Are you still trying to figure out what is bitcoin? The future of money!! Scroll down for more…
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What is Bitcoin?
Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto, who published the invention in 2008 and released it as open-source software in 2009. The system is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called the block chain, which uses bitcoin as its unit of account. Since the system works without a central repository or single administrator, the U.S. Treasury categorizes bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed and it is more correctly described as the first decentralized digital currency. Bitcoin is the largest of its kind in terms of total market value.
Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into a public ledger. This activity is called mining and miners are rewarded with transaction fees and newly created bitcoins. Besides being obtained by mining, bitcoins can be exchanged for other currencies, products, and services. When sending bitcoins, users can pay an optional transaction fee to the miners.
In February 2015, the number of merchants accepting bitcoin for products and services passed 100,000. Instead of 2–3% typically imposed by credit card processors, merchants accepting bitcoins often pay fees in the range from 0% to less than 2%. Despite the fourfold increase in the number of merchants accepting bitcoin in 2014, the cryptocurrency did not have much momentum in retail transactions. The European Banking Authority and other sources have warned that bitcoin users are not protected by refund rights or chargebacks. The use of bitcoin by criminals has attracted the attention of financial regulators, legislative bodies, law enforcement, and media. Criminal activities are primarily centered around darknet markets and theft, though officials in countries such as the United States also recognize that bitcoin can provide legitimate financial services.
What are the disadvantages of Bitcoin?
Degree of acceptance – Many people are still unaware of Bitcoin. Every day, more businesses accept bitcoins because they want the advantages of doing so, but the list remains small and still needs to grow in order to benefit from network effects.
Volatility – The total value of bitcoins in circulation and the number of businesses using Bitcoin are still very small compared to what they could be. Therefore, relatively small events, trades, or business activities can significantly affect the price. In theory, this volatility will decrease as Bitcoin markets and the technology matures. Never before has the world seen a start-up currency, so it is truly difficult (and exciting) to imagine how it will play out.
Ongoing development – Bitcoin software is still in beta with many incomplete features in active development. New tools, features, and services are being developed to make Bitcoin more secure and accessible to the masses. Some of these are still not ready for everyone. Most Bitcoin businesses are new and still offer no insurance. In general, Bitcoin is still in the process of maturing.
With the Bitcoin price so volatile everyone is curious. Bitcoin, the category creator of blockchain technology, is the World Wide Ledger yet extremely complicated and no one definition fully encapsulates it. By analogy it is like being able to send a gold coin via email. It is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. Bitcoin was the first practical implementation and is currently the most prominent triple entry bookkeeping system in existence.
How Bitcoin works?
At a basic level, we can understand how Bitcoin works by breaking it down into 3 separate gears that spin together to make the system work.
bitcoin the token: The native token of the protocol used to carry and transfer some sort of value. It is also used as part of an incentive system for miners to secure the blockchain.
the public blockchain: The most widely used and secured blockchain equating to the censorship resistant, immutable global public ledger that is used to record something of value.
the network: This is the global network of all the participants in the Bitcoin ecosystem β in particular the miners and full bitcoin core nodes.
Removing just one of these will render the system non-functional β the security of the blockchain compromised and non-trustworthy. This is an important note for the proponents of adopting the blockchain technology because they need to understand the grand scheme of things for a secure and trustworthy blockchain to work for their intended purpose.
How does Bitcoin Faucet work?
There is plenty of free bitcoin faucets on the internet. They all have few things in common. Bitcoin Faucet offers free bitcoins to its visitors for solving captcha. Most of bitcoin faucets rely on advertisement and donations to cover their expenses and dispenses for visitors.
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Why Bitcoin is better than other currencies?
Bitcoin may be the “it” currency right now, but, truth is, people have used all sorts of odd things to buy and sell goods, from bones to gold to tulips to Deutsche Marks. The question is, will Bitcoin last like gold, or fade like tulips? The Foundation for Economic Education produced a neat video that seems to suggest Bitcoin is here to stay, at least when you look at what properties a sustainable currency needs. In fact, Bitcoin looks a lot better than the greenback. It’s uncertain whether it is a fad or the way the world will trade goods and services. But, after watching this, you can’t help but have a lot more faith in Bitcoin than in fiat currency.
What are Bitcoin predictions for 2016?
Every year I’ve been involved in bitcoin, I’ve been shocked and amazed. In the bitcoin community, developers come with new hacks and solutions on a daily basis, competition is fierce and decidedly global, investors are eager yet often inexperienced and banks and governments are uneasy and fickle. Bitcoin technology is only seven years old and bitcoin as a financial asset is only five. If I expect anything over the next 12 months, it is to be surprised. Itβs for that reason as well that I only attach a 75% probability to the predictions above. 2016 is shaping up to become an incredible year for bitcoin β maybe it will be the year when investors finally realize they cannot afford to not pay attention to this paradigm shift in money and finance.
Alfs Cryptos 
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