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What is Bitcoin, How and Where to Buy?

Although many people have met Bitcoin since the moment Bitcoin entered our lives, the question of what is Bitcoin and how to buy Bitcoin still continues to be one of the most asked questions. Because while cryptocurrencies are gaining a bigger place in our lives every day, Bitcoin is advancing as the pioneer of this trend, and therefore, the questions about Bitcoin are increasing day by day.

With this guide, where we share information about Bitcoin, especially the questions of what is Bitcoin, what is BTC and how to buy Bitcoin, you will get to know the Bitcoin cryptocurrency very closely, and at the same time, you will find answers to all the question marks that come to your mind. Especially for beginners, you will be able to learn everything you can about Bitcoin with our article where you can find answers to questions such as what is Bitcoin and how to buy it.

What is Bitcoin?

Bitcoin is a decentralized and free cryptocurrency that is not affiliated with any country or country-affiliated central bank, official organization.

Although Bitcoin currency is crypto money, it has real currency features and has a symbol and code just like Dollar, Euro. It is denoted by the BTC code while the Bitcoin symbol is ₿. In addition, Bitcoin has the ability to be divided into units up to the 100 millionth digit after the comma and is limited in the genesis block with a production of 21 million units.

The idea of cryptocurrency actually existed a long time ago. B-Cash created by Wei Dai, BitGold created by Nick Szabo, Digicash created by David Chaum are the oldest known cryptocurrencies ever known and were blocked by governments before they became popular. However, Satoshi Nakamoto, keeping his identity and work secret, succeeded in launching the world’s first cryptocurrency Bitcoin network on January 3, 2009.

While Satoshi Nakamoto is definitively the founder of Bitcoin, whether he used his real name or pseudonym remains a mystery. A known fact is that Satoshi Nakamoto introduced a new currency, Bitcoin, to both the digital world and the financial world.

To read the original Satoshi Nakamoto Bitcoin article in English; You can visit Bitcoin: A Peer-to-Peer Electronic Cash System page.

Blockchain and Bitcoin Technology

Blockchain and Bitcoin Technology

Blockchain is a secure and ever-growing list of blocks that form the infrastructure of Bitcoin and is formed by the connections created by the cryptography technique.

Another way to answer the question of what is a blockchain is to sample. Blockchain has the same logic as a ledger. The most important feature that distinguishes it from an accounting book is that it is not in a central place and it takes records from every point.

Bitcoin, which does not have a centralized system, has a point-to-point distribution network feature. Payments and transfers made over this network instantly reach from one point to another, and this transfer is recorded as a block in the Blockchain system. Hash algorithms that require high processing are applied on each block.

In the blockchain, each block also contains the hash algorithm of the last block before it. In this way, a blockchain that is almost hard to break is created. The main goal of this system is to prevent multiple transfers and payments and to record all transfers.

The first block produced in Blockchain was produced on January 4, 2009 and was named the Genesis Block. While every block created since Genesis Block is carried out with Bitcoin transfer, it carries the hash algorithm of the block structure that precedes it, and thus the transfers made have a strong node that cannot be changed later. If a block is wanted to be changed, it will be a very difficult transaction since the blocks that follow it will have to be changed, and the transaction will need to be approved from all blocks.

Blockchain sistemi yani Bitcoin teknolojisi özellikle madencileri teşvik etmiştir ve Bitcoin Madenciliği (Bitcoin Mining) ortaya çıkmıştır. Bitcoin madencileri Blockchain sistemine göre merkeziyetsiz bir şekilde yeni bloklar katarak yeni Bitcoin’ler üretmekte ve piyasaya yeni Bitcoin‘ler kazandırmaktadır. Bitcoin madenciliği her bir Bitcoin üretildiğinde gittikçe zorlanmaya devam edeceği gibi Bitcoin üretim sınırı olan 21 milyon adete ulaştığı anda sonlanacaktır.

Bitcoin technology consists of blocks called Blockchain, hash algorithms, blockchains and nodes between blockchains. This system is also very strong in terms of security, as it has a structure that is almost impossible to break. If you are wondering how to earn Bitcoin, the answer to your question will be Bitcoin mining.

For more detailed and comprehensive information about Blockchain, click here!

