Today, many curiosities have emerged about Bitcoin, which is one
of the most controversial concepts. Interest in Bitcoin has escalated so much
that some countries have now brought a legal framework to cryptocurrency
investment. Even Bitcoin ATM devices were produced by some cryptocurrency stock
exchanges or banks. So, how accurate is what we know about Bitcoin, the most
Bitcoin is known as the central bank of any country or the first cryptocurrency not affiliated to any official or informal institution. The founder named Satoshi Nakamoto, an anonymous person or group, limited Bitcoin production to a total of 21 million units and the number of Bitcoins produced today has reached 17 million.
In the verification phase of Bitcoin transactions, asymmetric encryption, address-to-address network connection and technologies known as "proof-of-work" are used. In Bitcoin trading, the order is received from the address making the payment transaction and signed and sent to the recipient address. Additionally, each user can have more than one address. The notification of each transaction within the system is announced to the entire network and takes its place as a new chain in the blockchain. Thus, the added Bitcoin can be spent only once, which is the main purpose of the blockchain system. Each operation continues to extend the blockchain for 1 or 2 hours and is then locked by a huge processing power. Bitcoin takes advantage of such technologies and offers an extremely fast and secure payment network that can be used by everyone around the world.
You can scrape Bitcoin if you trust your mathematics knowledge and ability and are an expert in programming or software technologies. This method, called Bitcoin mining, requires expert knowledge. In short, Bitcoin mining means causing computers to perform complex and lengthy mathematical operations and enhancing their security in order to approve the transactions of the Bitcoin system. As a reward for the work performed, Bitcoin miners can collect outputs and newly created Bitcoins of transactions that have participated and approved in the system. The mining system renders rewards directly proportional to the number of accounts and is highly competitive.
If Bitcoin mining is to be performed alone, it requires a high-performance computer system as well as deep knowledge. This is because Bitcoin mining is performed with computer hardware. Bitcoin mining using processor power (CPU) uses display cards (GPUs) that can perform up to 100 times faster than standard processors. This means that the amount of Bitcoin to be obtained will be directly proportional to the system power to be used.
· The risk of inflation is low: Bitcoin system is a system with enhanced production limit. Due to its technical specifications, a maximum of 21 million Bitcoins can be produced in total. This greatly reduces Bitcoin's risk of inflation.
· There is no risk of collapse: As there is no state of dependence on any public authority or center in the Bitcoin system, the risk of collapse of the system almost does not exist.
· Simple, high security and reasonable: As there is no reclaiming system in Bitcoin system, security problems do not occur. According to the system by the buyer; some transactions such as payment transaction and transferring money between accounts become more reasonable and safer. This is because the Bitcoin system operates directly between users without any intermediary thanks to the "peer to peer" (P2P) system.
· It is anonymous: The fact that the Bitcoin system is untraceable is a huge advantage. For example, the amount of money you have on the Bitcoin system or other data about your account is unknown and untraceable to anyone.