{"id":116,"date":"2022-02-25T04:23:08","date_gmt":"2022-02-25T04:23:08","guid":{"rendered":"https:\/\/www.aurumxchange.com\/?p=116"},"modified":"2022-02-25T04:23:08","modified_gmt":"2022-02-25T04:23:08","slug":"introduction-to-bitcoin-and-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/www.aurumxchange.com\/blog\/introduction-to-bitcoin-and-cryptocurrencies\/","title":{"rendered":"Introduction to Bitcoin and CRYPTOCURRENCIES"},"content":{"rendered":"<p><iframe width=\"100%\" height=300vh src=\"https:\/\/www.youtube.com\/embed\/fOMVZXLjKYo?autoplay=1&#038;mute=1\"><\/iframe>Hello everyone! Welcome to my blog post about the introduction of Bitcoin and the crypto market in general.<\/p>\n<p>If you are new to this subject, I can assure you that you\u2019ve come to the right place. This blog post will provide a basic understanding about what exactly is bitcoin, the crypto market and other cryptocurrencies out there.<\/p>\n<p>For starters, we\u2019ll begin with a very basic question: What is bitcoin?<\/p>\n<p>Bitcoin is a decentralized digital currency that was invented by Satoshi Nakamoto in 2008. It doesn\u2019t have any central authority or banks which act as middlemen in transactions. Instead, it operates on peer-to-peer systems that are powered by blockchain technology.<\/p>\n<p>Blockchain technology is a digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. It\u2019s basically a chain of blocks that contain information. This information can be anything like medical records, transaction records, contracts and much more.<\/p>\n<p>Blockchain is an open and distributed ledger that can record transactions between two parties efficiently and in a verifiable manner without any central authority or third party. The data recorded cannot be modified retroactively without altering all subsequent blocks, making it extremely secure and transparent at the same time!<\/p>\n<p>Bitcoin has<\/p>\n<p>Created on December 18, 2018 by La Guarida de Bitcoin.<\/p>\n<p>Cryptocurrencies are digital or virtual currencies, which are encrypted using cryptography to prevent counterfeiting and fraud. These currencies are part of a decentralized system that is outside the control of governments and banks, so they do not have a physical support like cash or metal coins.<\/p>\n<p>Bitcoin was the first cryptocurrency that was created in 2009. Since then, there have been numerous others. Currently there are more than 800 cryptocurrencies in the market. To date, Bitcoin continues to be the most valuable cryptocurrency with a market capitalization of more than $ 100 billion dollars. This represents 45% of all cryptocurrencies in total.<\/p>\n<p>Bitcoin continues to dominate the market for two main reasons: 1) it was the first cryptocurrency; 2) it is currently the best known and has the highest acceptance among users and businesses around the world.<\/p>\n<p>The global market capitalization of Bitcoin has been growing exponentially since its inception in 2009 and this growth is expected to continue for years to come due to new technologies that will allow for greater scalability of the network and wider adoption .<\/p>\n<p>Bitcoin is a digital currency.  It&#8217;s not only a form of payment, but it also serves as a highly secure system for storing funds.  Bitcoin works on a blockchain; a distributed ledger that keeps track of the ownership of all coins in circulation, including their transaction history.<\/p>\n<p>Bitcoin is created at a predictable rate and cannot be manipulated by any party, including governments or financial institutions.  As such, bitcoin is becoming more popular as an alternative form of payment and investment that is free from the control of banks or other financial institutions.<\/p>\n<p>In this blog we will explore how bitcoin works, how to purchase bitcoins (and some of the risks associated with doing so), and how to store your bitcoins securely after you&#8217;ve purchased them.<\/p>\n<p>Bitcoin was a cryptocurrency that was created by Satoshi Nakamoto. It was the first ever cryptocurrency to be created and is still the most popular one today.<\/p>\n<p>Many people do not know about bitcoin and how it can be used for transactions. Bitcoin is a decentralized currency that does not have any governing body and is not controlled by any central authority. Bitcoin is also open source. This means that no one owns or controls it and everyone can take part in it&#8217;s development.<\/p>\n<p>With bitcoin, users can send and receive payments to anyone else in the world without the need of a third party like banks, credit card companies etc&#8230;<\/p>\n<p>Bitcoin is also known as &#8220;digital gold&#8221;. It is limited in supply just like gold but unlike gold, which is hard to mine, you can mine bitcoin easily with your computer or laptop at home or even on your phone!<\/p>\n<p>The bitcoin phenomenon has been described as a bubble, a craze, and a frenzy, but it would be more accurate to describe it as a venture capital opportunity.<\/p>\n<p>Bitcoin is not the first digital currency; in fact there have been hundreds of them. The state of Alaska tried one in the 1970s. Bitcoin is not the first to be based on cryptography; DigiCash used cryptography in the 1990s. Bitcoin is not even the first with semi-anonymous transactions; that was BitGold, also from the 1990s.<\/p>\n<p>What makes Bitcoin different? Not its technology, which is clever but not original. Not its use as money, which is limited and dubious. What makes Bitcoin different is that it has attracted a critical mass of believers who are willing to buy Bitcoins at any price and convince others to do the same. This self-fulfilling belief system has driven the price up more than tenfold this year alone and turned Bitcoin into a global phenomenon.<\/p>\n<p>Bitcoin (\u20bf) is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly through the use of cryptography, without an intermediary. These transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamotoand released as open-source software in 2009.<\/p>\n<p>Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Research produced by Cambridge University estimated that in 2017 there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin<\/p>\n<p>Since the beginning of time, humans have exchanged goods and services for other goods and services. As we entered the industrial age, a need for a standardized medium of exchange emerged to facilitate the trade of these goods. This is when money, as we know it, was born.<\/p>\n<p>The first standardized medium of exchange was gold. People would trade goods and services for gold which then could be used to buy other goods and services. There was no central authority who created gold or said how much gold one thing was worth. The market decided what something was worth based on the available supply and demand for that good or service.<\/p>\n<p>Over time, governments took control over currency, or money, and centralized their creation and use. They did this in order to better regulate trade between individuals and countries as well as increase taxation by controlling currency flow. This centralized monetary system allowed governments to print more money than they had in gold reserves, causing inflation of the currency which decreased people\u2019s purchasing power over time.<iframe width=\"100%\"\" height=300vh src=\"https:\/\/www.youtube.com\/embed\/vFpveDVZvXA?autoplay=1&#038;mute=1\"><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hello everyone! Welcome to my blog post about the introduction of Bitcoin and the crypto market in general. If you are new to this subject, I can assure you that you\u2019ve come to the right place. This blog post will provide a basic understanding about what exactly is bitcoin, the crypto market and other cryptocurrencies [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/posts\/116"}],"collection":[{"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/comments?post=116"}],"version-history":[{"count":1,"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/posts\/116\/revisions"}],"predecessor-version":[{"id":117,"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/posts\/116\/revisions\/117"}],"wp:attachment":[{"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/media?parent=116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/categories?post=116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.aurumxchange.com\/wp-json\/wp\/v2\/tags?post=116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}