attracted to Bitcoin for its transparent platform, increased privacy for traders, and lack of centralized control over the currency. “Bitcoin” is abbreviated as BTC and is represented by the symbol ₿.

Brief history

The creation of Bitcoin is attributed to Satoshi Nakamoto, a fictitious person whose identity has never been confirmed. Nakamo is the name associated with the first published paper on Bitcoin, along with the creation of the initial reference implementation and the software that would eventually be adapted for widespread international use. On January 9, 2009, Nakamoto launched the network and created something referred to as the Bitcoin genesis block. The first to be released out of a total of 21 million Bitcoin.

How it works : The Blockchain

All information about the activities of buying and selling Bitcoin is recorded in an open book called the blockchain. The blockchain is a global computer network, operated and maintained by Bitcoin miners who are rewarded for their work with new Bitcoin. With a network of activities that are accessible and decentralized, Bitcoin is highly unique, secure, and virtually impervious to manipulation.

You can buy Bitcoin with an online bank account or in person with cash. You can also receive in exchange for other cryptocurrencies, goods, and services. No matter how you buy it, the record of the transaction will be posted on the blockchain. As part of efforts to maintain your privacy, the sender’s and receiver’s addresses are the only identifying information that will be recorded.

bitcoin by the number

The original Bitcoin code designated that only 21 million Bitcoins will be created, with the final Bitcoin estimated to be mined in the year 2140. With a cap on the total number of Bitcoins, this is bound to be a growing resource. Although only 21 million will be created, each Bitcoin can be divided into smaller units called satoshis. Satoshis are equivalent to 100 millionth of a single Bitcoin, or 0.00000001 Bitcoin.

Get started with Bitcoin

Each user has to have a digital wallet and a Bitcoin address to make their first purchase. BitCoinX Postman is available for iPhone and Android , and allows you to view your account, send payments, receive funds within the application.

Your Bitcoin address is the location where your funds will be received and stored. Addresses are either a long series of numbers and letters or a QR code to scan to cashiers. You will use this address also if you choose to buy Bitcoin with your online bank account.

Where can I buy Bitcoin?

Once your Bitcoin wallet and address are set up, it is very easy to add funds to your wallet.  You visit any RockItCoin ATM location in person to buy Bitcoin with cash. If you prefer to shop online, you can buy Bitcoin through a bank account on our site .