In this post, you will learn what is Bitcoin,it’s features, Price and bitcoin value in 2017/2018.
Bitcoin – the initial virtual banking currency of the internet – has existed for several years now and many people have questions about them.
What is Bitcoin
What is Bitcoin; Before knowing what bitcoin is, you should first know what is cryptocurrency.
Cryptocurrencies are just lines of computer code that hold monetary value. Those lines of code are created by electricity and high-performance computers.
Cryptocurrency is also known as digital currency. Either way, it is a form of digital public money that is created by painstaking mathematical computations and policed by millions of computer users called ‘miners’. Physically, there is nothing to hold.
‘Crypto’ comes from the word cryptography, the security process used to protect transactions that send the lines of code out for purchases. Cryptography also controls the creation of new ‘coins’, the term used to describe specific amounts of code.
Governments have no control over the creation of cryptocurrencies, which is what initially made them so popular. Most cryptocurrencies begin with a market cap in mind, which means that their production will decrease over time thus, ideally, making any particular coin more valuable in the future.
What is Bitcoin: Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
It can be used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally.
However, bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money. Because Bitcoin was the first cryptocurrency to exist, all digital currencies created since then are called Altcoins, or alternative coins. Litecoin, Peercoin, Feathercoin, Ethereum and hundreds of other coins are all Altcoins because they are not Bitcoin.
Features of Bitcoin
No mandatory requirement to submit any personal information. I hate hearing that a wallet “offers more privacy than others” and on the first screen it asks for my name, phone number or my e.mail address. Get wise, guys. Bitcoiners crave privacy and usually want the freedom of choice when it comes to giving away their personal data. This is what I love about online wallets like RushWallet.com and BitAddress.org. There is no information to give at all. In fact they only offer further entropy to the user. Avoid services that want to make it compulsory for you to surrender your personal information. Even a fake email address or false username like “Altoid” can be enough for third parties to create patterns for analysis in the bitcoin network. It’s best to avoid services that require personal info from users.
Automatic generation of a new public key for each transaction + manual one-touch address generation. – This is one of the best features that I have found in any mobile wallet. By always receiving new coins into a new public key you create much more privacy, security and pseudo-anonymity for everyone in the network. This simple feature makes it much more difficult for someone to follow the ownership of coins in the blockchain as no two transactions ever go into the same address. This makes it more difficult for someone to see how much BTC you have in your wallet. You should also be able to create a new address on-demand as well in case you are making lots of public keys and exporting the keys for paper wallets or adding unique keys to YouTube video descriptions or something.
Automatic denial of payment to the same address twice. If someone comes to you requesting payment and you scan their QR code, your wallet should recognize if that address has been used before. If so, you should be notified “Warning: This address has been used before. Sending coins to this address reduces your privacy and of everyone in the network.” or maybe even a pure denial like “As a built-in privacy feature of this app, you cannot deposit into an address that has been used before.” If everyone uses a Heirarchical Deterministic wallet, then this will never be an issue for anyone because HD wallets automatically create a new address for each transaction.
Because each and every transaction is building a financial forensic graph that slowly allows supercomputers to reverse engineer the identities of anyone using the same address more than once. If you transact with others who have also transacted with others using the same address, then you are helping build the forensic data needed to erode bitcoin’s amazing privacy enhancing capabilities.
Zero-Knowledge – This means that the creator of the app doesn’t know what you do with their app and that it is encrypted end-to-end. NO app should require your private keys.
Security is probably one of the most important features of any Bitcoin wallet since you don’t have $250,000 of FDIC insurance backing your bitcoins. That means that security needs to be that much more robust than the banking system. This comes in many forms such as passwords, 2 factor authentication or requiring multiple signatures to send coins.
Optional 2-factor authentication. It’s obviously very stupid to store large amounts of bitcoin online (especially without any sort of 2 factor authentication or multiple signatures) but I don’t like mandatory 2-factor authentication. Maybe I just want to try out a new wallet that I just downloaded and I only want to put like $1 worth of BTC in there just to see how it works. Users shouldn’t be forced to go through all of these security measures just to find out they don’t like the wallet anyway. Look for wallets that give you as much control over security features as possible. (as long as that security feature only affects individual users)
Optional password protection needs to be a feature of every wallet along with the ability to decide when and where a password is required within
Bitcoin Price And Value
Bitcoin price and value in Nigeria naira is 7109079.83
Bitcoin price and value to USD is 19720.06
Bitcoin price and value to cad is 25370.84 Canadian Dollar
Bitcoin price and value to euro is 16776.64
Bitcoin price and value to gbp is 14802.66 British Pound Sterling
This bitcoin price and value are as at December 17th 2017.
READ ALSO Bitcoin price to USD 2017/2018
That’s all i have on what is Bitcoin, features, Price and bitcoin value. Don’t forget to share this post thanks.