Friday, June 10, 2016

What is a Satoshi?

Bitcoin's smallest fraction of it is called a "satoshi" amounting to 0.00000001 BTC or a hundredth of a millionth Bitcoin. 

Bitcoin's future protocol may be updated to allow for more subdivisions if ever needed.

Origin of Bitcoin

Bitcoin was invented by the anonymous 'til this day "Satoshi Nakamoto", who made public their invention on October 31, 2008 in a paper entitled "Bitcoin: A Peer-to-Peer Electronic Cash system". 

It was made as open source code and was released back in January of 2009.

Making Money on Bitcoin Faucets

Bitcoin faucets are sites with advertisements all over that reward users for browsing them. The amount is usually given out in satoshis worth of Bitcoin (around a hundredth cent of USD).

Different Bitcoin faucets have their own gimmicks and rate of pay but fundamentally are the same whereas the user has to view advertisements partnered with the site.

Bitcoin Mining, What is it?

Bitcoin mining is the procedure of adding exchange records to Bitcoin's open record of past exchanges or blockchain. The blockchain serves to affirm exchanges to whatever is left of the system as having occurred. This record or ledger of past exchanges is known as the blockchain for blocks are being chained together.

What exactly is Bitcoin?

Bitcoin is one of many cryptocurrencies but notably the first to gain massive fame, it is made and stored electronically. No single entity is in direct control of it. Bitcoins aren't printed physically, similar to dollars or euros – they're delivered by individuals, and progressively organizations, running PCs all around the globe (mining), utilizing them to process difficult and complex mathematical problems.