Frequently Asked Questions About Bitcoin
HOW TO BUY BITCOIN?
There are many domestic and foreign platforms that provide bitcoin trading services. These platforms offer a wide range of options from user to credit card to transfer.
WHAT TO WATCH OUT FOR WHEN BUYING BITCOIN?
Investigate the company you will invest in Bitcoin first. You will find many comments and suggestions about these platforms on the Internet.
It is also useful to examine the fees that will be charged to you by the platform for the purchase and sale of Bitcoin. Because this rate is quite variable structure.
HOW DOES THE PROTECTION PROVIDE?
Once you have selected the platform you want to invest in and created your membership, make sure to activate the 2FA feature. A two-stage security example is a process that you absolutely must do to reduce your risk of hacking your account and stealing your money.
For 2FA you can either use SMS support or use Google’s Authenticator. Your account is more protected because Google’s so-called application creates a second password for you each time you log in.
Google’s so-called application is available free of charge on both the App Store and Google Play.
How is BITCOIN MINING done?
The process of making money is called mining. Mining is the general name of the process of performing mathematical operations using computing power and power.
To do this, the nodes in the BitCoin network are called “miners” by downloading the offered BitCoin software and performing intensive processing power on the hardware (usually graphics cards).
You can do bitcoin mining with your own system.
However, another Bitcoin mining method, which has become very popular in the recent period, is to invest in platforms that make big investments and get a share from the profit.
WHAT IS BITCOIN?
Bitcoin (symbol: ฿, abbreviation: BTC) is any central bank, official establishment, etc. is a non-related electronic currency.
After the award, the units can be separated by up to 100 million steps. It is also the most used crypt currency in Deep Network.
The Bitcoin network passed on January 3, 2009. Manifesto’s writing is Satoshi Nakamoto but probably not a real name
HOW DO BITCOIN WORK?
Bitcoins, which are not produced from any center, exhibit a point-to-point distributed network capability similar to BitTorrent networks. Payments made on this network arrive instantly at the other points, so they go to the records in which the address payment is made.
Thus, the collected records are included in the structures called blocks. It is desirable to apply a hash algorithm, which requires high processing on each block, to find the expression starting with a certain number of zeros.
The first user to perform this operation corresponding to approximately 10 minutes is given a prize of 50 BTC (now 25 BTC) from zero. So Bitcoins are driven by the emissions.
Each block contains the hash statement of the last block that precedes it. Thus, it is quite difficult to break down (except for 51% attack). The aim is to prevent double spending and record submissions. The amount awarded is reduced to 210,000 blots per annum (one in about 4 years). The value of Bitcoin is determined by the supply and demand conditions in the market. Demand increases as the price increases, thoughts decrease. There is a limited amount of bitcoin in circulation, and there is also a limit and procedure for producing a new bitcoin. Bitcoin’s biggest threats in the market front are; technical difficulties, legislative changes due to countries’ approach to this currency, and the negative change of people’s will and confidence in this currency.