What countries are already represented in the Bitcoin network?

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Find answers to recurring questions and myths about Bitcoin.

Table of contents

General

What is Bitcoin?

Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

Bitcoin is the first implementation of a concept called "cryptocurrency", which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010...

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You may have heard the term Bitcoin recently, maybe while surfing the Internet, from a friend or read about Bitcoins somewhere in the newspapers. So what is Bitcoin and how do they work? Who is a Bitcoin miner or what is Bitcoin mining? How is the Bitcoin investment market? This post tries to touch upon these questions in brief.

What Is Bitcoin

For those who do not know about Bitcoin, it is an electronic currency – not related or dependent on the currency of any country. Bitcoin (BTC) is a digital currency first described in a 2008 paper by pseudonymous developer Satoshi Nakamoto, who called it an anonymous, peer-to-peer, electronic payments system. It uses the Blockchain Technology.

What makes this Cryptocurrency more volatile is that unlike printed coins and bills, there is no physical entity to back it. For example, in many countries, bills are printed only up to a certain ratio of total exchangeable gold (or any other precious) metal available in...

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Imagine a country where everything new in the digital world is not only tested but implemented. Bitcoin.com is proud to present a list of the ten most Bitcoin-friendly countries in the world, where the technology is being tested and used at an increasingly rapid pace.

Also read: IBM is Experimenting with Open Blockchain & Shadowchains

World’s Top 10 Bitcoin-Friendly Countries

The countries are listed in no particular order since each nation has its own idiosyncrasies, differences in population, internet connectivity, etc. However, all of the countries listed have demonstrated their willingness, whether on behalf of the population, the government or both, to embrace Bitcoin’s innovative technology.

Check out Bitcoin.com’s video listing the world’s top Bitcoin-friendly countries below.

Estonia

The small Baltic nation of Estonia not only has a history of jumping on the latest technological innovation, but its tech-friendly government seems...

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Many netizens have heard of bitcoin, the digital currency. This means it exists electronically. To be more precise, bitcoin is a type of cryptocurrency – the implication of security and encryption is important.

In this post, we attempt to identify 10 questions about Bitcoins that can give you a clearer understanding of what it is, what it does and how you can use it to buy products or services online.

1. What are bitcoins?

Bitcoin (capitalised) refers to the software or network (ie: the Bitcoin Network), while bitcoin (not capitalised) refers to the digital currency itself (ie: two bitcoins).

The price fluctuates, depending on what people were willing to pay for it. It traded for as low as pennies (during the infancy stage) to as high as USD1200 during its peak in 2013.

2. Who developed the idea of bitcoins?

The idea of Bitcoin was conceptualised by Satoshi Nakamoto, an anonymous figure. In May 2008, he shared a white paper [PDF] about...

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If you have sent a bitcoin payment in the last couple of weeks, you may have noticed that your transactions are taking much longer than expected to confirm.

We have received your emails.

Since, like the Bitcoin network, we are currently working through a backlog, we want to thank you for your patience. With the high volume of questions we're getting about delayed payments, we decided it would be best to write a short explanation about what's happening with many bitcoin transactions right now.

Transactions on the Bitcoin network itself aren't controlled or confirmed by BitPay, but by the bitcoin miners which group transactions into "blocks" and add those blocks to the Bitcoin "blockchain" – the shared historical record of all transactions. When a transaction has been added to a block six blocks ago, it's considered a done deal.

Currently, bitcoin network traffic is unusually high due to increasing demand for transactions per block. Block sizes are...

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A cryptocurrency called bitcoin increasingly becomes a hot topic of conversation around the globe, on television or the Internet, and yet the very essence of this phenomenon is still far from being accepted common knowledge. So what actually is bitcoin, and what makes it a point of keen interest of several countries?

Bitcoin: An Introduction

To get a grasp of what bitcoin is all about let’s get a handle of its basics first – what is, exactly, this thing called cryptocurrency? To put it simply, what we call cryptocurrency is electronic payment means which do not involve neither physical objects of recognized monetary value nor virtual equivalents of the money gathered on accounts of actual banks. It is virtual money you can not touch or see that is distributed and operated on virtually, through the Internet.

Сharacteristics of Cryptocurrency

Cryptocurrency is decentralized; there is no single center to collect or process data on its operations,...

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At 1.32 billion, India's population may have already taken over China's - making it the most populous country in the world. According to a study by PricewaterhouseCoopers', at least a whopping 233 million Indians still don't have bank accounts.

Although due to demonetization (a government's move that got rid of 86% currency notes in circulation) and under Prime Minister's Jan-dhan Yojna (an initiative to open bank accounts for every Indian household), a lot of people have managed to get their bank accounts, but that number is far from 200 million mark.

