Bitcoin Master Guide

Bitcoin Master Guide

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Bitcoin is the revolutionary digital currency that slowly, but surely changes the financial landscape of the world. As new people join this global community, they are often met with information that’s either invalid or misinformative in nature.

This is the main reason for the creation of this Guide, which hopes to establish itself as an authoritative open-sourced content product that will satisfy the informational needs of people interested in Bitcoin, all across the globe.

Here you can find all the information that you need about Bitcoin, Blockchain, Mining and Crypto Trading. These are the main building blocks of the peer-to-peer financial system known as Bitcoin, and they work together to provide both efficacy and security for digital transactions.

As an additional benefit, this guide and the content is structured and organized in an easy to understand way. The guide is considered to be a community influenced product, and this means that your voice is valuable to us. For this reason, we’ve created a community survey, through which we gather valuable feedback to ensure the high quality of the information that is contained here.

We at www.crypto-news.net welcome you to the Bitcoin Master Guide.

Bitcoin

The digital currency that rivals cash! Learn the Bitcoin basics, such as who is the alleged creator of this currency, or how Bitcoin is produced here. We’ve also a summary of important historical moments, like the first Bitcoin pizza purchase and how they have shaped Bitcoin and it’s community to the present state.

You can learn more about wallets and how to properly store your Bitcoin, to safeguard them against hacking attacks.

Bitcoin has generated a huge online following and a really active community. Learn more about how Bitcoin holders communicate with each other and where you need to go if you want to join the community.

We’ve also a summary of important historical moments, like the first Bitcoin pizza purchase and how they have shaped Bitcoin and it’s community to the present state.

Blockchain

The distributed ledger that is the Blockchain is an important tool in securing the financial history of Bitcoin. It records every Bitcoin ever released, as well as all of the transactions that have been made since Bitcoin started. This successfully solves the double spending problem that previous attempts for a digital currency have encountered.

Malicious attacks on the network are possible, also orphaned blocks might appear. In order to protect your long-term interest when making Bitcoin transactions, it’s important to wait for at least six network confirmations before deciding that the transaction is safe from an attack. You can consider waiting for additional confirmations in the case of a high-value transaction. As a rule of thumb, the security of any individual transaction is closely related to its age, with older transactions being far more resistant to change when compared to new transactions.

Additionally, learn more about the positive and negative implications of Blockchain technology and discover the future potential of this technology independent of Bitcoin.

Mining

The process of mining is essentially a cryptographic process that is energy-intensive. It is one of the most important features about Bitcoin that enables its operation. Miners receive a Bitcoin reward for completing a block, and they are competing to be the first ones to provide valid “proof of work” hashes to the network.

According to the rules of the network, Bitcoin mining takes place over 2016 block, which should be finished in exactly two weeks. The network compares the completion of this set of blocks against the target and modifies the network difficulty for the next ones. Essentially this means that mining blocks becomes either easier or harder as soon as 2016 blocks have passed.

Miners provide timestamps and they number the blocks consistently, so the network can easily keep track of the completed work and it changes the difficulty of mining accordingly.

You can learn more about this process here.

Trading

Just like everything else, Bitcoin and other crypto-currencies are being actively traded on special markets. On these online exchanges, Bitcoin can be traded as an asset. Learn everything you need to know about trading and bitcoin trading specifically.

Here at www.crypto-news.net, we actively follow the markets and the news surrounding Bitcoin and other important crypto-currencies.

Community Survey

This guide is created with a community-first mindset and this means that your feedback is playing a major role in the development of this guide. Since you’re reading this, it means we’ve already started gathering feedback from the community.

In order to give feedback on any part of this guide, you can either comment on specific posts or take part in this community survey. The results of the survey will be used exclusively towards the development of this information product.

We are proud to have developed this informational resource and we hope that it will provide many individuals with the information that they seek in order to understand Bitcoin and related technologies.

Community Contributions

Franky1 – Provided clarification on specific elements in the guide.

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We hope you enjoy this guide and share it with your friends that want to learn more about Bitcoin. Our goal is for this guide to fully equip any person with sufficient information to understand Bitcoin and related technologies.