Skip to content
View in the app

A better way to browse. Learn more.

Thailand News and Discussion Forum | ASEANNOW

A full-screen app on your home screen with push notifications, badges and more.

To install this app on iOS and iPadOS
  1. Tap the Share icon in Safari
  2. Scroll the menu and tap Add to Home Screen.
  3. Tap Add in the top-right corner.
To install this app on Android
  1. Tap the 3-dot menu (⋮) in the top-right corner of the browser.
  2. Tap Add to Home screen or Install app.
  3. Confirm by tapping Install.

What is Bitcoin? A beginner’s guide to the world’s most popular digital currency

Featured Replies

What is Bitcoin? A beginner’s guide to the world’s most popular digital currency

 

bitcoin-630x336.jpg

 

Bitcoin has been in the news a lot recently.

 

Firstly, because at times this year it has been more valuable than gold but also because it is the currency of choice for cyber criminals the world over.

 

But what is Bitcoin, why do hackers and cyber criminals demand it and why has its value nearly doubled in less than 12 months.

 

Here is everything you need to know:

 

What is Bitcoin?

 

Bitcoin was created back in 2009 and is a virtual currency. The person who created it uses the alias Satoshi Nakamoto but their real identity is unknown.

 

When placing a transaction there is no need to use your real name, there are no transaction fees and there are no middle men and more and more businesses are now starting to accept them.

 

You can create a virtual wallet using websites such as Blockchain or you can purchase Bitcoin through an online exchange or Bitcoin ATM.

 

When you own Bitcoins, you have nothing physical such as notes or coins so they are known as a cryptocurrency.

 

Bitcoins are attractive to certain elements of society who wish their transactions to remain anonymous as well as the lack of government control.

 

For example, the website Silk Road was closed in 2013 following an FBI raid that reveal people were using Bitcoin to purchase drugs.

 

However, an increasing number of legitimate services and retailers are beginning to accept payment in Bitcoin.

 

How does Bitcoin work?

 

Like all currencies, its value is determined by how much people are willing to pay for it.

 

To process Bitcoin transactions, a procedure called ‘mining’ must take place, which involves a computer solving a complex mathematical problem with a 64-digit solution.

 

Every time a problem is solved, one block of Bitcoins is processed and the miner is also rewarded with new Bitcoins.

 

The difficulty of the puzzles alters to compensate for the increased power of computer chips therefore ensuring that new Bitcoins are produced each day. Presently, there are around 15 million in existence but protocol says that there can only ever be 21 million.

 

The smallest unit, a “Satoshi”, is one hundred millionth of a Bitcoin.

 

In order to receive Bitcoin, you must have a Bitcoin address – a string of 24-34 letters and numbers that acts like a virtual mailbox to and from which the Bitcoins are sent.

 

Full story: http://tech.thaivisa.com/what-is-bitcoin-a-beginners-guide-to-the-worlds-most-popular-digital-currency/21810/
 

Create an account or sign in to comment

Recently Browsing 0

  • No registered users viewing this page.

Account

Navigation

Search

Search

Configure browser push notifications

Chrome (Android)
  1. Tap the lock icon next to the address bar.
  2. Tap Permissions → Notifications.
  3. Adjust your preference.
Chrome (Desktop)
  1. Click the padlock icon in the address bar.
  2. Select Site settings.
  3. Find Notifications and adjust your preference.