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What is bitcoin and who created it ?

Bitcoins are transferred directly from person to person, also known as peer to peer. The cryptographic transactions are verified by a network of people and recorded in a public distributed ledger called the block chain . Note that once a payment is made it can’t be reversed, and if you lose your wallet, you lose your bitcoins.

What are Bitcoin Benefits ?

  1. Low Fees: As of right now there are no fees or extremely low fees within Bitcoin payments, for example transaction fees. Also digital currency exchanges help merchants to process transactions by changing bitcoins into fiat currency, and those fees are usually lower than PayPal and credit cards.
  2. Fewer Risks for Merchants: Since a Bitcoin transaction can’t be reversed, merchants are able to do business where crime rates and fraud rates are high without the merchant losing money from fraud.
  3. Security and Control: With Bitcoin one can make payments without their personal information being tied to the transaction. This will protect against identity thieves.

Problems with Bitcoin

  1. Scalability: The size of the block chain. Bitcoin transactions are about 6–7 transactions per second, note visa and master cards are about 1000 transactions a second.
  2. If someone steals your bitcoin wallet or you lose it, there is no one to call to help. This makes the debate that bitcoin is a currency, and is thought of as a digital equivalent of a gold coin.

How to create bitcoins ?

Mining is the process of solving difficult math problems and miners are issued a certain number of bitcoins for it. By year 2140 there will be 21 million Bitcoins at which point no one will be able to create more. You can use the bitcoin calculator to see if the money to buy the hardware is worth it for you.

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How to buy / sell bitcoins ?

Now that you have a bitcoin wallet, you will need to use a bitcoin exchange to buy or sell your bitcoins. You can even use a bitcoin ATM !

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Bitcoin ATM Locations 12/21/2017

How much is one bitcoin worth ?

As of 12/11/2017, one bitcoin is equal to $16,946.99 USD.

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As of 12/21/2017 , one bitcoin is worth $16,754.99 USD.

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As of 1/17/2018, one bitcoin is worth $10,327.66 USD.

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As of 2/8/2018, one bitcoin is worth $8,425.02 USD.

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How do I spend my bitcoin ?

Predictions

Bitcoin Speculation
Some believe that the currency would be subject to severe deflation if it becomes widely used. A widely regarded economist named Stephen Roach said “ This is a dangerous speculative bubble by any shadow or stretch of the imagination”. The Saxo Bank analysts said that Bitcoin could hit $100,000 in 2018 but it didn’t, the bank’s also incorrectly predicted that Bitcoin would plunge to $1,000 before the year ends, but Bitcoin never reached that bottom price.

Conclusion

Check Out the following for content / videos on Computer Science, Algorithm Analysis, Programming and Logic:

compsci112358:
https://www.youtube.com/channel/UCbmb5IoBtHZTpYZCDBOC1CA

Website:
http://everythingcomputerscience.com/

Video Tutorials on Recurrence Relation:
https://www.udemy.com/recurrence-relation-made-easy/

Video Tutorial on Algorithm Analysis:
https://www.udemy.com/algorithm-analysis/

Twitter:
https://twitter.com/CsEverything

Resources:
https://bitcoin.org/en/
https://www.bitcoinmining.com/
http://www.bitcoinblockhalf.com/
https://99bitcoins.com/beginners-guide-to-mining/
https://bitcoin.stackexchange.com/questions/8031/what-are-bitcoin-miners-really-solving
https://www.coinbase.com/buy-bitcoin?locale=en-US
https://www.forexanalytix.com/blog/bitcoin-future-just-gamble
https://www.quora.com/What-is-the-future-of-Bitcoin-Will-it-become-a-mainstream-currency-or-will-its-popularity-wane-and-why

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