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What is bitcoin?
We are accustomed to going out with physical money or credit cards to pay for our purchases, but have you ever wondered how good it would be if we walked only with your phone in your pocket and better still pay for our daily purchases with him?
Today this is already possible, as this is one of the proposals of bitcoin, a virtual currency made with the purpose of giving security and ease in our transactions.
Basically, bitcoin is a virtual currency with encryption to be networked. It is a totally decentralized currency, can be stored like any other file on your computer, on your phone and even on a USB stick.
It can be used to book hotels, buy furniture, buy games on the internet and much more … But the big advantage is the chance to get rich when you negotiate it. Bitcoins are transferred from one person to another over the internet without going through any bank, you can use them in any country.
System payments are recorded in a public book using your own unit of account. Payments work from point to point without a central repository or single administrator, which led the US Treasury to consider bitcoin as a decentralized virtual currency. Know more…
How does bitcoin work?
As said, bitcoin can be stored even on a USB stick. But to save the bitcoin you need a wallet, which will give you access to a public key and a private key.
Your private key can be understood as a backup code it is through this code that you can “handle” your bitcoins. And the public key you share to be able to receive more bitcoins in the wallet.
When you make a transaction, the currency does not move from one wallet and goes straight to another, before that, your transaction needs to be confirmed by the bitcoin miners. Bitcoin miners are computers that stay connected by performing calculations and intermediating transactions to ensure authenticity and prevent a person from spending the same coin more than once.
Blockchain: The blockchain is a shared public book on which all bitcoin network is based. All confirmed transactions are included in Blockchain. In this way, Bitcoin wallets can calculate your spendable balance and new transactions can be checked to spend bitcoins that are actually owned by the spender. The integrity and chronological order of the block chain are applied.
Mining: Mining is a distributed consensus system that is used to confirm waiting transactions and to include them in Blockchain. It imposes a chronological order on Blockchain, protects the net neutrality, and allows different computers to agree with the state of the system. To confirm, transactions must be packaged in a block that fits in with very strict cryptographic rules that will be scanned by the network. These rules prevent previous blocks from being modified, as this would invalidate all subsequent blocks.
Mining also creates the equivalent of a competitive lottery that prevents anyone from easily adding new blocks to Blockchain. In this way, no individual can control what is included in Blockchain or replace parts of Blockchain to reverse their own expenses.
In short: When you send a certain amount of bitcoin or satoshis (bitcoin fraction), your coin goes to one block, which is mined and your transaction confirmed, and then goes to the other wallet.
How did bitcoin come about?
As far as the first appearance on bitcoin is known, it was on October 31, 2008 in a discussion group on cryptography, “The Cryptography Mailing” where a user with the pseudonym Satoshi Nakamoto made a post about his great invention, the “peer-to-peer electronic cash system”, Satoshi Nakamoto has attached a nine-page document describing the operation of bitcoin and its features.
How to get bitcoins?
There are several ways to get bitcoin, but by dealing in more conventional ways, you can become a bitcoin miner and put your computer to mine the coin, something that is not so difficult, You will only need your computer, a stable internet connection and install a specific program for bitcoin mining.
The disadvantage of mining bitcoin is the high energy expenditure in view of the gain, a conventional computer will spend more energy than it will profit since it requires a lot of processing power of the machines to be able to gain something that is considered worthy.
There are companies specialized in the manufacture of mining machinery, these have a high can of processing. But they are expensive, which leads us to a second alternative, the purchase of bitcoin.
You can buy bitcoin in a house of exchange of criptomoedas like Poloniex, Coinbase and Bitstamp or through P2P, person to person.
What are altcoins?
Altcoins are cryptocurrencies, created from cryptographic technology similar to Bitcoin. The great participation of Bitcoin in the market and its status as the first crypto in the world, those that come after are commonly called “alternative currencies”, or “altcoins” in abbreviated form. These Altcoins can have different functionalities, some have the same process of using Bitcoin, but with some improvements.
There are several today in the market, one of the main Altcoins are: Dash (DCH), Monero (XMR), Ripple (XRP), Ethereum (ETH), Litecoin (LTC). Know more…
What is a faucet?
Faucet is a site where they pay a certain amount of a coin for you to enter a certain interval, they can pay you in bitcoins, dogecoins or any other crypto, nowadays, there are several faucets on the internet of different types.
What is Satoshi?
The satoshi is currently the smallest unit of the bitcoin currency recorded on the block chain. It is a one hundred millionth of a single bitcoin (0.00000001 BTC). The unit has been named in collective homage to the original creator of Bitcoin, Satoshi Nakamoto
1 satoshi = 0.001 uBTC = 0.00001 mBTC = 0.00000001 BTC
How are your earnings paid?
You get paid every hour you make the roll, the bitcoins are sent directly to the balance of FaucetHUB, in their rolls and their referrals.
Why does the reward amount vary?
The value of the reward follows the price of bitcoin, we pay you a certain amount in dollars converted to bitcoin, so the higher the value of bitcoin, less will be the reward in satoshis.