Bitcoin is known as the very first decentralized digital currency, they’re basically coins that can send through the Internet. 2009 was the year where bitcoin was born. The creator’s name is unknown, however the alias Satoshi Nakamoto was given to this person. Bitcoin accounts cannot be frozen, prerequisites to open them don’t exist, same for limits on bitcoin mining rig .
Advantages of Bitcoin
Bitcoin transactions are made directly from person to person trough the internet. There’s no need of a bank or clearinghouse to act as the middle man. Thanks to that, the transaction fees are way too much lower, they can be used in all the countries around the world. Every day more merchants are starting to accept them. You can buy anything you want with them. How Bitcoin works. You should explore bitcoin mining. It’s possible to exchange dollars, euros or other currencies to bitcoin. You can buy and sell as it were any other country currency. In order to keep your bitcoins, you have to store them in something called wallets. These wallet are located in your pc, mobile device or in third party websites. Sending bitcoins is very simple. It’s as simple as sending an email. Invest in bitcoin to get great returns.
You can purchase practically anything with bitcoins.Bitcoin Anonymity.When doing a bitcoin transaction, there’s no need to provide the real name of the person. Each one of the bitcoin transactions are recorded is what is known as a public log. This log contains only wallet IDs and not people’s names. so basically each transaction is private. People can buy and sell things without being tracked.
Bitcoin innovation. Bitcoin established a whole new way of innovation. The bitcoin software is all open source, this means anyone can review it. A nowadays fact is that bitcoin is transforming world’s finances similar to how web changed everything about publishing. The concept is brilliant. When everyone has access to the whole bitcoin global market, new ideas appear. Transaction fees reductions is a fact of bitcoin. Accepting bitcoins cost anything, also they’re very easy to setup. Charge backs don’t exist. The bitcoin community will generate additional businesses of all kinds.
What Makes bitcoin mining rig So Interesting?
Bitcoin Cash has had a very interesting launch with miners coming in and out very quickly. In this post, I’m going to explain how the difficulty on the Bitcoin Cash (BCH) chain will change over the next 10+ blocks.
How Bitcoin Cash Retargets
Bitcoin Cash has a very particular rule about when difficulty can adjust downward. Rules for this are as follows:
- Median Time Past of the current block and the Median Time Past of 6 blocks before has to be greater than 12 hours.
- If so, it gets 20% easier to create proof of work. In other words, miners can find blocks 20% easier.
Median Time Past (MTP) is just the median of the last 11 blocks. That is, put the last 11 blocks in time order and pick the middle one. This is used because sometimes blocks mined later have earlier time stamps (some technical reasons related to different clocks).
The thing about MTP is that we can calculate it before a block is found. Because we’re looking at the timestamps of the last 11 blocks and picking the middle one, we don’t need to know exactly what the timestamps of the future blocks are going to be, just the earliest 6. Most of the time MTP is just the block timestamp of 6 blocks ago.
Here’s a chart to help:
There are a bunch of blocks that have not been mined yet, but even if they were instantly mined, we would have 6 difficulty adjustments on blocks 478577 to 478582. This will reduce difficulty 20% each so we will have blocks that are 0.8⁶ ~ 0.262 as hard to mine. That is, miners will need to put in about 1/4 the work to mine a block.
This may explain why there was a 13 hour gap between blocks 478570 and 478571. Miners may simply have wanted the chain to be easier to mine!
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Bitcoin Mining - A Phenomenon That Involves a Bit More Than Number Crunching
Wondering if you should invest in Bitcoin? If you've been around any kid of financial news lately, you've no doubt heard about the meteoric rise in the world's most well-known cryptocurrency.
And if you're like a lot of people right about now, you're probably wondering, "Bitcoin - yes or no?"
Should you invest? Is it a good option? And what the heck is Bitcoin anyway?
Well here's a few things you should know about Bitcoin before you invest. Also note that this article is for information purposes only and should not be taken as any kind of financial advice.
What is Bitcoin?
Bitcoin is known as a cryptocurrency or a digital currency. It's basically online money. Like any currency you can exchange it for other currencies (like say, buy bitcoins with US dollars or vice versa) and it fluctuates in relation to other currencies as well.
Unlike other currencies however it is decentralized, meaning there isn't any one central bank, country or government in charge of it. And that means it's not as susceptible to government or central bank mismanagement.
Pros of Bitcoin
#1 Easy To Send Money
Because it's decentralized, this also means that you can send a friend Bitcoin (money) on the other side of the world in seconds without having to go through a bank intermediary (and pay the banking fees).
Unlike a credit card charge, Bitcoin transactions are not reversible. So if you send Bitcoin to the wrong address - you can't get it back.
Also, there are a lot of tales from people who have lost their Bitcoin wallet address (through hacking, phones being stolen, virus-infected computers, etc.) and they've completely lost their coins. There's no way to get them back.
For this reason, you really need to know what you're doing and take the time to research how to buy and store your coins properly if you want to invest in Bitcoins - or any other cryptocurrency.
So those are some of the things to consider before investing in Bitcoin. Basically while Bitcoin has a lot of great things going for it - and while it has the potential to change financial transactions as we know it - there is still a lot of risk. There are a lot of unknowns out there still.
If you do decide to buy, take your time and research your options. Don't buy from just any seller. Some of them are trustworthy and run a great business. But there are others that will overcharge you and may not even deliver your coins.
Be safe and do your research first. Find a trusted seller with a stellar reputation - there are quite a few of them out there. And remember the golden rule here - never invest more than you can afford to lose.