Bitcoin Mining

Bitcoin Mining

Bitcoin Mining, is one of the most curious topics, especially for those who want to earn free Bitcoin. As soon as people learn about Bitcoin mining, they start doing research such as how to earn Bitcoin, how to produce Bitcoin and free Bitcoin sites, but unfortunately, producing Bitcoin is not an easy process in today’s conditions.

Limited to 21 million units, the cryptocurrency Bitcoin has already produced almost 19 million units. As we mentioned in the previous parts of our article, as we approach the production limit, it becomes difficult and almost impossible to produce Bitcoin. For this reason, it is useful to stay away from websites and platforms that are opened with slogans such as free Bitcoin, earning Bitcoin.

Since Ethereum, the most popular currency after Bitcoin, is the most popular currency in mining, everyone thinks that producing Bitcoin currency is as easy as Ethereum, but unfortunately it is difficult. We do not say that you cannot produce at all, but even if you have the opportunity to produce in very low quantities, the amount of energy and electricity you consume will be more expensive than the lining.

Where to Buy Bitcoin and How to Buy Bitcoin?

How to Buy Bitcoin and Where to Buy Bitcoin

If you have been away from the question of how to earn Bitcoin before and asking this question, you have now started to think like an investor. Because Bitcoin is no longer a free currency, but a currency that can be bought and invested.

As for the question of how to buy Bitcoin, there is only one answer, one way and hundreds of alternatives. Bitcoin can be purchased on cryptocurrency exchanges. Currently, the only way to buy Bitcoin other than mining is through cryptocurrency exchanges. Cryptocurrency exchanges have hundreds of alternatives.

Before buying Bitcoin from crypto currency exchanges, the most important issue is the stock market you prefer. The existence of hundreds of stock market alternatives does not mean that every stock market can be trusted. For this reason, it is useful to be very careful in choosing a crypto exchange.

The world’s largest and most reliable cryptocurrency exchange is undoubtedly Binance. Binance is a crypto money exchange that came to life when cryptocurrencies were just taking a place in people’s lives and has not left the leadership to anyone since then. For this reason, many crypto money investors buy and sell Bitcoin and other cryptocurrencies on Binance.

If you want to invest in crypto money and you have not yet decided on which exchange to buy, you can review the world’s 10 most popular crypto exchanges that we have prepared for you by clicking the link below and make your decision.

The World’s 10 Most Preferred Crypto Exchanges

Bitcoin Wallets

Bitcoin Wallets

If you have bought Bitcoin or have a certain amount of Bitcoin by Bitcoin mining, you should transfer the Bitcoin amount in your hand to a Bitcoin wallet, just like the wallet you use to put your money in real life.

Although crypto wallets are logically similar to the wallets we use in daily life, the most basic difference between them is; You can put any currency such as Dollar, Euro, Sterling in a wallet you use in daily life, but in crypto money wallets, each wallet must be specific to the crypto currency to be stored. So you should only store and hold Bitcoin in a Bitcoin wallet. Although there are exceptional cases in some cryptocurrencies with the same infrastructure, this is basically the logic.

Cryptocurrency wallets consist of codes that are a kind of equivalent of real-life IBAN numbers, but have a unique and complex structure consisting of numbers and letters. If you are going to transfer Bitcoin to a person or to a wallet on another exchange, you will need to get a Bitcoin wallet code from that person or that exchange. These wallets have both a shareable complex code (Share Key) used in transfer transactions and a secret code (Secret Key) that must be kept confidential and used only during transfers. These two codes complement each other and transfers take place as a result of this completion.

Special wallets are automatically opened for you in your buying and selling transactions on crypto currency exchanges and these wallets are called hot wallets. In addition, when it is desired to transfer Bitcoin from one exchange to another exchange or from one person to another, apart from buying and selling, wallets from all cryptocurrencies, especially Bitcoin, are created free of charge. In wallets opened from crypto exchanges, the secret key is in the hands of the exchange and you only get the code to be shared. For this reason, hot wallets are the most ideal wallets, especially for beginner Bitcoin investors.

Another cryptocurrency wallet is a cold wallet. Cold wallets are wallets that can be transferred to hardware such as a flash drive, transferred to a computer, or even used on paper, without an internet connection and a network connection. These wallets are reliable but risky if you are a very skeptical person. Because if you lose even one of the wallet codes, you will have to lose all the crypto money you have.

