BITCOIN. WHAT IS IT?
Bitcoin is a form of digital
currency, created and held electronically. No one controls it. Bitcoins aren’t
printed, like dollars or euros - they’re produced by lots of people running
computers all around the world, using software that solves mathematical
problems. It’s the first example of a growing category of money known as
cryptocurrency.
Bitcoin can be used to buy things electronically. In that sense, it’s like
conventional dollars, euros, or yen, which are also traded digitally.
However, bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.
Once upon a time a software developer called Satoshi Nakamoto proposed bitcoin, which was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.
So who prints it? Dollars, euros, yens all can be printed, right? Who prints bitcoins then? No one. This currency isn’t physically printed in the shadows by a central bank, unaccountable to the population, and making its own rules. Those banks can simply produce more money to cover the national debt, thus devaluing their currency.
Instead, bitcoin is created digitally, by a community of people that anyone can join. Bitcoins are ‘mined’, using computing power in a distributed network. This network also processes transactions made with the virtual currency, effectively making bitcoin its own payment network.
And another thing. The Bitcoin protocol - the rules that make bitcoin work - says that only 21 million bitcoins can ever be created by miners. Total. Banks can print more money, right? You probably heard about inflation...Because of limited total amount of bitcoin which can be produced ("mined") bitcoins can be divided into smaller parts (the smallest divisible amount is one hundred millionth of a bitcoin and is called a ‘Satoshi’, after the founder of bitcoin). Think cents here.
Conventional currency has been based on gold or silver. Theoretically, you knew that if you handed over a dollar at the bank, you could get some gold back (although this didn’t actually work in practice). But bitcoin isn’t based on gold; it’s based on mathematics.
Around the world, people are using software programs that follow a mathematical formula to produce bitcoins. The mathematical formula is freely available, so that anyone can check it.
So good hunt! Solve captcha and get FREE BICOINS!!
However, bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.
Once upon a time a software developer called Satoshi Nakamoto proposed bitcoin, which was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.
So who prints it? Dollars, euros, yens all can be printed, right? Who prints bitcoins then? No one. This currency isn’t physically printed in the shadows by a central bank, unaccountable to the population, and making its own rules. Those banks can simply produce more money to cover the national debt, thus devaluing their currency.
Instead, bitcoin is created digitally, by a community of people that anyone can join. Bitcoins are ‘mined’, using computing power in a distributed network. This network also processes transactions made with the virtual currency, effectively making bitcoin its own payment network.
And another thing. The Bitcoin protocol - the rules that make bitcoin work - says that only 21 million bitcoins can ever be created by miners. Total. Banks can print more money, right? You probably heard about inflation...Because of limited total amount of bitcoin which can be produced ("mined") bitcoins can be divided into smaller parts (the smallest divisible amount is one hundred millionth of a bitcoin and is called a ‘Satoshi’, after the founder of bitcoin). Think cents here.
Conventional currency has been based on gold or silver. Theoretically, you knew that if you handed over a dollar at the bank, you could get some gold back (although this didn’t actually work in practice). But bitcoin isn’t based on gold; it’s based on mathematics.
Around the world, people are using software programs that follow a mathematical formula to produce bitcoins. The mathematical formula is freely available, so that anyone can check it.
And now I will learn your how get
free bitcoins. First thing you need is your personal wallet. Here you can open as many wallets as you want (one for
family, one for yourself, one for....)
Blockchain Wallet
Blockchain Wallet
I have a wallet!! But it's empty... That's
a problem. I hate empty wallets. So we have to do something about it fasstly.
There are few hundred FREE Faucets, where you can earn a few hundred thouthand bitcoins FREE!!
Here you can find the all the best faucets on one place. If you used faucets to get free bitcoins already then you will find some familiar bitcoin websites here but we hope you will find some new websites here too.
Therefore this page will inform you about the best faucets currently working properly and we hope this will save you time for searching and definilely you won't waste any time using bitcoin faucets from this list. We will continue in search for the new ones, best paying ones.
So good hunt! Solve captcha and get FREE BICOINS!!
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