Bitcoin – Research

Many of you have no doubt, already heard of bitcoin. I find that a lot of people have difficulty in understanding it though, so I am putting together this article based on some internet research to pull it together in a sort of point form presentation. As with previous articles, some redundancy is to be expected as that helps to show where online sources seem to agree on something.


Bitcoin is a secure digital currency that is free to use for instant payments anywhere in the world. —

Bitcoin is a secure and anonymous digital currency. —

Bitcoin is a convenient way to donate money anonymously. —

Most basically, a Bitcoin is a value store unit of the Bitcoin electronic payment network. —

Anyone can clone Bitcoin and start a new one, and most clones will come to nothing. —

Payment options such as PayPal, Google Wallet and Bitcoin will become mainstream, allowing consumers to use digital currencies to pay for items. —

Digital currency, particularly Bitcoin, is emerging at quite a rapid pace within the online retail space. —

All bitcoin transactions are recorded in a general list of transactions known as the block chain. —

The block chain is a public record of Bitcoin transactions in chronological order. —

The Proof of Work scheme used by bitcoin is SHA256, a cryptographic hashing function. —

The value of Bitcoin is entirely made up by the consensus of Bitcoin traders. —

Neither gold nor Bitcoin are backed by anything and neither need to be backed by anything to be useful. —

Bitcoin is backed by a something similar than the backing of gold. —

Bitcoin is already used by many Forex companies. —

Speculative trading has plagued bitcoin exchanges since late 2013. —

Bitcoin is controlled by all Bitcoin users around the world. —

One key problem with bitcoin theft is that bitcoin transactions are not designed to be reversed. —

A bitcoin is not a hash, an address is a hash. —

There Is Money In Bitcoin Mining The fact that Bitcoin mining is not individually profitable is an important point. —

The mining actually has to do with the distributed processing of Bitcoin transactions. —

A bitcoin is a bitcoin, and there are no standard measurements to worry about. —

There is a growing number of businesses and individuals using Bitcoin. —


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