Bitcoin and Altcoins (Other Cryptocurrencies)

Bitcoin and Altcoins

Thousands of cryptocurrencies have been created and continue to be created since the first time the Bitcoin currency entered our lives. Although these cryptocurrencies, also called alt cryptocurrencies, are more attractive compared to Bitcoin currency, especially at the price point, one of the most curious questions is whether to buy Bitcoin or altcoin?

Bitcoin is the locomotive of the crypto money market, the digital currency of the future and perhaps the crypto money with the most solid infrastructure, but at the price point, if you did not catch Bitcoin in the first moments, it is difficult to say that you will make serious gains for the future. For this reason, alt cryptocurrencies for investment purposes may be more attractive, but an issue that should not be forgotten is that; All cryptocurrencies are tied to the Bitcoin currency and can be affected by the rise or fall of the Bitcoin currency.

No one can guarantee that the Bitcoin currency will either halve or increase several times in the coming period, but the truth is that Bitcoin is the safest place to invest, considering all cryptocurrencies.

Frequently Asked Questions About Bitcoin

Frequently Asked Questions About Bitcoin

The explanations we make about Bitcoin and its structure as clearly, clearly and understandably as possible, however, may not give a clear answer to some of your questions. For this reason, we have tried to answer frequently asked questions about Bitcoin below.

When Was the First Bitcoin Transfer Made?

The first Bitcoin transfer was made by christographer Hal Finney, who wanted to support Satoshi Nakamoto.

When Was the First Bitcoin Purchase Made?

The first Bitcoin purchase was made to purchase 1 pizza for 10,000 Bitcoins.

How Many Bitcoins can be Produced in Total?

Bitcoin, which is limited in the Genesis Block, has a total production limit of 21 million units.

Which Countries Have Bitcoin Currency?

Bitcoin is not the currency of any country and is not tied to any country or centre. It is a decentralized independent currency. However, few countries like Salvador have accepted Bitcoin as legal currency.

How Many Bitcoins Have Been Produced So Far?

According to the calculation carried out to date, the number of Bitcoins produced so far is 18,443,043.

How Much Was 1 Bitcoin When It Was First Released?

According to the calculation carried out by the exchange called New Liberty Standard, 1 Bitcoin was worth about $0.76 in October 2009. According to the dollar rate of that time, 1 Bitcoin had a price of about ₺1.18 when it first came out.

Are There Any Free Bitcoin Earning Sites or Systems?

As there are fraud in every subject in our daily life, unfortunately, there are many systems that make free promises for earning Bitcoin. It is very difficult to earn free Bitcoin and even if you do, it will be in very low and worthless amounts.

Is There Any Chance To Buy Bitcoin With Credit Card?

There are many crypto exchanges that offer the opportunity to buy Bitcoin with a credit card, and you have the opportunity to buy Bitcoin with a credit card on the exchanges that offer this opportunity.

Which Bitcoin Exchange or Bitcoin Exchanges Should I Prefer?

Cryptocurrency exchanges are also referred to as Bitcoin exchanges, as all crypto exchanges are open to buying and selling Bitcoin without exception. Therefore, you can buy from any Bitcoin exchange or Bitcoin exchanges you want.

How to Open a Bitcoin Account?

There is no specific account system for Bitcoin currency. Instead, you can get Bitcoin by opening an account from Bitcoin exchanges, that is, crypto currency exchanges. You have a chance to get a hot or cold Bitcoin wallet exclusive to Bitcoin currency.

This article and frequently asked questions will be regularly updated and edited. You can also contribute to the correction and development of our article by sharing your questions, suggestions and recommendations with us in the comment section below, and you can share your own thoughts about Bitcoin.

Bitcoin (BTC) Official and Trackable Accounts

Bitcoin (BTC) Official Website
https://bitcoin.org/

Bitcoin (BTC) Twitter
https://twitter.com/bitcoin

Bitcoin (BTC) Reddit
https://www.reddit.com/r/Bitcoin/

Bitcoin (BTC) CoinMarketCap
https://coinmarketcap.com/currencies/bitcoin/

Bitcoin (BTC) CoinGecko
https://www.coingecko.com/en/coins/bitcoin

Esat Demirtaş

Esat Demirtas, who has been involved in corporate business life for a long time and has gained experience in corporate and financial management; He is the editor-in-chief of Binansal and also conveys news, information and developments about the crypto world to Binansal readers.

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