Skip to main content

What is Bitcoin?

Bitcoin is a cryptocurrency and a payment system, first proposed by an anonymous person or group of people under the name Satoshi Nakamoto in 2008. Bitcoin is unique in that there are a finite number of them: 21 million.

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.

Bitcoin is decentralized: it is not subject to government or financial institution control.

How does Bitcoin work?

Bitcoin is transferred between users through bitcoin addresses, which are randomly generated strings of 27-34 letters and numbers.

Users can create as many addresses as they want. Bitcoin addresses are not linked to names, addresses, or other personally identifying information.

To send bitcoin, a user enters the recipient's bitcoin address, the payment amount, and a message. The software then creates a new bitcoin address for the payment, adds the transaction to a ledger, and sends the payment.

The recipient can see the payment in their bitcoin wallet. They can then use their bitcoin to buy goods or services, or hold on to them in hopes that their value will increase.

What are the benefits of Bitcoin?

Bitcoin has several benefits over traditional currency.

Bitcoin is decentralized, meaning it is not subject to government or financial institution control. This makes it more secure and less prone to censorship.

Bitcoin is global: it is not restricted to any one country or region.

Bitcoin transactions are irreversible: once a payment is made, it cannot be reversed. This protects sellers from fraud and scam artists.

What are the risks of Bitcoin?

Bitcoin is still a relatively new technology, and its legal status is uncertain in many countries.

Bitcoin is also volatile: its value can fluctuate significantly from day to day.

Bitcoin payments are not reversible, so if a buyer pays too much or does not receive what they ordered, they may not be able to get their money back.

What is Bitcoin mining?

Bitcoin mining is the process of creating new bitcoins. Miners are rewarded with bitcoins for verifying and committing transactions to the blockchain.

Miners use special software to solve mathematical problems and are issued a certain number of bitcoins in exchange. This provides a secure way to issue the currency and also creates an incentive for people to mine.

What is a Bitcoin wallet?

A Bitcoin wallet is a software program where bitcoins are stored. Bitcoin wallets can be desktop, mobile, or web-based.

Desktop wallets are installed on a computer and can only be accessed by the owner. Mobile wallets are installed on a mobile device and can be used to make payments. Web-based wallets are hosted by a third party and can be accessed from any internet-connected device.

What is a Bitcoin exchange?

A Bitcoin exchange is a website where users can buy and sell bitcoins. Exchanges can be used to purchase bitcoins, or they can be used to sell bitcoins for traditional currency.

What is a Bitcoin transaction?

A Bitcoin transaction is the process of transferring bitcoins from one Bitcoin address to another. Transactions are verified by miners and added to the blockchain.

What is a Bitcoin block?

A Bitcoin block is a group of Bitcoin transactions that have been verified by miners and added to the blockchain.Blocks are created every 10 minutes and contain a fixed number of bitcoins.

What is the blockchain?

The blockchain is a digital ledger of all Bitcoin transactions. It is used to verify and commit transactions to the blockchain.

The blockchain is public: anyone can view it. This makes it difficult to tamper with or hack.

What is Bitcoin worth?

As of February 2015, the value of one bitcoin is about $225.


Popular posts from this blog

VMware ESXi to add storage

Have you tried to add storage in your VMware environment after the initial setup and configuration? In my case, I needed to add storage for more space to copy virtual machine files. This is also the same approach to access a USB drive to import a vmx and vmdk files (virtual machine and data storage). For this article, I will provide a step by step procedure on how to add your USB drive from one of your Windows Server (or workstation). Let's use a Windows Server 2003 for reading your USB drive. By default, the NFS service is not enable. So, you have to add this service first. Go to Start , Control Panel , Add or Remove Programs , Add/Remove Windows Components , Other Network and Print Services , and select all for Microsoft Services for NFS . You asked, Why enable NFS Service? The VMware is based using Linux, so you need to enable NFS service to share your network drive or folder. Share a USB drive or folder. Open your Windows Explorer and browse your USB drive. In your

Office365 - This resource doesn't accept meetings longer than 1440 minutes

When you create a meeting schedule for number of days , you will see an error  "This resource doesn't accept meetings longer than 1440 minutes". By default the mailbox or room was set for a maximum limit of 1440 minutes. Here's how you can disable this limit. Login to the Office 365 Administration Console In Microsoft Office 365 Exchange, click on Manage . In Manage My Orgnization , click the drop down arrow, and click on Select on Another User . This will prompt you to select the mailbox or room to manage. Select a Mailbox or Room , click OK . In Option, click on Settings. In Scheduling Options, un-check the "Limit meeting duration", then click on Save. That's all. You can now schedule a meeting or reserve a room for number of days. Hope this help you. If this helped you, please take the time to share this post by sharing using Google+, Facebook, Twitter, or LinkedIn

Out of Office Reply for Termed Employee

This is a sample Out of Office message that I used for termed employees, unless HR staff specified a different message. === Example for KING.NET Employee === John Doe (employee or consultant)  is no longer with KING.NET effective  June 1, 2013  (termination date). For matters relating to " Project Name here " please direct your concerns to  John Smith at  [email protected] (Manager or Supervisor) . For all other matters, please direct your email to Mary Smith HR at [email protected]. Please call our main office 703-345-6789 if you have other concerns. Thank you. === End of message === I posted this article year 2008 from my old blog. If this helped you, please take the time to share this post by sharing using Google+, Facebook, Twitter, or LinkedIn