What is Bitcoin

Bitcoin is a cryptocurrency that is referred to as digital currency or virtual currency. The purpose of offering Bitcoin is to set up a payment system on the Internet without the need for intermediaries. Bitcoin was introduced in 2008 as a solution to traditional financial systems

How is Bitcoin mined

In order to maintain security in the network, a series of users, by checking the transactions and confirming them using their computer devices, added new transaction information in the network blocks and in exchange for the “work” they have done in the network, The network rewards them. These rewards are in the form of Bitcoin cryptocurrency, and this process has caused the entry of new Bitcoins into the market, which is called mining.

What is the supply of Bitcoin

One of the main features of Bitcoin is its limited supply, which makes it an anti-inflationary asset. In total, there are 21 million bitcoins in the network, which can never be changed. There are currently around 18.5 million bitcoins in circulation.

How does Bitcoin work

Bitcoin cryptocurrency is based on a new technology called blockchain. Blockchain is a decentralized database whose information cannot be changed in any way. Users who confirm and register transactions in the network are called nodes or nodes and put transaction information in network blocks. Since the control of information registration is done through nodes all over the world, it can be said that the Bitcoin blockchain is completely decentralized.

Who controls Bitcoin

All users who act as nodes in the network and record transactions with electricity and energy consumption, support the network in terms of security and control the network. Therefore, it can be said that Bitcoin does not have a boss and it is the users who control the transactions.

Is Bitcoin safe

Since the control of the Bitcoin network is done by users all over the world, no organization can control this network or destroy it. So Bitcoin is safe and no one can shut it down or destroy it.

Is bitcoin legal

In many countries, it is legal to buy, sell and trade Bitcoin. In Iran, buying and selling and using Bitcoin is not considered a crime, and mining this currency is also legal if a permit is obtained.

Or is Bitcoin a bubble

Bitcoin is a technology, and many compare this financial technology to the Internet in the 90s. This means that a technology that provides a solution and eventually becomes a part of everyday life is not considered a bubble