What & How Bitcoin?

What is bitcoin

Bitcoin is a digital currency and form of decentralized electronic money which was developed by Satoshi Nakamoto in 2008and released it as open-source software in 2009. The Systems is peer-to-Peer ; users can transact directly without needing an intermediary . Transactions are verified by network nodes and recorded in a public distributing ledger called “blockchain”. The ledger uses its own unit of account, also called bitcoin. The system works without a central repository or single administrator ,which has led the Us Treasury to categorize it as a decentralized virtual currency. Bitcoin is often called the first crypto currency, although prior systems existed. Bitcoin is more correctly described as the first decentralized digital currency.

Why bitcoin ?

Payment freedom
Very low fees
Fewer risks for merchants
Security and control
Transparent and neutral
What is bitcoin mining?

Mining is the process of spending computing power to process transactions, secure the network, and keep everyone in the system synchronized together. It can be perceived like the Bitcoin data center except that it has been designed to be fully decentralized with miners operating in all countries and no individual having control over the network. This process is referred to as "mining" as an analogy to gold mining because it is also a temporary mechanism used to issue new bitcoins. Unlike gold mining, however, Bitcoin mining provides a reward in exchange for useful services required to operate a secure payment network. Mining will still be required after the last bitcoin is issued.

Mining services (cloud Mining)

Mining contractors provide mining services with performance specified by contract, often referred to as a “Mining Contract”. They may, for example, rent out a specific level of mining capacity for a set price for specific duration.