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Tuesday, 20 December 2016

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Beginner's guide to bitcoin- Everything you need to know about btc currency.

The world is changing and getting advance daily. Introduction of technology is a thing of the new age. Tech systems used in 80's and 90's is different as of today cause such past tech has been upgraded to superb high advance technologies.
In our world of today we getting use to cashless bank , information & communication technology , robot, superb automobiles, computers to carry out logical operations automatically .



What's is Bitcoin

Bitcoin is a cryptocurrency , decentralized,
digital electronic currency and peer-to-peer version of electronic cash.
To make you understand this definition I"l break it down.

•cryptocurrency - is an encrypted digital system used in generation of units of currency.


•decentralized - it's an organization in which operations ,decision-making are delegated managed by individuals. You take full responsibility of your system. Meaning there's no central bank or institution that has control over your Bitcoin cryptocurrency .


•peer-to-peer [P2P]- You have 100% control over your electronic currency[ bitcoin] , you decide who to share your btc coins with, There are no banks involve, Free of middle man to manage your funds.



Bitcoin as a currency

Most people still see bitcoin as a ponzi/scam scheme. Cause they're ignorance of bitcoin value.
The world is going cashless or paper less you not mining or investing in bitcoin today you missing.


History of Bitcoin

Bitcoin [btc] is the first cryptocurrency is the world. It was first introduced 3 January, 2009 by an unidentified programmer (s) under the name Satoshi Nakamoto.

The original paper was written in October 2008 as Peer-to-Peer [P2P] Electronic Cash System. After the paper was published, Satoshi created the first software program to begin mining. It was later implemented as open source code and released in January 2009.

That same day Hal Finney a programmer one of the first contributor and supporter to bitcoin downloaded the bitcoin software, and received 10 bitcoins from Nakamoto .
as of today 1 bitcoin is value for $792


Price of bitcoin from 2009
June 2009 1 BTC = 0.0001 USD
June 2010 1 BTC = 0.07 USD
June 2011 1 BTC = 15 USD
June 2012 1 BTC = 7 USD
June 2013 1 BTC = 100 USD
June 2014 1 BTC = 600 USD
June 2015 1 BTC = 220 USD
Dec 14 2016 1 BTC= $777.50USD
Dec 20, 2016 1 BTC = 792USD

The 1st adopters who bought btc back in 2009 are millionaires or even billionaires today. 1 bitcoin cost $0.07USD in 2010 buying 1000 btc was $70. Bitcoin today 1000 btc coins $79,200 USD.
Back in 2010, programmer Laszlo Hanyecz bought 2 large size pizza for 10,000 Bitcoins value today $792,0000 ๐Ÿ˜‚๐Ÿ˜‚๐Ÿ˜‚๐Ÿ˜‚๐Ÿ˜‚. Wish he had patience to save his bits till today.



Sub unit and symbol of bitcoin

•Bitcoin- BTC
• millibitcoin - mBTC=1 thousandth of a bitcoin=0.001BTC


check out this free mBTC faucet bitcoin sites that pays you each time you perform a task.

BITS FOR CLICK

BTCCLICKS


•microbitcoin or bit - uBTC=1 millionth of a bitcoin

•A Satoshi is the smallest fraction of a Bitcoin that can currently be sent: 0.00000001 BTC, that is, a hundredth of a millionth BTC. In the future, however, the protocol may be updated to allow further subdivisions, should they be needed.
1 Satoshi = 0.00000001 BTC
10 Satoshi = 0.00000010 BTC
100 Satoshi = 0.00000100 BTC = 1 Bit
1,000 Satoshi = 0.00001000 BTC
10,000 Satoshi = 0.00010000 BTC
100,000 Satoshi = 0.00100000 BTC = 1 mBTC (em-bit)
1,000,000 Satoshi = 0.01000000 BTC = 1 cBTC (bitcent)
10,000,000 Satoshi = 0.10000000 BTC
100,000,000 Satoshi = 1.00000000 BTC

•Next post recommend for you BTCCLICKS

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