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Bitcoin's creator Satoshi Nakamoto describes Bitcoin as "The Electronic Cash System from Peer to Peer" in the article describing the roadmap of Bitcoin and published in 2009. This is the most accurate and simple definition of Bitcoin. Bitcoin is a consensus network, which is a new payment system with fully digital coins. This payment network, which is a decentralized, peer-to-peer payment system, does not have a central authority or intermediary institution. Blockchain, which is also the underlying technology of Bitcoin, is the most important recording system to date. We can define Bitcoin in many ways such as digital cash, crypto money, international payment network and internet money. In what way we define it, Bitcoin is a revolution that will change the way everyone looks at money and how money is used. The beauty of Bitcoin is that there is no need for any central server or third parties to perform operations. Unlike credit card transactions, which can take weeks or months to finish, all Bitcoin transactions take place in a very short time. All Bitcoin transactions are permanently saved on the distributed ledger, called Blockchain.This ledger is shared between all Bitcoin miners and nodes and is open to everyone.Miners and nodes verify operations and secure the network.Miners build a block approximately every 10 minutes and earn a BTC award for the electrical energy they spend on doing so. According to the protocol prepared by Nakamoto, the number of Bitcoins is limited to 21 million. So there is no amount of Bitcoin that can be mined forever. This means that central banks, individuals or governments can't "monetize" Bitcoin at any time. From this point of view, Bitcoin is a deflated currency and is likely to gain value as a standalone entity. Besides that, Bitcoin is still seen as an experiment in economy and technology. As with the Internet in 1995, the potential and applications of Bitcoin have not yet been fully explored. Is Bitcoin only an electronic money? Is it a basis for smart contracts and electronic shares? Is it a useful case for the underground world, or does it challenge the power of governments? Or will it be integrated into the main stream finance scheme and will be lost without being noticed? If you know the answer to at least one of these questions or how to take advantage of it, you can also get big winnings in the crypto money field.
Satoshi Nakamoto is the owner of the article describing the original Bitcoin protocol in detail and a person or group that created this protocol. Besides that is a real name of Satoshi Nakamoto's name or otherwise it is still unknown. Satoshi Nakamoto has scientifically demonstrated how crypto coins work in his Bitcoin article, published in 2008. The original Bitcoin software was designed by Satoshi Nakamoto under the MIT open source license. Satoshi Nakamoto contributed to the network and help the miners before they disappeared in 2010. Later in 2010, Satoshi Nakamoto delivered the Bitcoin software to developers and the crypto-money community. Since then, hundreds of developers have been contributing to the core code.
The underlying technology of Bitcoin and make the Bitcoin system work is Blockchain. In other words, Blockchain is a kind of backbone and system that holds the Bitcoin protocol together. Simply put, it is a transparent and distributed, publicly available ledger. With Blockchain, every process in the network can be followed. All transactions and transfers are approved by the miners, and the transaction date of all is clearly defined. So how does this technology work? Working with devices designed specifically for this subject, miners compete with other miners to solve mathematical puzzles. They earn a bit of Bitcoin for each solved puzzle. At the same time, a visible and verifiable, ”block" that is composed of complete transactions is added to the Blockchain. After a block is added to the chain, the cycle is repeated and the computers continue to compete to solve these difficult problems. Each transaction on the blockchain is completely transparent and saved immediately in the system log. Anyone can see the public key of any process they want. Anyone can go to the beginning and view the first action in the first block created. This first block is called "Genesis Block".
Users who perform Bitcoin transactions will have a global address. These addresses are approximately 30 characters long and usually start with 1 or 3. Any address used in any transaction can be seen by everyone. As it is difficult to remember without a computer and does not contain any personal information, Bitcoin is defined as an anonymous currency. But this is not as simple as it seems. If you share your address anywhere, this address can be matched to your real identity. In addition, even if you don't share your address anywhere, using the same address in many processes can allow an analyst with basic skills to link the address to your identity by referring to processing times, quantities, locations, and layouts. This method was used to investigate the cases of theft experienced by companies like Mt. Gox and Bitcoinica. But the intended use is the identification of anyone's identity. Care must be taken to use the new address for each transaction to maximize privacy and security. Looking at all this, we can say that Bitcoin transactions are not completely anonymous but rather "transactions with alias". We can also think of it as a e-mail address hard to memorize. Even if the name at the address is not your real name, someone who specializes in this can collect the clues and find the real person behind the address.
The Bitcoin address is a set of characters, similar to an e-mail address, consisting of 27 to 34 numbers and letters. This address allows Bitcoin to be sent and received via Blockchain and can be used by individuals to companies. Even anyone with access to the same address can perform their transactions through a single address. You can also use different addresses for each transaction. This protects privacy and reduces your money's traceability to a certain extent. A sample bitcoin address: 3NibagpLeMutGzvAtIGIK0nsZAUgrRvfPt
As the name suggests, the Bitcoin wallet is an application for storing, sending and receiving Bitcoins. You can think of it as a wallet full of physical cash and basically all you need to use Bitcoin is this. The most common wallets are wallets used in smartphones. These wallets use the phone's camera to scan QR codes to save the user from the trouble of copying / pasting long Bitcoin addresses. These wallets have a desktop version or browser-based ones. As a result, the interfaces for users are similar; however, options such as private keys, applications processing, and user privacy may vary. In some applications, location-based Bitcoin business guides, stock market links, secure storage applications, sub-coin prices, such as value-adding features are available. Some wallets have centralized servers. In other words, users only need to create their accounts with a username (usually an e-mail address) and a password. They may be less specific and more vulnerable to hackers. However, if a user uses a central wallet and forgets the password, the account can usually be recovered. Other wallets store all the information and private keys found on the device itself. Some of them produce and protect wallet keys with a single 12-word sentence. In this case, if the wallet is broken or stolen, the user will remember the "seed" sentence and it will be enough to load the wallet. But if the user forgets this phrase or recovery words, the wallet cannot be restored. Special hardware devices such as Ledger or Trezor can be used to store your keys completely offline, as well as smartphone and desktop applications. They can even be printed on paper to protect them completely from hackers. These devices are considered to be the best choice for people who have Bitcoin in large sums. Bitcoin users now have a wide range of wallet options and these options are increasing day by day. But more options require more caution. Fake Bitcoin wallets can be seen as wallets that mimic the exact appearance of popular wallets, but contain malicious software that actually plays Bitcoins.
Bitcoin can be purchased in a variety of ways. Bitcoin can be purchased by credit card or bank transfer from the stock exchanges or other intermediary service providers. In addition, some of the stock exchange and brokerage institutions also offers Bitcoin buying service with PayPal, USD, EURO, TL. Apart from these, it can be purchased via services such as LocalBitcoins or via Bitcoin Teller Machines (BTM) similar to ATMs located at many points around the world.
Banks and accounting systems use accounting books to track and monitor transactions. The difference of Blockchain from this system is that it does not have a center like bank and it is completely open source. This means that people do not need the central banks for safe monitoring of their transactions. Blockchain technology from peer to peer can keep track of all operations without risk of being deleted or lost. Moreover, because it is open source, Blockchain is more useful and programmable than the accounting books of banks. If the programmers need a new function on the Blockchain, they can agree to make changes to the existing software. It is very difficult for banks to make such arrangements because they are connected to a center and their infrastructure is completely closed.
The only payment system is Bitcoin in our site as of today. To use this system, we are using Blockchain infrastructure. Some other popular payment method is going to be integrated in near future.
The minimum allowable withdrawal amount is 0.00035 BTC including 0.0001 BTC transaction fee.