Learn the Truth About Bitcoin: Myths and Facts

Learn The Truth About Bitcoin: Myths And Facts. Article by StealthEX

Although Bitcoin has been around for over 10 years, there are still plenty of questions about this most popular cryptocurrency and its future. Who invented Bitcoin? Where and how can you get it? Is Bitcoin a good investment? Answers to these and other questions can be found in the new StealthEX article. So let’s start!

Learn The Truth About Bitcoin: Myths And Facts. Article by StealthEX

What Is Bitcoin and How Does Bitcoin Work?

The word “Bitcoin” refers to both the payment system, and the unit of accounting for transactions in this system, and the data transfer protocol. It is a digital unit of measurement of information that is used like money.

Who Created Bitcoin?

The birth of Bitcoin took place on October 31, 2008, when the article “Bitcoin: A Peer-to-Peer Electronic Cash System” appeared on the Internet, where Bitcoin was described as a decentralized system of electronic money, the author of the article was a certain Satoshi Nakamoto. This is not the name of a real person, but a pseudonym. For so many years, the identity of the creator has not been revealed.

After the article was published in 2008, a year later in 2009, the same mysterious Satoshi Nakamoto launched the Bitcoin network on the Internet.

How Does Bitcoin Work?

Bitcoin works without the participation of any regulatory body or central bank, the issue of coins and transaction processing is carried out collectively by the participants in the network. Thus, no one can control Bitcoin, block or reverse the transaction. However, anyone can join the network.

How to Use Bitcoin? 

Bitcoin is a relatively young phenomenon, however, there are a lot of opportunities for its use as a means of payment when buying real goods or services today.

These are also inexpensive transfers of funds between users, while it absolutely does not matter how far the sender and the recipient are from each other. 

Bitcoins can be used to pay in some catering establishments, hotels, buy air tickets, digital content, website hosting and domains, pay for training courses, software, legal services, shop online, and use taxi services. 

There are special services that allow you to replenish your phone account using Bitcoin. There is a growing number of online casinos offering cryptocurrency deposits.

You can also find examples when digital currency was used for expensive purchases: houses, cars and yachts.

Finally, many enthusiasts view Bitcoin as a long-term investment as well as an attractive trading asset.

How Does Bitcoin Mining Work?

The miner’s task is to generate a hash (essentially a number) that satisfies the generally accepted conditions. This is done by brute force, which consumes the entire resource of processors that produce cryptocurrency.

The mining process is regulated by a parameter like difficulty. For a created block to be considered created, it must have a unique hash that is less than the maximum possible value minus the complexity.

How Many Bitcoins Are There?

The number of Bitcoins is limited to 21 million. When the total amount of Bitcoins reaches this value, any further emission will cease to prevent inflation.

What Happens When All Bitcoins Are Mined?

If the Bitcoin protocol for some reason does not undergo changes (the average time for creating a new block is about 10 minutes), the last new Bitcoin will be mined only in May 2140, that is, in more than 120 years.

Technically, the value of 21 million BTC cannot be reached. The fact is that on May 17, 2011, the miner under the nickname “midnightmagic” received 49.99999999 BTC instead of 50 BTC. The reasons for what happened are still unknown, but the fact is that up to 21 million Bitcoins will always lack one satoshi.

Even after reaching the mark of 21 million BTC (minus one satoshi), Bitcoin will not stop functioning. It is assumed that by then the size of transaction fees will be sufficient to motivate miners to maintain the network.

How Many Bitcoins Are Left?

Currently, there are almost 18,791,618.75 BTC coins. And there are 2,208,381.3 Bitcoins left to be mined.

How to Get Free Bitcoins?

One of the ways to get free Bitcoins is the Airdrop – a one-time distribution of coins to community members of a project who perform certain actions and comply with certain project criteria. Coins can be received by those who repost about the project on their social networks or are the holder of a certain cryptocurrency.

Airdrop is in many ways similar to ICO bounty campaigns. However, the latter are aimed at promoting fundraising events, and the airdrop implies advertising a certain coin as part of a new project.

Is Bitcoin a Good Investment?

Despite the current correction of the crypto market, Bitcoin remains attractive for investors. While digital currencies have been criticized, they have significant advantages over securities and other types of investment: transaction anonymity, security against tampering and tampering, limited quantities, independence from government regulation, and high capitalization. These advantages are incomparable with traditional types of assets, so many experts recommend investing in cryptocurrency.

For a successful investment, it is important to track trends, pay attention to the purpose of the coins, the development team, and correctly assess the risks. With the right approach, in the long term, investing in cryptocurrency can bring enormous profits and increase capital. At the same time, it is not at all necessary to invest in Bitcoin: new types of altcoins are constantly appearing.

How to Use a Bitcoin ATM?

Bitcoin ATM is a specialized payment terminal. 

How to Buy Bitcoin from ATM?

Depending on the developer and the software installed on the cryptomat, the procedure may differ slightly, but the general scheme remains the same:

  1. The client chooses the currency he would like to purchase.
  2. A crypto ATM scans a QR code with the address to which the purchased cryptocurrency will be transferred.
  3. The client deposits cash through the bill acceptor and sees the current conversion rate, the amount in cryptocurrency that will be transferred to his address, as well as the fees of the system and the cryptocurrency network.
  4. After the client confirms the operation, the system finds the best open counter order on the exchange to which the crypto ATM network is connected, and redeems it, fixes the price and sends the cryptocurrency to the client’s address.

How to Send Money Through Bitcoin ATM?

The sale of cryptocurrency takes place in two stages. At the first stage, the client indicates the amount of the transaction, if necessary, goes through the verification procedure. After that, the system displays, both on the screen and in the form of a check, a QR code with the address for transfer and the exact amount. The user also receives a receipt with a QR code for receiving funds. At this stage, the client needs to transfer the exact amount to the received address within a certain short time.

After the transaction receives the number of confirmations required by the cryptocurrency ATM rules (usually two confirmations), the client can proceed to the second stage – go to the cryptomat, scan the receipt code and withdraw his cash, as in a regular ATM.

Where to Buy Bitcoin?

Bitcoin can be purchased on many platforms, but the best option is StealthEX, a custody-free crypto exchange It provides the opportunity to convert over 350 cryptocurrency assets limitlessly, without having to register, and with no extra or hidden fees.

How to Buy Bitcoins With Cash?

StealthEX is the best platform for anyone who wants to know how to buy Bitcoins online. All transactions are made with a credit card, and the most popular currencies are accepted (EUR, USD, RUB, GBR). The process is private and anyone can buy this digital asset instantly without knowing how to mine Bitcoins or worrying about their anonymity and the security of digital assets.

To start this process, just go to StealthEX and follow these easy steps:

  1. Switch from Swap Crypto to the Buy Crypto section
  2. Choose the pair and the amount for your exchange. For example, EUR to BTC.
  3. Press the “Start exchange” button.
  4. Provide the recipient address to which the coins will be transferred.
  5. Move your cryptocurrency for the exchange.
  6. If you purchase crypto for the first time, you have to verify your identity.
  7. Receive your coins!

You are more than welcome to visit StealthEX exchange and see how fast and convenient it is.

Follow us on MediumTwitterTelegramYouTube, and Reddit to get StealthEX updates and the latest news about the crypto world. For all requests message us via support@stealthex.io

The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Tags: Bitcoin Bitcoin BTC Bitcoin mining BTC what is Bitcoin
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