About Digital Bitcoin
From there, Bitcoin is used for various transactions, such as games and other purchase services. Bitcoin is very popular, so this digital currency has become more common. Many people are going crazy about bitcoin because prices are rising, although prices sometimes drop. Based on Coinbase, Bitcoin is priced at $ 4,008 or about $ 5,1212 per currency.
If the price of bitcoin is high, its price will be very attractive overnight. But even if it falls, it can be violent. The rise and fall of Bitcoin prices is one of the risks for Bitcoin investors. Although Bitcoin investments are often abandoned, they are still considered money mines.
Nothing, but don't worry. Before you profit from cryptocurrency investments, consider the facts and risks of Bitcoin investments:
1. Use a peer-to-peer (P2P) system
If you are interested in knowing a broker in Bitcoin transactions (such as a bank in a normal transaction), the answer is no. This type of cryptocurrency is a direct trading tool because it is called using a peer system.
It is said that it is safe to use Bitcoin for trading. Because every transaction using Bitcoin will be recorded and verified over the network. It is then securely recorded in public data by encryption. This storage technology is called blockchain.
Nakamoto, the inventor of Bitcoin, urged people to make another key chain to keep Bitcoin data. Those who create storage technology will receive bonuses in the form of Bitcoin. From there, the number of Bitcoins traded increased. The process of making this blockchain is called mining or bitcoin mining, which means bitcoin mining.
2. First Bitcoin transaction: Pay the pizza delivery fee
When it was first launched, very few people secured using Bitcoin. After Satoshi Nakamoto drilled the first Bitcoin (known as Genesis), the official Bitcoin network began to operate. The first person to download Bitcoin was the computer scientist Hal Finney, who was also the villain password (the name of the person who fought for encryption). He then received 10 bitcoins from Nakamoto.
However, Nakamoto disappeared after he successfully extracted a large amount of bitcoin, and is estimated to reach 1 million by 2010. In the same year, a commercial transaction was performed using the first bitcoin. Computer scientist Laszlo Hanekz bought pizza pans from Papa John's Pizza store for 10,000 Bitcoins.
When the current Bitcoin exchange rate was hit, Laszlo bought two pizza pans for Rs. 810 crore. That's because the price of bitcoin has gone up. When Bitcoin was first introduced, the Bitcoin to Indonesian Rupiah exchange rate was around Rp451 per chip.
3. Never used for illegal online transactions
Originally, Bitcoin was used as the primary payment method for SilkRoad, a gateway to all illegal trading of goods and services. To access this site, you need a special browser called TOR Browser.
SilkRoad lets you get any illegal goods or services, from guns, drugs or illegal drugs, child porn videos to assassination services. In order not to be discovered by the authorities, buyers and sellers use Bitcoin as the primary means of exchange or payment instruments because Bitcoin uses a peer-to-peer system.
4. The inventor of the mysterious Bitcoin character Satoshi Nakamoto
Although the Bitcoin application was first registered by Nakamoto, he is a mysterious figure. Until now, no one knew who Satoshi Nakamoto was. In an online forum, he once mentioned whether he came from Japan. When joining the forum, Nakamoto used the TOR browser that made its IP address untraceable.
Despite giving this recognition, Nakamoto left no trace or clear identity. Everyone is still looking for a personal inventor of bitcoin. Some users and non-Bitcoin users began to make speculation.
The speculation that made the scene was that there was no one as Satoshi Nakamoto. The name was used to protect the original Bitcoin builder. Because in Japanese, Satoshi means wisdom or reason, while Nakamoto can be interpreted as a central source (central source).
5. Moving the potential economic bubble
Economists from all countries presented their analysis of Bitcoin as an economic bubble. This is a phenomenon, in which the price of an item or service rises dramatically, to be extremely high, and then breaks like a soap bubble being blown up.
The analysis is not without thinking about the price of bitcoin which rose. At the beginning of bitcoin appeared in 2010, one piece of bitcoin against the rupee worth Rp451. After about three years, the price was about 80,000 rupees per coin. This means that in three years, the value of bitcoin jumped 177.383% or 1,773.83 times higher than its initial value.
