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Bitcoin in simple word

Bitcoin in simple word

Bitcoin has been hotly debated for some time, and everyone we talk to wants to know about it. So we decided to  compile an article on Bitcoin in simple word to introduce our customers to this cryptocurrency. Bitcoin is a system based on intercompany communications that allows online financial transactions to be completed without the need for the approval of a government agency such as the central bank.


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Since the launch of Bitcoin in 2008, Bitcoin has made great strides in a variety of areas, including technology, currency, investment tools, and electronic payment solutions. In this simple Bitcoin guide, we try to make you more familiar with Bitcoin so that it may change your life as well.

What is Bitcoin?

This is one of the most frequently asked questions heard these days! But what exactly is  Bitcoin? Bitcoin is the first encrypted digital currency founded in 2008 by an anonymous person known as Satoshi Nakamato. Initially, the purpose of this currency was to launder money and transfer money to criminals and people who did not want their wealth to be under the microscope, but over time due to decentralization and anonymity of financial transactions, more people than ordinary people to use They were drawn from this currency.

As we said before, Bitcoin is an encrypted and digital currency. So you should not expect banknotes or coins or anything physical in return. This currency is registered as a combination of numbers and letters in encrypted form in the system, which needs to be decrypted to transfer it to another account. To decrypt, we need a lot of CPU power, which is provided by many users around the world by sharing their computer systems.

What is Bitcoin Mining? Bitcoin in simple language

You may be wondering why someone should give their computer system to this system to solve bitcoin equations and codes? The answer is very simple, to make  money ! If you had this question in mind, what is bitcoin mining? This is what is called  bitcoin mining  . Yes, you got it right, the Bitcoin system is set up to reward users who help solve equations using CPU power sharing. The amount of this prize depends on the power of the individual processor as well as the CPU sharing time. Currently, 12.5 bitcoins will be awarded for solving one block of bitcoin transactions.

Of course, if you are thinking of earning an astronomical monthly income by connecting your laptop to bitcoin mining pools, you are sorely mistaken! Currently, the most powerful bitcoin mining machine, which can be mass-produced and can be purchased for between $ 2,500 and $ 1,000 (depending on which site you buy from), has a speed of 14th / S (14TH / S). With the price and difficulty of the month, Bitcoin (January 23, 2018) is now able to earn $ 650 per month. So before you buy a bitcoin mining machine, think a little more.

How to buy bitcoin? (Bitcoin in plain language)

Instead of asking ignorant friends and acquaintances, how do I buy bitcoin? , Read this paragraph carefully. There are several ways to buy bitcoin the size of your fingers and toes.

To buy bitcoins from any of the above sites, you need to authenticate, then you have to enter the desired bitcoin amount as well as the address of your bitcoin wallet to be sent to your wallet address after purchase. So now that you know  how to buy bitcoin? It’s time to dump her and move on.

What is a Bitcoin Wallet?

You may be wondering  what a bitcoin wallet is.  Bitcoin wallet is just an address and a password where you can store your bitcoins. The security of bitcoin wallets depends entirely on its type. The safest bitcoin wallet is the bitcoin paper wallet. Yes you read that right, Bitcoin paper wallet! When buying bitcoins, all you have to do is make a paper wallet from the address (https://www.bitaddress.org) and send the purchased bitcoins to its address. Then, whenever you want to spend it or convert it back to Rials, all you have to do is enter your address in blockchain.info. Just as easily!

We hope you have a good connection with Bitcoin in plain word in this article   . If you have any questions or ambiguities, you can contact us through the following communication channels.


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