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How to Start Using Bitcoins, The History of Bitcoins in Forex Online Trading

How to Start Using Bitcoins, The History of Bitcoins in Forex Online Trading: However, I think the majority of people are aware of “I hear the name, but what is Bitcoin?” And “Is it different from electronic money?”

Also, those who have done some research on Bitcoin and cryptocurrencies in the past may only remember negative images such as exchange hacking cases.

The situation surrounding Bitcoin has steadily changed since the bubble in 2017, and institutional investors are increasingly recognizing it as an asset, such as an increase in inflows of money. 

In addition, there are more and more easy ways to buy Bitcoin, such as PayPal, and it can be said that we are gaining citizenship.

Bitcoin is a Forex Online Trading “currency” that can be traded on the Internet, Bitcoin is the world’s first virtual currency and digital asset (Asset). Currencies created following the idea of ​​Bitcoin are collectively called virtual currencies (formally crypto assets).

Bitcoin was invented as “money,” as you can see from what is called a virtual “currency.” Compared to the INR and dollar, Bitcoin does not have a central administrator (central bank), it is a digital currency, and so on.

Bitcoin has a unit of currency such as INR and dollar, and is expressed as “1BTC”. In actual trading, you can trade from a small amount in units such as 0.001 BTC.

You can trade with anyone in the world 24 hours a day, 365 days a year, and Bitcoin may be cheaper than sending money at a bank, especially when sending money overseas.

In addition, it is extremely difficult to falsify transaction records due to the blockchain, which is a basic technology.

“Money” in Forex Online Trading not controlled by the government or central banks

The first difference from traditional currencies such as INR and dollar is that Bitcoin does not have an issuer. Generally, currencies are issued and managed by the government and central banks, but it is volunteers from all over the world who maintain Bitcoin.

How to Start Using Bitcoins, The History of Bitcoins in Forex Online Trading

They keep a complete record of their transactions on their personal computers. In return, they (volunteers) can get Bitcoin as a reward by performing commissions paid by users and mining (work to approve transactions).

Cannot falsify records or forge currency

By the way, it seems that you can copy and paste digital currencies and play with numbers to increase your currency infinitely, but in reality, you can not do that with Bitcoin.

Bitcoin transaction records are recorded by a technology called the blockchain. Blockchain is sometimes described as blockchain technology.

As you can imagine from the term “distributed ledger technology,” Bitcoin data is stored on computers around the world. 

Therefore, one person or one organization can’t control the mechanism of Bitcoin, and it is almost impossible to tamper with it (such as increasing its holdings).

In addition, the work of approving new Bitcoin transactions on the blockchain is mining.

There are only 21 million Bitcoins

Bitcoin can be issued as many legal tenders as INR and dollars by the government and the government, but Bitcoin has a pre-set upper limit of issuance by the program, and the upper limit is set at about 21 million BTC. I am.

It is common with gold in that it has an issuance limit, which is why Bitcoin is called “digital gold” in terms of its rarity.

Also, not all 21 million coins exist from the beginning, and new bitcoins are being mined little by little every day, just like digging gold out of a mine.

The pace of “mining” is also set, and at the beginning of birth, 50 BTC was mined every 10 minutes, but the amount was halved every 4 years, and as of the end of 2020, it has been halved three times. 

I am experiencing it. The current amount of new mining is 6.25 BTC, and the timing of this halving is called the ” half-life “.

How to Start Using Bitcoins, The History of Bitcoins in Forex Online Trading

The program is scheduled to reach the maximum number of issuances in 2140 and end the issuance of Bitcoins.

Mining refers to the work of creating new blocks on the blockchain, and at the same time, it is also a place to obtain newly mined Bitcoins.

Rewarding mining (currently 6.25 BTC) encourages more people to participate in the work, making it difficult to tamper with the data as a result.

By the way, mining could be participated in with a general computer at the beginning, but due to the increasing competition, mining can only be done with a computer capable of high-speed calculation processing.

I mentioned earlier that the people who maintain Bitcoin are “volunteers,” but now they are being replaced by commercial companies ( minors ).

Miners (miners) are (reasonably) acting to get new Bitcoin and make a profit, but at the same time, the Bitcoin system remains in existence thanks to them. I’m leaning.

Bitcoin’s history

Bitcoin was a currency on the Internet that had no value, but gradually more and more people sympathized with its mechanism, and it is now recognized as a currency that can be traded all over the world.

Bitcoin was announced in October 2008 by a paper called “Bitcoin: A Peer-to-Peer Electronic Cash System” posted on the Internet by a person named Satoshi Nakamoto.

To briefly summarize this paper, it is not a mechanism that is issued by an administrator such as a country or government such as INR or dollar, but decentralized management using a P2P (peer-to-peer) mechanism without an issuer. By combining it with cryptographic technology, the credibility of the currency can be maintained.

Many researchers and programmers were gradually inspired by this idea, and volunteers gathered to develop it, and Bitcoin will be issued for the first time in 2009. However, it is said that it was not planned to operate in the actual economy at this point, so it started as a game to try and verify whether the mechanism works properly.

By the way, Satoshi Nakamoto, who published this treatise, can guess that the Japanese name is expressed in Roman letters, but he does not even know if he is Japanese. Although there are theories that they are groups rather than individuals, and entrepreneurs who claim to be Satoshi Nakamoto, they have not been identified without conclusive evidence.

Why was Bitcoin made?

Even before Bitcoin was invented, there were attempts to create electronic currencies (cryptocurrencies) such as DigiCash in the Netherlands, but many have failed.

There are many possible reasons for the failure, but Bitcoin inventor Satoshi Nakamoto believes that the need for trust in a third party was the reason for the failure so far. It seems that it was.

How to Start Using Bitcoins, The History of Bitcoins in Forex Online Trading

For example, if Bitcoin was operated by Bitcoin Co., Ltd., if Bitcoin Co., Ltd. goes bankrupt, the value of Bitcoin will plummet.

In particular, since the 9/11 terrorist attacks in the United States, regulations have been tightened because anonymous digital currencies can be abused by terrorist organizations. If there is a company like Bitcoin Co., Ltd., it is likely to be regulated.

Bitcoin was born against the background of such a history of electronic currencies, and it can be said that Bitcoin has increased its supporters due to the distrust of legal tender that was born in 2008.

How to get Bitcoin

The most common way to get Bitcoin today is to buy it on an exchange or retail store.

Then, you can either deposit the obtained Bitcoins on the exchange or store them in your wallet.

Although the number of services that can use Bitcoin as a daily payment method is increasing, it cannot be said that it is becoming more widespread in daily life due to the large fluctuations in the price of Bitcoin.

In addition, the speed at which payments are completed is slower than cashless payments, which is another reason why they are not used for daily payments.


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