What is Bitcoin and everything you need to know

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Bitcoin is taking the ecommerce world by storm. But what exactly it is? Know everything you must about the Bitcoin payment system, Bitcoin Wallet, Bitcoin currency and how the eCommerce is accepting it as a widely accepted form for making payments and carrying out transactions.

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What is Bitcoin?:

What is Bitcoin? Image Courtesy: http ://i4.minus.com/ibpEC7URbV8wwY.png

Introduction:

Introduction Image Curtsey - http ://photos4.meetupstatic.com/photos/theme_body/c/4/8/8/full_4550312.jpeg

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The Block Chain Image Curtsey - http ://photos4.meetupstatic.com/photos/theme_body/c/4/8/8/full_4550312.jpeg

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Ownership Private key is used as digital signatures, for payers to use any output in a future transaction. Private key provides secured environment and prevents unauthorized transfers. Public key helps network verify the signature. On losing the private key, bitcoin network does not recognize any evidence of ownership, resulting in loss of coins beyond recovery. Image Curtsey - https://en.bitcoin.it/w/images/en/3/35/Bitcoin_euro.png

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Mining Bitcoins are create by “Mining a Bitcoin” and Mining  is termed as an information-possession service . Proof-of-work with blocks chained within, acts as a shield to make any modifications in the block chain. Block stores newly broadcasted transactions in a new group, helping miners keep the block chain steady & intact by repeatedly verifying the same. The New block has details linking it to previous blocks with a specific name and is a cryptographic hash using SHA-256 - of previous block . Proof-of-work is stored in the new block. Image Curtsey - http://media.coindesk.com/2013/08/how-bitcoin-mining-works.jpg

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Wallets Bitcoin wallet allows an end user to operate and use bitcoins. As per the nature of system, bitcoins are connected to the block chain undertaking ledger. Along with software wallets, Internet service termed as online wallets  like Blockchain.info, Circle, or  Coinbase , offer similar usage features. Online wallets provide powerful functionality with ease of use. Image Curtsey - http://bitcoinexaminer.org/wp-content/uploads/2013/05/ALeqM5gtI9jJ001NhXnqiT6wiv_yYsKxHA.jpg

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Privacy For a secured and reliable transaction, a different bitcoin address for each undertaking is used, however for multi-input transactions it’s redirected to the same owner. Bitcoin payments have been suggested to be considered as no more than credit card payments. Image Curtsey - http://insidebitcoins.com/wp-content/uploads/2014/11/Privacy.jpg

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Bitcoins can be split up to 8 decimal places & probably even smaller units. Bitcoin Limit Bitcoin transactions can be labeled in smaller sub-units of a bitcoin, like bits (there are 1,000,000 bits in 1 bitcoin). Bitcoin supply is limited and only 21 million bitcoins will ever be created making it unique. Image Curtsey - https://en.bitcoin.it/w/images/en/3/35/Bitcoin_euro.png

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Price and Volatility Image Curtsey - http://www.geekesfera.com/wp-content/uploads/2014/11/bitcoin.jpeg To increase accessibility to pricing, prices from bitcoin companies Kraken and  Coinbase  were listed on financial data terminals. Mark T. Williams, as of 2014, stated that bitcoin has volatility seven times more than gold & eighteen times more than U.S . dollar. Bitcoins have been through various cycles of appreciation & depreciation referred as bubbles and busts. In 2014 bitcoin price fell sharply, as of August 2014 it was under US$600.

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Acceptance by Merchants Image Curtsey - http://insidebitcoins.com/wp-content/uploads/2014/11/Privacy.jpg 01 Atomic Mall, Clearly Canadian, Dell, Dish Network,Expedia , Newegg,  PrivateFly , Overstock.com, the Sacramento Kings, TigerDirect, Virgin Galactic, and Zynga started accepting Bitcoins . August 2014 02 University of Nicosia, the first university in the world to accept bitcoins. Late 2013 03 23 September 2014 PayPal recommended its North American merchants to receive consumer transactions for digital goods in bitcoin . 04 Microsoft  accepted bitcoin from U.S. consumers to fund its account, to digitally purchase XBox content and Windows apps. 11 December 2014

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Legal Status and Regulation Image Curtsey - http://mn-divorceattorney.com/sites/default/files/bigstock-Scales-of-justice-gavel-and-b-44211601.jpg Various governments moved to regulate Bitcoin & similar exclusive currencies. According to the European Central Bank, prevailing rules have been widened to include Bitcoin & Bitcoin companies. As of now Bitcoin is illegal only in two countries: In Vietnam trading in Bitcoin is against law and in Iceland its central bank strangulated incoming Bitcoins to restrict money flow abroad. 

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