A student's review of Bitcoin from 2017

  A review of Bitcoin.

December 15, 2017

      What is Bitcoin? Bitcoin is simply a digital payment system made as an international currency. Bitcoin was assumed to be invented by Satoshi Nakamoto in 2009. People don't know where bitcoin was invented and who invented it. However, the reasons for the invention of bitcoin are transparent and easily explainable. Bitcoin is a form of Cryptocurrency and Cryptography. The Hashing Algorithm is the essential Algorithm for mining the Bitcoin Process; Bitcoin is digital money. No one can know its value except you, the federal government, and the banks. Mining is a record that Bitcoin users keep using the hashing algorithm. When bitcoin was released, it cost nothing. Since more people got interested in cryptography, the price of bitcoin started increasing rapidly. On December 15, 2017, a bitcoin cost 18,000 dollars.

   How to get a bitcoin and start mining? The process might seem complicated, but it isn't. First, you convert your money to Bitcoin through a bank account by trading with someone. Now that you have a bitcoin, you may keep it until its price rises later, like for a year or more, depending on its price. You may spend it online on shopping or anything like video games. You may transfer it to anyone in the world through your computer. Sending a bitcoin is helpful because you won't pay fees, and there is no need to change the currency since it's an international currency. According to the USCF sections, "Open an account with Coinbase. Coinbase is the most widely used Exchange For Bitcoin". Bitcoin is now being managed by The Bitcoin Foundation since the original creators of Bitcoin are no longer identifying themselves and are currently unknown. The Bitcoin Foundation is just making it safer by making Coinbase. However, they have no control over your privacy.

   What is the Hashing Algorithm? The Hashing algorithm is associated with bitcoin mining. A hash function maps data of arbitrary size to data of fixed size. Hashing Algorithm is known as the SHA (Secure Hash Algorithm). There are five types of Hashing Algorithm. The MD5, SHA-1, SHA-256, SHA-384, and SHA-512. You start with a seeded value; you turn it into a Hash Function, it becomes a hash code. What are Cryptocurrency and Cryptography? They are the main reasons behind Bitcoin's invention. According to the coin market cap, Bitcoin's Market Cap is $241,446,684,960, and the current bitcoin price as of January 13, 2018, is $14,370.80. This information is essential. Cryptocurrencies' values and uses are rapidly increasing. It is said that 25 million bitcoins are to be created at maximum, no more than that.

   For these reasons, Bitcoin is becoming essential in our daily lives and history. It's encouraged that you mine Bitcoins. Bitcoins are safe and super easy to use once you attempt to use them. An attempt to simultaneously send the same amount of Bitcoin to more than one person to hack the system will not work. The creator of Bitcoin made it safe and unhackable. So, Bitcoin is strictly private. It's up to the owner of Bitcoin to share their bitcoin information with anyone.