Bitcoin: What is to know about their basic?

Bitcoin: What is to know about their basic?

The fever for Bitcoin does not stop. More and more online services offer them as a means of payment and there is a whole community of people who buy and sell this crypto currency. How are Bitcoin acquired?It may be providing a service or selling a product in exchange for accepting payment with Bitcoin, buying cash or bank transfer among people or by so- called “exchanges. Another great advantage of having Bitcoin is that you have the security that the money is 100% yours and nobody can freeze your accounts. Even you can use Bitcoin tumbler to hide your identity while exchange in complete anonymous mode.

What hardware is required to mine?

In the beginning this process was done with CPUs, then with GPUs and FPGAs. Currently, Bitcoin mining is professionalized and is done with chips specifically designed for this task (ASICs). Specifically, these teams resolve SHA-256 hash functions that are the “work proof” necessary for the network infrastructure.An account is also needed in a mining pool, where many people are in charge of – together and solving the blocks necessary to process the transactions. While they are based on Bitcoin and the difficulty of mining is also increasing, there are coins like lite coin that can still be mined with GPU, which are simpler in the sense of not requiring specialized hardware.

Transaction and security

When one makes the purchase of a product with Bitcoin, if it comes from abroad must be taxed at the customs as with any other form of payment. But if there are advantages in that you do not have to ask for authorizations such as credit cards or give personal information when purchasing products that do not include a shipment such as e-books, software, etc.There is a shared database (P2P) in which the accounts and their respective balances are recorded. In reality, thefts or hacks are to users or services that use Bitcoin. It is like the case of a person who steals money or a bank whose security boxes are stolen.To avoid this, the services usually offer a token similar to that of many banks using mobile applications such as Google Authenticator or SMS messages.

Conclusion: Bitcoin agent In the absence of any external mediating agent, transactions in Bitcoin are made from person to person and the commissions for these transfers are very low. In fact, that there is no mediator also helps you to save on fees for online payments or bank change, to give some examples. Of course, those transfers are irreversible. Once you send money there is no turning back. When there is a transaction, the balance is debited in one account and credited in another.

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