One year later, the price of bitcoin peaked at more than Rs. 266 million per chip. This means that within four years, the value of bitcoin rose again by 33,250% or 332.5 times the value in 2013 which amounted to about 800 thousand rupees. The highest point in seven years (2010-2017), the value of Bitcoin rose to 58,980,044% or 589,800.44 times its initial value Rp451.
Unfortunately, the growth of bitcoin value continues to rise there. After China banned the use of Bitcoin as a transaction or payment instrument, the value of Bitcoin declined. At present, Bitcoin is traded to Rs in the range of Rs 58 million per currency. If many investors are lured by bitcoin investments, the price continues to fall, it could cause an economic bubble that puts the country's economy at risk.
6. Bitcoin is not a commodity or stock
If you are still interested in investing in Bitcoin or other cryptocurrencies, you should pay attention to this one point. Unlike stock or commodity markets, Bitcoin has no clear sales basis. This means you risk your money for something that could be worth zero. If we measure that, if there are no more people in this world accepting transactions through Bitcoin, then Bitcoin will have no price at all.
In other words, fluctuations in the value of bitcoin really depend on the supply and demand (supply and demand) of users who are increasingly declining. The difference with stocks or commodities, if demand falls, you still have tangible goods in the form of commodities or the company's equity of the shares you buy. Indirectly, you still have something of value, unlike bitcoin that can become worthless.
7. Bitcoin transactions are prohibited in Indonesia
The Bank of Indonesia (BI), the Financial Services Authority (OJK) and the government have confirmed that virtual currencies, including bitcoins, are not recognized as legal currency, so they are prohibited from being used as a payment tool in Indonesia.
This is in accordance with the provisions of Law No. 7 of 2011 on currency which states that the currency is money issued by the Unified State of the Republic of Indonesia (NKRI). Indonesia should use Rupiah.
Ownership of virtual currency, including bitcoin, is risky and full of speculation because there is no responsible authority, no official officials, no underlying assets underlying virtual currency prices, and very volatile trading values.
Consequently, they are exposed to the risk of bubbles and are used as a means of money laundering and terrorist financing, which can affect the stability of the financial system and harm society. Therefore, as a monetary authority, BI warns all parties not to sell, buy or trade cryptocurrencies.
TYPES - TOOLS FOR MINING BITCOIN
Many people do not know that there are various types of mining pools that exist today. Multi-pools allow for mining several types of cryptocurrency based on profit, some only focus on promising new coins, and some focus on a particular coin as the overall goal. Not only are there various types of mining pools that must be chosen, but the payment methods are different, the most popular are PPLNS, PROP, and PPS.
Doing Bitcoin mining is not an easy thing to do. But with all the technologies that are currently available, the development of Bitcoin mining activities can be done more easily. Even though Bitcoin is still not fully accepted in the internet world, there is nothing wrong for us to find out. Interested in becoming a Bitcoin miner?
The following is a tool used from time to time for mining bitcoin :
1. Mining Bitcoin with a CPU
Bitcoin mining using a CPU is the first generation used for bitcoin mining devices. If you Mining uses a CPU then it might take quite a long time, which is several thousand years to be able to find a valid block, so Mining with a CPU is quite difficult.
2. Mining with VGA / GPU
Bitcoin mining using GPUs is considered the second generation and GPUs are graphics cards that are used in all types of computers today. GPU can produce very high parallelism so it is quite effective for mining bitcoin. GPUs are considered to have more cores so they are able to process encryption better than CPU.
3. Mining with FPGA
FPGA is a Digital IC used to implement various digital circuits. On the FPGA chip, you can adjust and reset the configuration, so that the performance is considered good. FPGA can reach up to GH / s or around 1 billion hashes per second. However, if the miner has hundreds of boards, each of which is 1GH / s, then it might take 50 years to be able to find a new bitcoin block.