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What is Bitcoin? And more you can find at bitcoin school from iCE3X.co.za

Bitcoin is the most well-known cryptocurrency on the market. It is a decentralized form of digital cash. Bitcoin users can transfer without the need for middlemen like a bank. Think of it like the South African Rand or Great British Pound but it is a currency with no association with any one country.

What is this I hear about Blockchain?

Bitcoin uses a relatively new technology which we call the blockchain. The blockchain uses mathematics and complex computer encryption to confirm and record all the transactions of bitcoin. This makes sure that no one can hack or change in error because of how they check these transactions.  

Who created bitcoin?

Created by Satoshi Nakamoto is the author of the original white paper concerning the protocol for Bitcoin. We do not know much about Nakamoto, or whether this is even his real name. Across the years, we have wanted to confirm the theories about who Nakamoto is or if it is a group of people even. The process and the system are all out in the public to see though. So we don’t need to know who Satoshi is, we just need the technology he has let out into the world.

More find at our Bitcoin School section

Why should I be using bitcoin?

The use of the blockchain is a big reason to use bitcoin, but why?

It is decentralized which means that instead of one place, like a bank, controlling all the records, the blockchain spreads the data across a supermassive network.

Now, everyone has a full copy of the records and can confirm each other to make sure they are correct. This is so much more secure than before; no one at the bank or no scammer can hack into the bank and change the records as everyone in the network will confirm its authenticity.

This has no attachment to a centralized form of government or a system like a bank, so you can enjoy some more freedoms like anonymity. The transfers are fast and will process across a global network with no international fees. This is truly the vision of money in the future.

More you can read in our Bitcoin School section.

Where can I get started?

The iceCUBED exchange lets you easily trade your Rand to bitcoin or a whole range of other cryptocurrencies.

So, bitcoin has a lot going for it, in theory. But how does it work, in practice? Read more to find out how to mine bitcoin, what happens when a bitcoin transaction occurs, and how the network keeps track of everything. We have a whole lot more resources to help you discover the world of cryptocurrency and bitcoin.

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Disclaimer Notice:

This article is intended to educate and should in no way be seen as investment advice or an enticement to use the ice3x.com platform. Bitcoin is highly volatile with big profit opportunities but you should also remember that you could lose part or all of your investment whenever you take part in any high risk investment. Bitcoin trading is not a regulated industry in South Africa, which in itself carries additional risks. IF YOU ARE NOT AN ASTUTE BITCOIN TRADER, SEEK INDEPENDENT FINANCIAL ADVICE BEFORE MAKING ANY INVESTMENTS.

 

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