Entering the world of the cryptocurrency called bitcoin might be a challenge as the process and everything involved is quite confusing to learn. If you are just starting out with bitcoins then you might be late since everyone in the community has already gained a head start in mining. Still, it is not too late to try if you will do well with mining. This article will serve as a guide on the basic of bitcoin.
First thing that one should know is the very definition of bitcoin. It is a form of digital currency and the leading in the world. What separates it apart from the physical currency we use is that it is not controlled by any central bank and operates in an independent manner. Encryption is done in order to make sure that the units generating bitcoins are regulated as well as the transfer of it.
There are reports published by Reuters that the European Union is trying to make a move in order to inhibit the use of the digital currency following claims that bitcoins are being used to fund the activities of the terrorists. The same report indicated that the ISIS attackers responsible for the terror in Paris have a Bitcoin wallet that contains over $3 million.
Next important thing to know is the true worth of a bitcoin. In theory, the more bitcoins that are being mined then it will be harder for miners to locate more coins in circulation. In the beginning of this technology, it was possible for a miner to mine with just the use of a personal computer that has a high power capacity. Now it is impossible to do mining as an individual and in order to make a profit one has to join a mining pool. A mining pool is a group of users that mine together with the use of their computers. As of the moment, every bitcoin is now £150. There are many bitcoin mining guide online that one can find in order to know more about the process behind the mining of bitcoins.