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What is Bitcoin?

The word Bitcoin comes from the English word bit - unit of information, and coin. This is a decentralized virtual currency, and the Bitcoin system itself is an open source payment internet service through which peer-to-peer financial operations are carried out. The Bitcoin itself is a coded digital series that meets certain mathematical conditions, is not subject to falsification, and is unattainable. For the first time, the term bitcoin is mentioned in an article written by a man or a group with the nickname Satoshi Nakamoto describing the BitCoin system. The bits can be exchanged via a computer or smartphone at local and international level without a financial intermediary institution. In commerce, one bitcoin is divided into 100 million smaller units called Satoshi.

Bitcoin is not run like the typical currencies - it has no central bank or central organization. Instead, it relies on the Internet-based affiliate network. Money supply is automated and is provided to servers or so-called "Bitcoin Diggers or Miners" that confirm the battle-related transactions by adding them to a decentralized and archived transaction log approximately every 10 minutes. The transaction log is authenticated by end users through digital signatures (similar to username and password) and is increased by calculations of different difficulty that are performed by special servers called bitcoin diggers or miners. Each 10-minute portion of the transaction log corresponds to a certain amount of bitcoins that the diggers receive (and can then sell at their own discretion) after this part has been added to the registry and confirmed by the other diggers.

The amount of bitcoins depends on how long the network has worked and what transaction fees have been paid. At present, every new 10-minute block generates 17 new bitcoins. The total limit is 21 million bitcoin. Anyone can make virtual coins using the computing power of their computer to solve mathematical problems with increasing complexity. Every 25-digit coin gained a large array of calculations ("ishashing").

However, the participants in the calculations are usually more than one, and the individuals are divided among them, depending on the size of their participation. Bitcoin is the most widely used alternative currency and is widely accepted by international traders and services. Bitcoins can be sent and received via different websites and applications once they are purchased on a stock exchange.