Ironically, India has one of the largest remittance markets in the world with a total value of close to $70 billion. On every transaction, an average user pays up to 15% in bank charges and conversion fees.

Bitcoin provides a solution to India's underlying problems. The digital currency can be used to move money inexpensively across borders within a matter of minutes without ever having a bank...

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Ask YOUR question!

Check out Bitcoin StackExchange!

See if your questions are among the 8,000+ queries already answered.

If not, don't be afraid to ask!

Find answers to recurring questions and myths about Bitcoin.

Table of contents

General

What is Bitcoin?

Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

Bitcoin is the first implementation of a concept called crypto-currency", which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a...

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In recent months, bitcoin has skyrocketed in usage and popular attention. With all this increased exposure and rapidly growing business activity, the public sector was bound to get involved sooner or later.

Governments everywhere are increasingly taking steps to regulate bitcoin and other cryptocurrencies, but these responses have been anything but uniform. And, while some countries are taking a ‘hands-off’ approach, these are the exceptions to the general trend.

Canada and New York are both poised to enact new regulatory measures, Russia has been the first developed country to ban bitcoin outright, and China came pretty close to doing so back in December. While countries may be far apart in the way they tackle the issues raised by bitcoin, their fears are the same.

When Russian authorities announced that bitcoin was illegal, they outlined “laundering of money obtained through crime, as well as financing terrorism” as chief concerns, and that sentiment is...

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Bitcoin has struggled to live up to the hype that surrounded its emergence into the mainstream three years ago. Despite more than a billion dollars of venture capital funding, Bitcoin startups have failed to develop applications that appeal to mainstream customers. And over the past year, the Bitcoin community has become paralyzed by a bitter feud over how — and whether — to expand the network's capacity.

The result: For the first time since its creation, Bitcoin is in danger of losing its status as the world's leading cryptocurrency. The new challenger is a Bitcoin-like technology called Ethereum that has seen a surge of interest from users, developers, and the corporate world. The network's currency, called ether, is now worth more than $1 billion — that compares to Bitcoin's total market value of nearly $7 billion. Last week, a leading Bitcoin startup called Coinbase announced it was adding support for Ethereum to its popular currency trading platform.

The growing...

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Address

Addresses (Cryptocurrency addresses) are used to receive and send transactions on the network. An address is a string of alphanumeric characters, but can also be represented as a scannable QR code.

Agreement Ledger

An agreement ledger is distributed ledger used by two or more parties to negotiate and reach agreement.

Attestation Ledger

A distributed ledger providing a durable record of agreements, commitments or statements, providing evidence (attestation) that these agreements, commitments or statements were made.

ASIC

ASIC is an acronym for "Application Specific Integrated Circuit". ASICs are silicon chips specifically designed to do a single task. In the case of bitcoin, they are designed to process SHA-256 hashing problems to mine new bitcoins.

Bitcoin (uppercase)

The well known cryptocurrency, based on the proof-of-work blockchain.

bitcoin (lowercase)

The...

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My Honest Review of Onecoin from someone who invested in it.

Bitcoin revolutionized the way digital warriors and businesses conducted transactions in the cyber

world. Just several years after Bitcoin took the net world by storm, OneCoin promises yet another

solution to netizens hungry for economic opportunities. I invested $150 in Onecoin back in July of

2015 when the price was very low. Since then the price of Onecoin has increased exponentially so

I'm very happy with my decision. However, I still have some concerns about Onecoin, particularly if

the KFC regulations will be approved in USA or not. Onecoin is still in the process of validating

these regulations in USA. What is also concerning is the news reports and a series

of OneCoin review articles going against the company. Is the platform really a Bitcoin

alternative or simply a Ponzi scheme waiting to pounce on unsuspecting and gullible netizens?

About...

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new 3.5 in-depth course:

Introduction to Bitcoin, Blockchain and Decentralized projects (Ethereum)

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The goal of this video is to explain how Bitcoin works under the hood, to give a clearer idea of what it really means to own, send or “mine” Bitcoins.

New: Turkish translation by bitkoyun.com now available.

If, instead of how it works, you're looking for where to buy Bitcoin, I use coinbase. And for trading, check out bitcoin wealth alliance (both affiliate links).

What is Bitcoin at a high level?


First, a brief high-level overview of what Bitcoin is.




At its core, Bitcoin is just a digital file that lists accounts and money like a ledger. A copy of this file is maintained on every computer in the Bitcoin network. (update: you don't have to maintain a ledger just to use Bitcoin to send and receive money, this is for people who want to help maintain the system).



These numbers...
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