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Bitcoin

Decentralized digital currency that can be transferred on the peer-to-peer Bitcoin network. By acting as money and a means of payment independent of any one person, group, or entity, a cryptocurrency like Bitcoin eliminates the need for third parties to get involved in financial transactions. It is available for purchase on numerous platforms and is given to blockchain miners as compensation for their efforts in verifying transactions.

Understanding Bitcoin
Bitcoin.org was officially registered as a domain in August of 2008.
As of right now, the domain is WhoisGuard Protected, meaning that its registrant's personal information is being kept secret.
In October 2008 the mysterious Satoshi Nakamoto said on the Cryptography Mailing List at metzdowd.com "I've been working on a new electronic cash system that's totally peer-to-peer, with no trusted third party." 
Bitcoin's current rules and guidelines may be traced back to the "Bitcoin: A Peer-to-Peer Electronic Cash System" white paper that was published on Bitcoin.org.
Bitcoin's first block, known as Block 0 was mined on January 3, 2009. This is the first block ever mined, hence the name "genesis block," and it bears the words "The Times 03/Jan/2009 Chancellor on edge of second bailout for banks," which might be taken as evidence that the block was mined on or after that date, or as political commentary.
Every 210,000 blocks, the Bitcoin reward is reduced by half. In 2009, for instance, each successful block was worth 50 brand-new bitcoins. By the third halving, which took place on May 11, 2020, the reward for finding a block was reduced to 6.25 bitcoins.
To the eighth decimal place (or 100 millionth of a bitcoin), bitcoin can be divided, and this smallest fraction is called a satoshi. If necessary, and assuming that the participating miners agree, Bitcoin might potentially be made divisible to even more decimal places.
When it comes to digital currencies, Bitcoin isn't too difficult to grasp. If you have a Bitcoin, for instance, you may use your cryptocurrency wallet to send fractions of that Bitcoin to pay for goods and services. The process of deciphering how it operates, however, quickly becomes incredibly convoluted.


Bitcoin's Blockchain
Blockchains are data-storing distributed ledgers. Blockchain data is encrypted. The blockchain's miners verify transactions by copying data from the previous block to a new block, encrypting it, and verifying it. A new block is opened when a transaction is verified, and the miner(s) that verified the block's data receive a Bitcoin to use, hold, or sell.
Bitcoin encrypts blockchain blocks with SHA-256 hashing algorithm. Transaction data and information from previous blocks are included in that number.
Miners validate transactions in a queue. Bitcoin blockchain miners verify transactions simultaneously. Miners solve the four-byte nonce in the block header using mining software and hardware. A miner hashes the block header until it reaches a blockchain-specified number.

Mining Bitcoins
Bitcoin mining uses various hardware and software. When Bitcoin was published, personal computers could mine it competitively. As it gained popularity, more miners joined the network, decreasing the odds of solving the hash. If your machine has newer hardware, you can still mine, but the odds of solving a hash are slim.
ASICs are mining machines that can create 255 trillion hashes per second.  There are various ways to mine Bitcoin. Join a mining pool with Bitcoin-compatible mining software on your computer. Mining pools compete with ASIC mining farms by pooling their computational power.
If you can afford it, get an ASIC miner. New ones cost roughly $20,000, but miners sell used ones when they update. If you buy ASICs, consider electricity and cooling costs. Many mining programs and pools exist. The most popular apps are CGMiner and BFGMiner.

How to Buy Bitcoin
Bitcoin can be acquired on a cryptocurrency exchange if you don't mine it. Due of its price, most people won't be able to buy a whole BTC, but these exchanges let you buy parts of it in fiat currency like USD. Credit, debit, or bank accounts can be used to fund your crypto account.
As Bitcoin gained prominence, investors and speculators took notice. After breaking the $1,000 price level in 2017 price started to climb. A few month later price hit $19,000. After a series of corrections and rallies, in 2021 price exploded to $69,000. A year later it was $16,000.
Thus, many people buy bitcoin for its financial worth rather than as a currency. However, its purchase and use are risky due to its digital nature and lack of guaranteed value.
Bitcoin, and cryptocurrencies in general, are highly speculative and are considered high risk investments.

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