Bitcoin (BTC) is the first decentralized cryptocurrency. The system allows sending or receiving Bitcoins to an individual via peer-to-peer payment system worldwide as long as the Bitcoins user has an internet connection. More and more physical and online stores accept Bitcoins as a payment method, so, it is not only a money transfer method anymore, but also an official payment method. The most important feature of Bitcoin — it is decentralized. It means, it is not controlled by anyone (central bank, government etc.). Shortly, Bitcoin (BTC) is an open-source international currency.
History & Creator
Technical whitepaper to Bitcoin was written by Satoshi Nakamoto in 2008.The first Bitcoin (BTC) was generated the following year. It is still unclear who stands behind “Nakamoto”, is it one person or group of people.
What is Blockchain and how does it work?
Bitcoin (BTC) is generated, or “mined”, by individuals with high level computers, which help to solve encrypted math equations over a distributed internet database named - blockchain. When a BTC transaction takes place, that data is strongly encrypted and sent across the network for these high-end mining computers to confirm. This process is called „cryptography” and keeps the backbone of security for BTC. Bitcoin miner is keeping up-to-date records of the blockchain (at the moment 157GB) and receives reward with small amount of BTC for that.
What is Bitcoin wallet and how does it work?
There are different types of Bitcoin wallets. Possibly, at the moment, there are two main types of them . The first — ‘digital wallets’ that is an online address, which store the keys for Bitcoins / cryptocurrency. And the second — USB based hardware wallet, which allows storing keys offline which automatically guaranties a higher security level.
At the moment, there are almost 17 million Bitcoins. Satoshi Nakamoto designed BTC to max out at 21 million in 2140. After 2140, no BTC will be mined or generated. The cap was implemented with the aim to prevent currency inflation.
What is Altcoin and how does it work?
Altcoins are alternative digital currencies to Bitcoins which appeared later. The same, like Bitcoins, most of these currencies are designed around decentralized blockchain technologies. At the moment, there are over 1.800 altcoins, cryptocurrencies by results of https://coinmarketcap.com/ Many of them try to offer unique use-cases. For example, Ethereum has its own unique blockchain that allows “smart contracts”.
Bitcoin Future & Forecast
The question about ‘Bitcoin future’ opens a wide window for speculations. There are countries, like Japan, which give “green light” for Bitcoins and try to integrate, regulate Bitcoins as an official payment method. And there are also countries which give “red light” for Bitcoins, for example, China and Russia. At the same time, there are a lot of countries which are at beholder position as well. Hard to say what will happen with Bitcoin in the future, but these moment numbers of Bitcoin market cap (by the data from: https://coinmarketcap.com/currencies/bitcoin/ ) are still impressive.
How to buy Bitcoin in Cameroon?
At VIRTACASH.com (online e-currency exchanger) you will be able to buy, sell or exchange Bitcoin to all popular e-currencies & digital currencies, for example, Perfect Money, AdvCash, Payeer, Perfect Money Vouchers EUR/USD, Bank Transfer, Webmoney, MTN Mobile Money, ORANGE Money, EU Mobile, YUP and many more coming…
How does it work?
Just select Bitcoin on the left side/window and the desired currency on the right side/window or reverse way and fill the requested additional information. It is fast, simple and secure.