Little Info. about bitcoin – Helpfull for newbies .

Bitcoin , ,

Hello reader welocome to this is my post about few basic information that a newbie to bitcoin should know .

Do you know what is bitcoin ?

Now days bitcoin is considered a kind of internet/digital currency in which encryption technology is used to regulate the generation of units of bitcoin currency and verify transfer of bitcoin funds , operating independently of a central bank it means no banks or central authority controls it.

It was developed in the year 2008/2009 by an unknown person (this unknown person known as Satoshi Nakamoto as public says) .

Bitcoins are not printed money like Dollars/Euros or any other paper/fiat currency – they are produced by public / businesses enterprises running their computers machines all-around the world, using a software that solves mathematical problems .As I said above bitcoin is new kind of money and innovative payment network , now days this money used worldwide to send or accept funds/payments . It also has become a very hot commodity among speculators .

Do you know who devloped this Bitcoin or this concept ?

May be you’re compleatly newbie to bitcoin so you might have this question , here I’ll explain you .

This concept was developed by a developer known as Satoshi Nakamoto as I alredy mentioned above this name is popular in public but it’s not his real name and as far I know he resides in total anonymity.He’s said to be from the country Japan but his email id was from Germany and the bitcoin software was not available in Japanese .He only developed this concept and bitcoin software (which is used to run the system) in 2008 or 2009 but he diappeared after 2010 somewhere into thin air .

The other developers of this bitcoin system stopped hearing from him in 2010, and plenty of speculation turned up about his real identity , Some even suggested that his name was just a mashup of popular Japanese companies — SAmsung TOSHIba NAKAmichi MOTOrola. But what he created was definitely the fantasy of every tech guy in the world.

Do you know what’s so special about this Bitcoin ?

The Bitcoin system allows you to do anonymous bitcoin transactions and no one will  know about the bitcoin payment or about all other information related to the bitcoin payment,  that means nobody can know who sent it, who received it, etc.

Satoshi Nakamoto did it by making the system a peer to peer network which is not controlled by any central authority but it is run by it’s contributors who gave their time and energy to this new innovation.But there was a problem in this new digital currency called double spending . But Satoshi Nakamoto was so samart he also solved this problem .

Now you want to know what is double spending ?

If you are guessing to copy bitcoin and spend again and again then you’re correct.We can copy any digital data for example people can copy a software and sell it’s pirated copies . And the same problem we may face with this new digital currency.Anyone can copy the digital currency let’s suppose 10 euro and use it as many time as he wants to spend (as many notes of 10 euro) .

The Smart Satoshi Nakamoto solved this problem by showing all transactions in a public ladger.Whenever a new transaction is made, it’s validity is checked by confirming transaction from the ladger that the digital currency (bitcoin) was not used before.This way, no one can copy the bitcoin and spend it more than one time.

So how a public ladger make things anonymous ?

The public ladger only shows the transaction ID and the amount of bitcoin fund transferred .You will be compleatly anonymous in this system because you don’t need to provide your personal details like your name, email-address, phone number, etc. In comparison, when you use payment gateways like Paypal/Skrill etc. you have to give all your  personal details.

On Internet I saw word faucet , what is Bitcoin faucet ?

A bitcoin faucet is a wabpage that gives free bitcoins in small drops or amount (called Satoshi) as reward for just visiting a webpage.Every faucet gives free satoshi for diffrent tasks let say just for solving a captcha or playing a game. So earning free bitcoins from faucet do not cost you anything and you can learn and experience how exactly bitcoin transactions works.

And now what is this Satoshi ?

Hmm Satoshi is smallest unit of bitcoin it’s just like small unit of Dollar i.e. “cent” .

1 Satoshi worth  0.00000001 BTC (BTC is used for bitcoin just like USD is used for Dollar) . In the future, however, the protocol may be updated to allow further subdivisions.

Does this blog gives free bitcoin ?

Yes 🙂 we have a faucet page for you here , It gives you free satoshi from 200 satoshi to 1000 satoshi per 15 minutes that means each 15 minutes you visit this page and solve a simple captcha you’ll get free satoshi .Good thing is if you have a Xapo account then just enter your email and claim free satoshi instantly in your Xapo wallet.


Here the post ends if you enjoed this post and if this post helped you to know more about bitcoin currency then please share your experience of 1st  bitcoin transactions via comment .

Thanks for reading 🙂

About Author:

I'm Bitcoin enthusiast I believe crypto technology will change the world fully in near future - the way of doing business , the way of buying goods and services . Bitcoin is already playing it's role but more crypto coins will be developed in the future . The crypto technology will change whole economy the world . I started my 1st faucet with ugly look and design but I sold that to someone and created this blog with a faucet page . I'm not a good writer basically my English sucks but I still write to share tips , ideas , thoughts , reviews .

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