What is Bitcoin?
Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.
Who created it?
Bitcoin is the first implementation of a concept called "cryptocurrency", which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing much about himself. The community has since grown exponentially with many developers working on Bitcoin.
Satoshi's anonymity often raised unjustified concerns, many of which are linked to misunderstanding of the open-source nature of Bitcoin. The Bitcoin protocol and software are published openly and any developer around the world can review the code or make their own modified version of the Bitcoin software. Just like current developers, Satoshi's influence was limited to the changes he made being adopted by others and therefore he did not control Bitcoin. As such, the identity of Bitcoin's inventor is probably as relevant today as the identity of the person who invented paper.
Is Bitcoin safe?
Bitcoin’s core protocol is viewable by anyone, has been vetted by thousands of security researchers around the world, and has proven to be robust and reliable after immense scrutiny. Using bitcoin is similar to using other private applications on the internet, such as email or online banking. Just like these other web services, you must access your bitcoin with a password in order to ensure only you have access to your money.
What is a satoshi?
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.
Further examples of units
1 BTC = 1,000 mBTC (millibitcoin)
1 BTC = 1,000,000 μBTC (microbitcoin)
1 BTC = 100,000,000 Satoshis
1 mBTC = 100,000 Satoshis
1 μBTC (microbitcoin) = 100 Satoshis
Can I make money with Bitcoin?
You should never expect to get rich with Bitcoin or any emerging technology. It is always important to be wary of anything that sounds too good to be true or disobeys basic economic rules.
Bitcoin is a growing space of innovation and there are business opportunities that also include risks. There is no guarantee that Bitcoin will continue to grow even though it has developed at a very fast rate so far. Investing time and resources on anything related to Bitcoin requires entrepreneurship. There are various ways to make money with Bitcoin such as mining, speculation or running new businesses. All of these methods are competitive and there is no guarantee of profit. It is up to each individual to make a proper evaluation of the costs and the risks involved in any such project.
Balance: 23701 satoshi
70 (77%), 80 (13%), 130 (8%), 180 (2%) satoshi every 120 minutes.
What is Cryptocurrency?
I first heard about cryptocurrency in 2014, while I was carrying out research on virtual currencies on the internet. This is one of the greatest of all scientific discovery of our time. Crypto- Currency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently outside of any central bank control.
Cryptocurrency also called cryptic currency or crypto asset is a digital form of currency that is being used increasingly globally. This groundbreaking internet technology serves as medium of exchange using cryptography to secure transactions and to control the creation of new units.
Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies. Bitcoin for example became the first decentralized cryptocurrency in 2009. Since then, several cryptocurrencies have emerged.
Crypto-currencies are known to be "decentralized” in nature; for example, bitcoin which now provide an outlet for personal wealth that is beyond restriction and confiscation by any authority or entity" Cryptocurrencies use decentralized control as opposed to centralized electronic money/centralized banking systems. The decentralized control is related to the use of bitcoin's block chain transaction database in the role of a distributed ledger.
What is a Bitcoin Wallet?
In Bitcoin terminology a wallet is a piece of software that allows you to manage your Bitcoin funds.
Generally, wallets show information about your balance, track payments received/sent, and manage your private-keys, i.e. the secret information that proves your ownership of your bitcoins.
There are different flavors of wallets:
Online wallets are accounts with companies that manage your Bitcoin balance for you, similarly to how banks manage money for you. This type of wallet gives you least control, but most customer support.
Thin wallets store the ownership information on your device, but do not validate the status of the Bitcoin network themselves. They are a good choice as light weight clients for casual users.
Full clients actually synchronize the whole Bitcoin blockchain and therefore the most secure. However, they require quite some time to synchronize with the network.
The most important information of the wallet is stored in the wallet.dat for Bitcoin Core (and similarly so for other wallet types). This file should be backed up regularly to ensure continued ownership of your bitcoins.
How to use Bitcoin Faucet?
Using Bitcoin Faucet is simple. Open those Bitcoin Faucets listed below and enter your bitcoin wallet address(BTC address)or the email id associated with your Block Chain Wallet and press enter. In the next page you will asked to solve Captcha and the antibot sistem, once done hit "Claim now" button. You will now be asked to prove that you are a human, complete the task. That's it.... You claimed the reward.