Bitcoin- How does the Bitcoin work?

Bitcoin

is a cryptocurrency and worldwide payment system.It is the first decentralized digital currency, as the system works without a central bank or single administrator.The network is peer-to-peer and transactions take place between users directly, without an intermediary.These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.

Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Research produced by the University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.

Etymology
The word bitcoin first occurred and was defined in the white paper that was published on 31 October 2008.It is a compound of the words bit and coin. The white paper frequently uses the shorter coin.There is no uniform convention for bitcoin capitalization. Some sources use Bitcoin, capitalized, to refer to the technology and network and bitcoin, lowercase, to refer to the unit of account.

Units
The unit of account of the bitcoin system is a bitcoin. Ticker symbols used to represent bitcoin are BTC and XBT. Its Unicode character is ₿. Small amounts of bitcoin used as alternative units are millibitcoin (mBTC), bit [better source needed] and satoshi (sat). Named in homage to bitcoin's creator, a satoshi is the smallest amount within bitcoin representing 0.00000001 bitcoins, one hundred millionth of a bitcoin.A bit equals 0.000001 bitcoins, one millionth of a bitcoin or 100 satoshis. A millibitcoin equals 0.001 bitcoins, one thousandth of a bitcoin or 100,000 satoshis.

History
On 18August2008, the domain name "bitcoin.org" was registered. In November that year, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash Systemwas posted to a cryptography mailing list.Nakamoto implemented the bitcoin software as open source code and released it in January 2009 on SourceForge. The identity of Nakamoto remains unknown.
In January2009, the bitcoin network came into existence after Satoshi Nakamoto mined the first ever block on the chain, known as the genesis block. Embedded in the coin-base of this block was the following text:

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.

In the early days, Nakamoto is estimated to have mined 1 million bitcoins. In 2010, Nakamoto handed the network alert key and control of the Bitcoin Core code repository over to Gavin Andresen, who later became lead developer at the Bitcoin Foundation.
On 1August2017, a hard fork of bitcoin was created, known as Bitcoin Cash. Bitcoin Cash has a larger block size limit and had an identical blockchain at the time of fork. On 12 November another hard fork, Bitcoin Gold, was created. Bitcoin Gold changes the proof-of-work algorithm used in mining.

(An actual bitcoin transaction including the fee from a web-based cryptocurrency exchange to a hardware wallet.)

How does the Bitcoin work?
A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet.

How do you get a Bitcoin?
First, get yourself a bitcoin wallet. Next, you will need a place to store your new bitcoins. In the bitcoin world, they're called a 'wallet' but it might be best to think of them as a kind of bank account. Depending on the security levels you want, different wallets will provide different levels of security.

Can you make Bitcoins?
When bitcoins are lost or stolen they are completely gone, just like cash. With no central bank backing your bitcoins, there is no possible way to recoup your loses. The second piece of software needed is the mining software itself—the most popular is called GUIMiner.

How do I buy Bitcoins for cash?
On this page, you'll learn how to buy Bitcoin Cash and store it securely in a wallet.
Sign up for Coinbase. The first step is to sign up for a Coinbase account. ...
Connect Your Bank Account, Credit Card or Debit Card. After you sign up, connect your bank account, credit card or debit card.

Buy and Sell Bitcoin Cash.
Buy Bitcoin Cash - Coinbase - Buy/Sell Digital Currency
https://www.coinbase.com/buy-bitcoincash
Search for: How do I buy Bitcoins for cash?

Are Bitcoins legal?

It is legal to use bitcoin in the United States, and payments are subject to the same taxes and reporting requirements as any other currency. There is no physical bitcoin currency the way there is a dollar, euro or pound.

How much is worth a Bitcoin?
If you purchased $1,000 worth of bitcoin back then at a price of $600 per, you'd have a little over 1.6 bitcoins. If you purchased $1,000 worth of bitcoin at a price of $1,000 per, you'd have one bitcoin. As of Thursday, bitcoin's value was just above $16,500, according to Coin-desk.(Dec 14, 2017)

2018/03/20. Bitcoin Price Today.
Bitcoin price equal to 8546 dollars a coin. Today's range: $8340 - $8688. The previous day close: $8623. The change was -77, -0.89%. Inverse rate: USD to BTC.

DOWN
8546
-0.89%

Thanks so mush steemian read my post .I hope you enjoy with informative data and in next part I will cover below Topics:
How long does it take to make a Bitcoin?
How do you buy Bitcoins with cash?
How do you withdraw money from Bitcoin?
How do you sell Bitcoins for cash?
How do you get bitcoins for free?
and so on more interested topics which all are suggested by you..so please comment here and up votes me help me to helped i more the people those are seeking information About bitcoin.
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