What is Bitcoin Mining?

Bitcoin mining is the computational process that underpins the bitcoin network, validates transactions and gives the system its security. It is also the process by which new coins are created. Consequently it is arguably the most important aspect of the bitcoin ecosystem. Without miners, bitcoin would not exist and could not continue to function.

Physical currencies are created by a process of mining a metal from the ground, refining it from its ore and creating coins from it. The value of the coins partly reflects the work that has to be done to make them (though fiat currencies are also attributed a degree of arbitrary value by the state that issues and guarantees them).

Bitcoins use an analogous process, but instead of physical work, their creation requires virtual work. Miners’ work entails carrying out mathematical functions called ‘hashes’.

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What exactly is bitcoin?

Bitcoin (BTC) is a type of alternative currency, or maybe more specifically, a decentralized virtual cryptocurrency, that has been devised in 2009. Bitcoins aren't backed by any hard assets or controlled by any financial ability, and as such are an incredibly explosive advantage, with enormous changes in BTC value of happening over a very short period of time capable. They are created and released on a deflationary program to "miners" who are accountable for handling the servers and digital paper trails associated with each bitcoin transaction to keep up the integrity of the electronic currency. Because of this, the smallest unit of section the satoshi, of the bitcoin, is equal to 1x10-8 BTC, which currently is a basically trivial worth, but might be beneficial if the value of bitcoins increases anticipated.

Predefined Values:

Satoshi to Bit to μBTC to mBTC to cBTC

1 Satoshi	= 0.00000001 ฿
10 Satoshi	= 0.00000010 ฿
100 Satoshi	= 0.00000100 ฿
1,000 Satoshi	= 0.00001000 ฿
10,000 Satoshi	= 0.00010000 ฿
100,000 Satoshi	= 0.00100000 ฿
1,000,000 Satoshi	= 0.01000000 ฿
10,000,000 Satoshi	= 0.10000000 ฿
100,000,000 Satoshi	= 1.00000000 ฿
1 Satoshi
10 Satoshi
100 Satoshi	= 1 Bit / μBTC (you-bit)
1,000 Satoshi
10,000 Satoshi
100,000 Satoshi	= 1 mBTC (em-bit)
1,000,000 Satoshi	= 1 cBTC (bitcent)
10,000,000 Satoshi
100,000,000 Satoshi

What is a bitcoin faucet?

A faucet is a site that allows people to earn bitcoin (BTC) virtual currency by completing simple tasks, such as viewing a webpage for a specified amount of time, viewing ad content, even solving CAPTCHAs and playing games. The payout from each faucet task is generally quite small, but over time as you accumulate bitcoin currency through multiple tasks, and as the value of the BTC increases relative to other currencies (which it is expected to do), the earnings from bitcoin faucets could be substantial. Because bitcoin currency is being released on a deflationary schedule, due to laws of supply and demand, it is expected to grow stronger over time compared to other currencies. In order to receive bitcoin currency, either through direct purchase or from a faucet, you will first need to have a bitcoin wallet.

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What is Satoshi?

A satoshi is currently the smallest fraction of a Bitcoin. The unit has been named "satoshi" in collective homage to the founder Bitcoin, Satoshi Nakamoto. Satoshi are to Bitcoin like Pennies are to Dollars - just smaller.

1 Satoshi = 0.00000001 BTC
10 Satoshi = 0.0000001 BTC
100 Satoshi = 0.000001 BTC
1,000 Satoshi = 0.00001 BTC
10,000 Satoshi = 0.0001 BTC
100,000 Satoshi = 0.001 BTC
10,0000,000 Satoshi = 1BTC

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What is Bitcoin?

Bitcoin is a payment system introduced as open-source software in 2009 by developer Satoshi Nakamoto. The payments in the system are recorded in a public ledger using its own unit of account, which is also called bitcoin. Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency. Although its status as a currency is disputed, media reports often refer to bitcoin as a cryptocurrency or digital currency.

Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger. Called mining, individuals or companies engage in this activity in exchange for transaction fees and newly created bitcoins. Besides mining, bitcoins can be obtained in exchange for fiat money, products, and services. Users can send and receive bitcoins electronically for an optional transaction fee using wallet software on a personal computer, mobile device, or a web application. 

Bitcoin as a form of payment for products and services has seen growth,and merchants have an incentive to accept the digital currency because fees are lower than the 2-3% typically imposed by credit card processors. The European Banking Authority has warned that bitcoin lacks consumer protections. Unlike credit cards, any fees are paid by the purchaser not the vendor. Bitcoins can be stolen and chargebacks are impossible. Commercial use of bitcoin is currently small compared to its use by speculators, which has fueled price volatility.