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What is Bitcoin, when it appeared and how does it work How much is the price of Bitcoin against the dollar

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Bitcoin is a currency that is a cryptocurrency and a global payment system that can be compared to other currencies such as the dollar or the euro, but with many fundamental differences, and the most important thing is that this currency is a fully electronic currency that is traded online only without its physical presence. It is the first decentralized digital currency - it is a system that operates without a central repository or a single manager, that is, it differs from traditional currencies due to the lack of a central regulatory body. Peer-to-peer network transactions are carried out directly between users without intermediaries through the use of cryptography. These transactions are verified by network nodes and recorded in a general ledger of the resource called the blockchain. Bitcoin was invented by an unknown person or group of people known as Satoshi Nakamoto and published as open source software in 2009.

What is Litecoin, when did it appear, and how does it work? How much is the price of Bitcoin against the dollar

Bitcoin is created as a reward for a process known as mining. Can be exchanged for other currencies, products and services. In February 2015, more than 100,000 Bitcoin merchants and dealers were approved as the payment currency. Research estimates from the University of Cambridge indicate that in 2017, between 2.9 and 5.8 million users used a cryptocurrency wallet, most of them using Bitcoin.

How to get Bitcoin with a Bitcoin wallet

How to get Bitcoin through a Bitcoin wallet, i.e. buying Bitcoin currency like a secret and secure personal bank account that varies according to the bank, but the goal is to provide the personal balance of the bitcoin currency, and the wallet address consists of a coded set of letters and numbers to receive the bitcoin when buying that currency and there is Bitcoin investment sites.

Ways to get bitcoins or how to buy bitcoins

The purpose of trading Bitcoin is to extract, dig and simplify the concept, the process is similar to extracting gold, and gold to extract it from the ground requires specific equipment for this purpose and a great effort, just like mining Bitcoin, it requires specialized equipment that decodes complex mathematical operations, and these free online programs can Bitcoin is now exploiting your device, but unfortunately, your device, whatever its strength, will not tolerate enormous electrical stress and will be damaged. Add to that your electricity bill. One solution is cloud mining and this cloud mining. This simply means that companies specializing in the field are called a pool. You meet a group of people who have the same goal, everyone who pays a percentage of the money is investing Bitcoin, and when the profit takes the money according to it, you can now register for Bitcoin primedice.

Bitcoin price The price of bitcoin against the dollar

The price of Bitcoin fluctuates, you can find out the price of Bitcoin today through Google searches and bitcoin investment sites and buy bitcoins or open a bitcoin account and you may have heard about Bitcoin crossing the $ 11000 barrier up or down. Some people think that this rate is overestimated, but many people think that it is an ineligible rate for Bitcoin. Among the reasons why you think Bitcoin is a product that requires a large amount of electricity to produce it, it is assumed that the price is at least close to the price of the electricity that was consumed to produce it or just above the fact that prospectors play a vital role for the Bitcoin network, and thus there has to be something. Motivates them to do so. . We can know exactly which miners are profiting from their operations, as there are websites that publish these stats, but this can be verified by analyzing Bitcoin account history. At the time of this writing, prospectors have earned $ 3,925,863 in the past 24 hours, and that amount might sound huge, but this exploration requires 11,387,788 GB / s, which is also a huge number and requires a large amount of electricity to do so. It is not easy to know the cost of this process, but it is possible to do some calculations that will give you a rough understanding of the situation.

Let's assume most prospectors are using the Radeon 5870 for video convergence, which is one of the loudest cards on this site. The Radeon 5870 can run at 402 Mbps and costs about $ 1.2 per day if used on a dual-card device of the same type in the US where the price for electricity can be said to be relatively a good market. To achieve the above result, we must use 14,164,898 devices at a cost of $ 16,997,877, which represents a loss of $ 13,072,014 per day for the minors.

Most miners do not use graphics cards but special mining equipment, but these machines will need to provide double the graphics card results to make the exploration career profitable.
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It should be noted that Bitcoin has previously published an estimate of the amount of profit and loss in Bitcoin trading recorded by prospectors, but it appears that they have stopped doing so for reasons we do not know. Some might think that it was not possible to give an accurate estimate of the amount of loss or profit recorded by the prospectors and thus it was omitted. However, it is entirely possible to remove this provision so that prospectors are not alienated.

From a miners' point of view, the current price of Bitcoin is much lower than it should be, which is why you will find that they have no desire to sell their coins at low prices and have used huge sums of electricity to produce them, in addition to investing in special equipment to do so. It will only get worse for them unless the number of miners decreases significantly, because the number of blocks to be produced will be halved every 4 years. On the other hand, large quantities of Bitcoin were produced at very low prices at the beginning of the coin because the number of miners was small and the hardness factor was very low, and thus required less electricity. This has created an imbalance within the monetary network, as former Bitcoin owners can sell their coins without incurring losses compared to those who recently joined Scopes.
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