Earn cryptocurrency
Virtual currency (cryptocurrency) is a type of virtual money that is created directly on a computer network and is a digital expression of value that can be traded digitally and functions as a medium of exchange; and/or a unit of account; and/or a store of value.
The currency functions through a distributed computer network. Cryptocurrency has its own exchange rate and can be bought on exchanges for regular money.
Bitcoin is a fundamentally different electronic currency created in 2009 by a developer under the pseudonym Satoshi Nakamoto. The identity of the pseudonym was not yet known. It was assumed that it was not even one person, but several. Satoshi left the project at the end of 2010, without revealing any details of his identity.
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The name bitcoin applies to the software (wallet), the network and the coin that runs on that network, often abbreviated to BTC. The Cyrillic acronym (BTC) has not caught on in the community.
In terms of users, bitcoin is simply a mobile app or computer program that gives them access to a bitcoin wallet and allows them to receive and spend bitcoins, which are, conventionally speaking, blocks of data.
At the heart of the bitcoin network is a public ledger called a blockchain, or 'blockchain'. The blockchain is stored by all clients (participants) of the payment system. Each transaction (the transfer of electronic currency between bitcoin wallets) is recorded in a special block that is part of the blockchain. Each new block contains within it the digital signature of the block that came before it: as a result, the blockchain contains the entire history of transactions in the network. This allows users' computers to verify the legitimacy of each transaction. The authenticity of each transaction is protected by electronic signatures corresponding to the addresses used in the transaction, allowing users to have full control over the transfer of bitcoins from their bitcoin addresses.
In addition, anyone can process transactions using the computer power of specialised equipment and earn bitcoins for these services.
The process of mining bitcoins (new blocks) and adding them to the blockchain is called mining, and the new blocks are created by miners. The task of those mining BTC coins is to solve the puzzle of the system, which is to find a single key - the bitcoin hash (a mathematical transformation that results in a unique alphanumeric string). The difficulty in solving the problem and finding the correct hash is that each block consists of the hash of the previous block, the hash sum of all included transactions, and a random number that is constantly changing.
The issuance of coins on the network is limited by the program. It will stop when the total number of bitcoins reaches 21 million. From then on, bitcoin miners will probably be supported solely by a stream of small transaction fees.
Bitcoin payments are made through a wallet program installed on a computer or smartphone by entering the recipient's address and the amount of the payment. The wallet consists of two chains: numbers and letters. The first chain is the public key, which can be used to receive transfers and track the blockchain (this combination is very similar to a bank account number). The second chain is the private (secret) key. It can be compared to a PIN.
Bitcoin is a purely mathematical, unsupported system. There is no central authority that controls the transfer of bitcoins. All computers participating in the bitcoin network are participants in the exchange system. This means that there are no government made rules and the system does not depend on the exchange rates of real currencies or any other economic changes. The network is always up and running, even if some computers stop functioning or get disconnected from the network.
Bitcoin is completely anonymous. Bitcoin addresses are not tied to personal information, mail or any other information. For complete anonymity, a single bitcoin address is usually used for a single transaction.
Bitcoin is only regulated by the market (supply and demand). It rises every time bitcoins are actively traded in a new country. But beyond that, it is affected by a myriad of other, uncontrollable, factors. The fact that the currency is decentralised and is not backed by anything regularly leads to serious rate hikes. Bitcoin peaked in mid-December 2017 at $20,000 per unit.
A positive trend in the digital asset market began in 2017, and bitcoin faced the challenge of scalability of its own system. Transaction costs were steadily increasing and the speed of financial transactions was dropping significantly due to