Learn about Bitcoin as a digital asset that is not regulated by any country and/or institution. Bitcoin is a digital asset that can be sent via the internet.
Who is the maker of Bitcoin?
Until now there has been no definitive information on who actually made the Bitcoin. However, the algorithm used on Bitcoin was developed by a joint group under the alias “Satoshi Nakamoto”. This group also released a journal describing the cryptographic algorithm. Then in 2009, for the first time, they introduced the Bitcoin network system and digital assets.
What are the advantages of Bitcoin compared to conventional currencies?
Some of the advantages of Bitcoin can be sent anywhere via the internet without going through banks or shipping agents. Can be used in any country and cannot be frozen. And Bitcoin transactions are carried out without conditions and there are no transfer restrictions.
Besides the advantages of Bitcoin is that we can spend all transactions that occur. For example transactions made by the Wikileaks website. Through the Blockchain website we can transfer from anywhere Wikileaks gets Bitcoin shipments and sender identities such as Bitcoin addresses and the number of transactions sent.
- What are some examples of using Bitcoin?
Bitcoin has been adopted by various groups, the most of which is an e-commerce website. Some like Bitpremier, which sells luxury goods. In Indonesia itself including Bali, several hotels and a joint workspace namely HUBUD have approved Bitcoin as a means of payment.
- How do you get Bitcoin?
There are two ways to get Bitcoin. First, buy Bitcoin directly by exchanging official currencies with Bitcoin. Second, you can get Bitcoin by installing an application called Bitcoin miner, also known as Bitcoin mining (explained below).
- Can you exchange it for cash?
Yes, Bitcoin can be exchanged with official currencies. In Indonesia, there is Indodax, a Bitcoin exchange website that serves the exchange of rupiah.
In addition there are other Bitcoin exchange web sites such as Artabit, Tiker.in, and Tukarcash.com
- Why did the exchange price of Bitcoin become expensive?
Bitcoin exchange rates are very high because the number of Bitcoin is limited to users (requests) Bitcoin is very large, so the price is expensive. Even a year ago it reached USD 1,000 for one Bitcoin.
- What is the amount of Bitcoin issued?
The algorithm used by Bitcoin has been designed to produce 21 million Bitcoins by 2024. Until this month, 13,500,000 Bitcoins have been launched, leaving only 7,500,000 Bitcoin left. You can monitor Bitcoin circulation through the Blockchain website.
- Can that number increase?
Because Bitcoin is the most popular currency. This number can increase by 50 percent plus one Bitcoin user agrees to increase the number of Bitcoin.
- So, why do we need to use Bitcoin?
This is a question with a subjective answer. In our opinion, Bitcoin can make transactions easier and more flexible. For example, if you want to send money from Indonesia abroad, it will pass several hours – and of course taxes – before it reaches the recipient. Whereas using Bitcoin is enough to determine the number and destination of your recipients you can directly send Bitcoin anywhere, and the more pleasant tax (shipping cost) is determined by you as the sender.
In addition, with Bitcoin, sending money is flexible because it can make transfers with a very small nominal. Fundraising by the Wikileaks website can be made an example. There are donors who only contribute 0,0003 BTC or equivalent to 14 cents.
Then, what is Bitcoin mining?
Bitcoin mining is the process of getting Bitcoin. To be able to do Bitcoin mining, a sophisticated computer is needed called the Special Integrated Circuit or ASIC. This computer is used to find new coins by helping to process Bitcoin transactions around the world.
- How do Bitcoin miners work?
How it works mining Bitcoin is quite simple. Volunteers who install Bitcoin mining software or use ASIC computers, will assist in the verification process of Bitcoin transactions. Where verification is a complicated process, but easy to understand the truth. The first volunteer who succeeds this process will be given Bitcoin as a prize.
However, in large numbers, there are many people and organizations that are mining Bitcoin, so that only with the capital of a computer that is normally used, it is useless.