The Complete Guide to Bitcoin

The Complete Guide to Bitcoin

Bitcoin is a digital currency built on the top of Blockchain technology. It was invented by a mysterious person named Satoshi Nakamoto. The main idea of Bitcoin is to enable Peer-to-Peer (Person to Person) transactions without the involvement of any Financial institutions thereby reducing the transaction cost. There would be a transaction fee even in peer-to-peer transactions which would be paid to miners.

The entire Bitcoin network is powered by the users who run the nodes, hence there is no concept of any middleman in processing transactions. The process of providing computing power for the processing of transactions is called Mining. Persons/entities who provide computing power to the network are called Miners. Miners processes the transactions using the hashing algorithms i.e., solving complex mathematical problems for achieving the hash of the transaction, this process is called Bitcoin mining. For the number of hashes supplied towards solving a block, every miner would be rewarded with rewards (New Bitcoins are minted for every block solved).

Bitcoin mining
Picture illustrating bitcoin mining

At present, a total of 6.25 Bitcoins are being created for every block Mined and these coins would be distributed across the miners as per the computing power supplied. Bitcoin mining used to happen via normal CPU in the initial days, however, over a while with extensive usage of Bitcoin for transactions, Mining of the Bitcoin has become very complex nowadays i.e., computing power moving from Hashes/Second to TeraHashes/Second. To achieve this kind of processing power in new GPUs, ASIC miners are being flooded into the market for miners to upgrade their processing power and contribute to the network.

This specific hardware costs few thousands of dollars to mine bitcoin and with the current rate, it may simply take years to mine 1 bitcoin, which is not a feasible mining option for beginners, as buying Bitcoin from Exchanges is much cheaper than minting one. However, if anyone is interested in bitcoin mining, could mining would be a viable option to explore, where individuals might not be required to procure the hardware, instead buy a plan from some entity who has brought the Hardware and has the computing power. It is like renting a portion of their hardware processing power to mine bitcoin at an agreed rate for an agreed time.

For every 210,000 blocks mined(nearly about 4 Years), the rewards that are being paid to users would be halved. For example, at the current rate, if 2 miners are mining the blockchain with equal processing power, 6.25 Bitcoins would be rewarded to both of the miners equally. However, once 210,000 blocks get processed, the reward that the miners would be getting 3.125 (6.25/2=3.125 BTC). The last Bitcoin is expected to be mined by 2140. Higher the number of miners participating in the Proof-of-Work mechanism lower would be reward distributed across, making the availability of Bitcoin rarer than ever, thereby increasing this price in the market. With current rates, the transaction fee should be anywhere above 15+ US Dollars for transactions to get processed within a matter of hours.

Since Bitcoin is being used as store of value and no other practical use cases are available. Other Cryptocurrencies like Ethereum, Binance Smart chain, Cardano, etc., have come into existence bringing a wide variety of use cases using Blockchain as a service.

7,064 thoughts on “The Complete Guide to Bitcoin

  1. Its such as you learn my thoughts! You seem to know so much approximately this, like you wrote the e-book in it or something.
    I believe that you simply could do with some percent to force the message house a
    bit, however instead of that, that is excellent blog.

    A fantastic read. I will certainly be back.

  2. You really make it appear really easy together with your presentation however I to find this matter to be really one thing that I believe I’d by no means understand.

    It seems too complex and extremely huge for me.
    I’m taking a look ahead on your subsequent publish, I will attempt
    to get the dangle of it!

  3. Great post however I was wondering if you could write
    a litte more on this subject? I’d be very grateful if you could elaborate a little bit further.

    Thank you!

  4. I am extremely impressed with your writing skills as well as with the layout on your
    blog. Is this a paid theme or did you modify it yourself?

    Anyway keep up the nice quality writing, it’s rare to see a great blog like this one nowadays.

    my web site – Infinuity CBD

  5. I have been exploring for a little bit for any high quality articles or blog posts on this kind of
    area . Exploring in Yahoo I ultimately stumbled upon this
    web site. Studying this information So i am satisfied
    to convey that I’ve a very good uncanny feeling I discovered
    exactly what I needed. I so much certainly will make certain to don?t put out of your mind this web site and give it a look regularly.

  6. Superb blog! Do you have any recommendations for aspiring writers?
    I’m hoping to start my own blog soon but I’m a little lost on everything.
    Would you recommend starting with a free platform like WordPress
    or go for a paid option? There are so many options out there that I’m totally confused ..

    Any tips? Bless you!

    My web site: Bio Shed Keto Slim (librarius.main.jp)

  7. I don’t know whether it’s just me or if everyone else experiencing problems with your
    site. It appears as if some of the text on your posts are running off the screen. Can someone else
    please comment and let me know if this is happening to them too?
    This could be a issue with my web browser because I’ve had this happen before.

