BitcoinBTC
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Bitcoin in a nutshell
Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process. Bitcoin is changing the way we see money as we speak. The idea was to produce a means of exchange, independent of any central authority, that could be transferred electronically in a secure, verifiable and immutable way.
It is a decentralized peer-to-peer internet currency making mobile payment easy, very low transaction fees, protects your identity, and it works anywhere all the time with no central authority and banks. Bitcoin is designed to have only 21 million BTC ever created, thus making it a deflationary currency. Bitcoin uses the SHA-256 hashing algorithm with an average transaction confirmation time of 10 minutes. Miners today are mining Bitcoin using ASIC chip dedicated to only mining Bitcoin, and the hash rate has shot up to peta hashes.
Being the first successful online cryptography currency, Bitcoin has inspired other alternative currencies such as Litecoin, Peercoin, Primecoin, and so on. The cryptocurrency then took off with the innovation of the turing-complete smart contract by Ethereum which led to the development of other amazing projects such as EOS, Tron, and even crypto-collectibles such as CryptoKitties.
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Frequently asked questions
What can you buy with bitcoin?
Bitcoin can be used to purchase various products and services, making mobile payments easy and accessible globally. With tools like Trezor Suite, users can securely send, receive, and store bitcoin.
How long does it take to mine 1 bitcoin?
The time taken to mine 1 BTC is dependent on many factors, so it is difficult to give a precise answer. The shortest time to create 1 BTC is around 10 minutes, but the process is much more likely to take days or weeks.
How many bitcoins are there?
The total number of bitcoins is capped at 21 million.
How do you send bitcoin?
When sending bitcoin, you need to provide a destination and the amount you wish to send. The destination you’re sending it to is known as a receiving address. Learn more about sending bitcoin on the Trezor Knowledge Base.
How to use a bitcoin ATM?
Exact steps for using a bitcoin ATM vary from one machine to the next. Generally speaking, you’ll need to provide a bitcoin receiving address, for example by scanning a QR code, and then insert the amount of fiat currency you wish to exchange for bitcoin. The machine will give you an up to date exchange rate, and once you have confirmed the transaction details and are satisfied with the exchange rate, you just need to confirm the transaction. The bitcoin will then be sent to the receiving address you provided.
What is bitcoin backed by?
Bitcoin is backed by a consensus mechanism known as proof-of-work (PoW). This system requires miners to solve complex mathematical problems, ensuring the security and integrity of the network. It creates trust in the decentralized system and gives value to bitcoin.