How does Bitcoin make money?

 How does Bitcoin make money?

How does Bitcoin make money?

Bitcoin or Bitcoin is one of the encrypted electronic digital currencies, so we had to clarify some information about Bitcoin and Wikipedia.

Bitcoin was launched during the year 2008 AD, by Satoshi Nakamoto's band.

As provided by Wikipedia, the currency was used right after the launch of the first Bitcoin program, which was open source software.

Contents

1 Bitcoin Wikipedia
2 When was the first Bitcoin purchase made?
3 Bitcoin's case in relation to the law
4 Decentralized Bitcoin Wikipedia
5 Blockchain
6 Cryptography and Mining

Bitcoin Wikipedia

Bitcoin is an electronic digital currency on the Internet, it is a virtual currency, not a physical one. Bitcoin is also considered one of the digital decentralized currencies, as dealing with it does not require dealing with banks or the like. Bitcoin is also dealt with by buying and selling from one person to another without the need for an intermediary between them.

When was the first bitcoin purchase made?

The first purchase and sale of bitcoin took place on the eighteenth day of May 2010 AD, when ten thousand bitcoins were paid for only two pieces of pizza. And 11 years after the pizza deal, that is, in this year 2021, the ten thousand bitcoins reached $ 318 million. This is what was mentioned in the Bitcoin Wikipedia article of the online encyclopedia Wikipedia.

The case of bitcoin in relation to the law

No country in the world has recognized Bitcoin as its official digital currency, but Germany disagreed with all countries in the world. Germany considered bitcoin - in an official way - as a digital currency.

In Bitcoin transactions for companies, any transaction from the company must pay tax on this transaction. But the German government allowed people to transact in bitcoin without paying any tax on any transaction as long as the transaction is individual.

Decentralized bitcoin wikipedia


Bitcoin is one of the digital currencies, and dealing with it requires only the number of the wallet of the person who receives the bitcoin. Bitcoin buying and selling actions are stored in what is known as the block chain. The information within the chain is stored as a private, anonymous serial number. Also, the information stored in the block chain does not contain anything about the addressee or the name of the sender.

Blockchain

The block chain is the largest open digital record in the world, and it is the secret that allows bitcoin trading without the need for a central bank or an intermediary between the two parties, which achieves a high degree of security and prevents fraud in transactions. The Bitcoin system also keeps all the actions that happen in a ledger, which is known as the "block chain".


Obfuscation and mining

What is meant by the term cryptography is the general and comprehensive encryption of everything related to the Bitcoin currency. Bitcoin is the first cryptocurrency in the world, however, Bitcoin is not the only cryptocurrency in the world. According to the Bitcoin Wikipedia article, there are 60 or more cryptocurrencies in this world, out of which six are the world's major currencies. And it depends on the numbers of people who use these currencies.

As for mining, it is known to all that mining is a term given to the process of extracting minerals from the earth. As we mentioned above, Bitcoin is a highly encrypted currency, so Bitcoin needs programs to be decrypted on a computer. But the work of these programs carries a very heavy load on the devices. Therefore, this encryption and pressure on Bitcoin is only done with a high-powered computer.

The process of decompressing and encrypting Bitcoin is like extracting minerals from the ground, and this is called Bitcoin mining. This is what was mentioned in the Bitcoin Wikipedia article.

In the end, we hope that you will benefit from this article, in which we talked about Bitcoin and Wikipedia, as well as some terms, such as: block chain, cryptography, and mining.

 

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