    Cheers

  8. Hey there would you mind sharing which blog platform you’re working with?
    I’m looking to start my own blog soon but I’m having a hard time
    choosing between BlogEngine/Wordpress/B2evolution and Drupal.
    The reason I ask is because your layout seems different then most
    blogs and I’m looking for something unique.
    P.S My apologies for getting off-topic but I had to ask!

    Feel free to surf to my blog – Vigor Max

  9. Good day! Would you mind if I share your blog with my zynga group?
    There’s a lot of folks that I think would really appreciate your
    content. Please let me know. Cheers

  10. Hmm is anyone else having problems with the images on this
    blog loading? I’m trying to figure out if its a problem on my end
    or if it’s the blog. Any suggestions would
    be greatly appreciated.

    my site … Ketoroll

  11. Hi! Quick question that’s completely off topic. Do you know how to make your site
    mobile friendly? My web site looks weird when browsing from my iphone.
    I’m trying to find a theme or plugin that might be able to correct this problem.

    If you have any suggestions, please share. With thanks!

  12. Great post. I was checking constantly this blog and I’m inspired!
    Extremely helpful info specifically the remaining phase 🙂 I take
    care of such info much. I was looking for this certain information for a very
    long time. Thank you and best of luck.

    Feel free to surf to my site; Moscatcher Reviews (koan.at)

  13. Simply desire to say your article is as astounding. The clarity in your post is just spectacular and i can assume
    you’re an expert on this subject. Well with your permission allow me to grab your RSS feed to keep up to date with forthcoming
    post. Thanks a million and please continue the gratifying work.

  14. hey there and thank you for your info ? I have definitely picked up something new from right
    here. I did however expertise several technical points using this web site,
    as I experienced to reload the web site a lot of times previous
    to I could get it to load correctly. I had been wondering if your web hosting is OK?

    Not that I am complaining, but slow loading instances times
    will sometimes affect your placement in google and could damage your high-quality score if ads and marketing with
    Adwords. Anyway I’m adding this RSS to my
    email and can look out for a lot more of your respective
    interesting content. Ensure that you update this again very soon.

    Also visit my web-site … Ketorol Review (comptine.biz)

  15. Thanks so much regarding giving my family an update on this
    theme on your web page. Please realise that if a brand new post becomes available or if perhaps any improvements occur on the current article, I would be thinking about
    reading more and knowing how to make good usage of those techniques you talk about.
    Thanks for your time and consideration of others by making this web site available.

    Also visit my web site – Niva CBD Gummies (http://librarius.main.jp/temp/userinfo.php?uid=68467)

  16. This is very interesting, You’re a very skilled blogger.
    I’ve joined your feed and look forward to seeking more of
    your magnificent post. Also, I’ve shared your website
    in my social networks!

  17. Hi there, I discovered your site via Google at the same time as
    looking for a similar matter, your website got here up,
    it seems to be great. I’ve bookmarked it in my google bookmarks.[X-N-E-W-L-I-N-S-P-I-N-X]Hi there,
    simply was aware of your weblog via Google, and located that it’s
    truly informative. I am going to be careful for brussels.
    I will appreciate if you happen to continue this in future.
    Lots of other folks will likely be benefited from your writing.
    Cheers!

    Feel free to surf to my website – Vialis Male Enhancement Pills
    (Dirk)

  18. whoah this blog is magnificent i like studying
    your articles. Keep up the great work! You understand, a
    lot of individuals are hunting around for this info, you could aid them greatly.

  19. One thing I’d really like to touch upon is that weightloss program fast can be performed by the perfect diet and exercise. Your size not simply affects appearance, but also the complete quality of life. Self-esteem, major depression, health risks, and also physical ability are impacted in excess weight. It is possible to make everything right and at the same time having a gain. Should this happen, a problem may be the perpetrator. While a lot food but not enough body exercise are usually responsible, common medical ailments and key prescriptions may greatly amplify size. Thanks for your post in this article.

  20. I am extremely impressed together with your writing abilities as neatly as with the
    structure for your blog. Is this a paid theme or did you modify it yourself?
    Anyway stay up the nice quality writing, it is rare
    to see a nice weblog like this one nowadays..

  21. [url=https://atenolol.monster/]cost of atenolol 25 mg[/url] [url=https://modafinilpills.online/]provigil 50 mg[/url] [url=https://sildenafilbcitrate.com/]sildenafil 50 mg canada[/url] [url=https://tadalafilxgeneric.com/]tadalafil 20mg pills[/url] [url=https://buycialispro.com/]best online cialis canada[/url] [url=https://sildenafilaac.com/]cheapest sildenafil 100 mg uk[/url] [url=https://bestsildenafilforsale.com/]sildenafil nz pharmacy[/url] [url=https://sildenafilmpills.com/]20 mg generic sildenafil[/url] [url=https://nexium.monster/]no precription cheap nexium[/url] [url=https://finasteride.monster/]how to get finasteride[/url]