This article will give a Bitcoin definition, origin, explain how to use Bitcoin, Bitcoin Mining, Bitcoin Wallet, and lastly what is a Bitcoin Chart.
Q：What is the origin of Bitcoin?
A: While not confirmed by the creator, a popular belief is that the name Bitcoin translates to code money as the name would simply derive from an amalgam of the two words bit and coin. A bit here would represent the line of codes used in computers, while coins would simply be the literal representation of a coin used as money.
Q: Who created Bitcoin?
A: Bitcoin was created by a person, or group of people, named Satoshi Nakamoto in late 2008, through the release of what is commonly called a white paper. A white paper definition would be a report or guide informing the reader in a detailed manner what is the project or cryptocurrency underlying technology, issuance, and usage are.
Q: What is Bitcoin Mining?
A: Bitcoin Mining refers to the process of verifying a set block of information. Miners are paid one Bitcoin for every block they confirm with blocks generally spread in intervals of 10 min. To qualify for this verification process miners must first pass a complex computing problem called “Proof Of Work” or “POW” using high-powered computers or ‘Farms”. Mining profitability heavily depends on both the costs of the hardware used and of electricity meaning that some hardware have been specifically designed for mining and that mining is more profitable in some regions where electricity is cheaper.
Q: How to use Bitcoin?
A: Bitcoins can be used in a variety of ways including trading, buying flight tickets, plane tickets, Microsoft apps, gift cards, pizzas, gold, music, and much more; the list keeps on increasing with offline stores and big retailers increasingly accepting Bitcoins as a means of payment.
Q: How to get Bitcoin?
A: Bitcoins may be gained in four ways, the first, and easiest, way is to buy them directly from another holder/hodler, the second being to mine Bitcoin as previously explained, the third would be to trade for them, and the fourth way would be to receive them as a gift. Buying Bitcoin can be done either through a direct sale, through websites such as coincola, or on fiat exchanges such as coinbase. Trading Bitcoins can be made on a variety of trading platforms such as Binance, while getting Bitcoin as gifts can be part of promotional campaigns such as Airdrops.
Q: What is a Bitcoin Wallet meaning?
A: A Bitcoin wallet refers to an electronic software used to store Bitcoin on. It can be either hot or cold; hot wallets are generally online applications or features on an exchange, while cold wallets refer mostly to an offline, disconnected most of the time, physical object used to store the coins on. Cold wallets act much like external hard-drives as they are only plugged-in when necessary and offer the best security while hot wallets are fast and may be more convenient but can be subject to attacks.
Q: What is a Bitcoin Chart?
A: A Bitcoin chart refers to the trading chart detailing the price of a trading pair with Bitcoin; that is the price of Bitcoin against that of another currency with BTCUSD being the most popular trading pair as of press time. Bitcoin trading charts do not differ significantly from other typical financial trading charts as they use the same representations, indicators, and features. The most popular trading chart website, and the one that Bybit uses, is Trading View.
This article was provided by Bybit a cryptocurrency derivatives exchange. Thank you for reading this short article introducing Bitcoin, we hope you learned a lot, share our interest in cryptocurrencies, and will use this knowledge wisely when trading cryptocurrency markets. We provide trading and cryptocurrency content freely to raise awareness and increase knowledge of how cryptocurrencies and trading can be used and change the way we live.