What is Bitcoin? That's what we'll learn in this article in the following paragraphs. Digital currencies have gained wide popularity and significant adoption in recent times. Among the most important of these currencies, leading the way in terms of fame and value, is Bitcoin. We will get to know Bitcoin, its collection methods, and also discuss mining and everything you want to know about this amazing currency and ways to profit from it.
What is Bitcoin?
Below, in these lines, we will summarize for you the definition of Bitcoin in an easy, simple and clear way, which is as follows:
It is a cryptocurrency. A symbolic currency, that is, it is not material and does not exist in reality, as it is a virtual electronic currency. It is decentralized, and there is no governmental or non-governmental entity that controls it, whether it is a responsible entity, a bank, a state, or others, as it is not subject to any entity. Not subject to any laws applicable to ordinary and financial money.
Bitcoin is used in many encrypted transactions. However, it can also be used by some individuals for illicit purposes. Money stored in the form of Bitcoin can be kept anonymously, without revealing the identity of the owner. Some people may use it to evade taxes, as it allows them to conceal the amount of money they possess. By freezing their cash into Bitcoin, they can avoid being questioned about the source of their income or how they acquired it, as it remains unknown to authorities. That's why many European countries have officially recognized Bitcoin as a currency.
Bitcoin first emerged in 2009 and is a digital electronic currency used in online buying, selling, and direct payments without the need for intermediaries between the seller and the buyer.
Bitcoin collection methods
After we knew what Bitcoin is, in the previous lines in a brief and clear way, how do we collect Bitcoin, this is what we will know in the following lines, where Bitcoin is collected in its own wallet, and then you can collect it in different and varied ways, and the most prominent methods of collecting Bitcoin include the following:
You can buy bitcoin from one of the guaranteed and trusted companies that provide all services related to buying and selling digital currencies, including bitcoin. You can also get bitcoin through one of the people who own this currency and want to sell it, as many people buy it to invest in it and sell it, you can buy it from them. The other and very famous method is the process of (bitcoin mining), which is the most widespread and well-known process for obtaining this digital currency, but due to the significant increase in it in the past few periods in an exaggerated manner, its value decreased.
Bitcoin mining
You often hear about (bitcoin mining), as this reformer has spread very widely in the digital trading markets, and many beginners who want to invest do not know what mining is, especially after many people advised them to mine, and we will get to know it, which is as follows:
Bitcoin mining is very similar to mining and mining. It is a very difficult and complex process, and many requirements must be met to carry out this process. Mining consumes huge computers and they must have certain and distinct capabilities because they will work for many days without interruption, a very high percentage of electricity, and uninterrupted internet. It is a complex mathematical process done by some computers, to get a lot of rewards from mining. In order to save effort and time and that this process is difficult for one person, the so-called (mining pools) were established, in which more than one person who wants to mine Bitcoin participates, and sometimes it is done through a company.
Create a bitcoin wallet
To store your bitcoins, you must create a wallet to store digital currencies in, and this wallet is special codes and keys that are used to obtain bitcoins, and there are many types of wallets, including the following: Computer wallet which is the most secure. phone wallet. And also the Internet wallet. Cell phone wallet. In this article, we learned about what bitcoin is, methods of collecting and mining it, how to obtain it, and the types of wallets that can be opened to save it inside.
