Digital currencies are one of the most prevalent topics in our time, and Bitcoin is the most famous in our world, and one of the frequently searched answers is what is Bitcoin? How do you collect it? Today, we will be keen to present many different concepts related to that currency.
What is Bitcoin?
Bitcoinis also considered a way to save money without revealing the identity of its owner or asking him about the source of his income, which has resulted in some countries in the world recognizing this currency.
It is noteworthy that the first time the Bitcoin currency appeared was in 2009, thus being an electronic cash method based on deals between the buyer and the seller directly without an intermediary between them.
How to accumulate bitcoin?
To be able to own and accumulate bitcoins, you must first have your wallet, and then you can collect the digital currency in more than one way, and among those methods are:
· Buy Bitcoin from companies that provide cryptocurrency services.
· You can also buy bitcoin through someone who wants to sell their coins.
· One of the well-known ways to get bitcoin is mining, but the value of that profitable process has decreased as a result of the large number of people doing it.
Create a Bitcoin Wallet
As we mentioned, the first step is to create a wallet for Bitcoin so that you can store your digital currencies, which is the presence of private keys or codes that are used, and the first step before buying Bitcoin is to create a wallet to store the digital currency, which is keys or a special code used to obtain
On the Bitcoin address and therefore you can use it in many other transactions, and without the presence of this code, you will not be able to deal with digital currencies. As for the types of wallets, we find that they vary between:
A computer wallet that enables you to fully control your money, and one of its most prominent features. In addition to a phone wallet that enables you to pay the values of different products through the use of a QR code.
As well as the Internet wallet, through which you can keep the keys and tokens that we mentioned on one of the Internet servers, but the biggest drawback of this wallet is that it is easy to be hacked, and the operator of that service can acquire your digital currencies. And finally, a mobile wallet that is designed to enter tokens for cryptocurrency.
One of the most common terms in the world of Bitcoin is “Bitcoin mining”, and this process is named so because it is similar to mining for different minerals.
Bitcoin mining is one of the most difficult and complex operations, which has a lot of different requirements to do, such as high electricity consumption and huge computers with great capabilities that can work continuously for days.
To clarify the concept of Bitcoin mining, we find that it is about solving difficult and complex equations in the world of sports through computers, and then the miners get rewards in bitcoins, as for the level of difficulty of these equations varies according to the speed of their solution.
To save a lot of time and effort, “mining pools” were created in which a group of people cooperated to reach the best results, and in the end, the participants got the same amount of bitcoin.