Bitcoin is the first blockchain technology, which uses cryptographic algorithm for transaction verification using physical mining hardware. We like to keep things simple so the best short explanation we've found is that bitcoin is Internet Money.
Blockchain is the technology behind cryptocurrencies. It is open distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. It is a large, distributed database. Blockchain is solution for the centralisation problem.
24/7 operation – you can send or receive cryptocurrency on the weekend, when most financial organisations don’t operate.
Fast – you can receive almost instantly your funds in your wallet, depending on preferred cryptocurrency and taxes you are willing to pay.
Cheap to operate since there is no middleman (Bank).
Reliable – blockchain technology has been around since more than a decade. All transactions are open to everyone and visible on the blockchain network.
Bitcoin wallet is something like your personal banking account. It is a secured digital wallet used to send, store or receive digital currency. To be able to operate with bitcoin, you will need to create a wallet. Your wallet will be your public key and your password will be your private key. To be able to access your wallet you will need both.
There are multiple types of wallets as hardware, software or paper wallets. For a more secured storage for your investment, we recommend using Trezor or Ledger Nano S.
Miners have crucial role for crypto transactions, maintaining the network and decentralisation. They solve complex mathematical formulas using hardware or software. It is then documented in the blockchain and a block reward is received in compensation for spent effort and electricity.
The network consumes energy to ensure it remains secure. Banks are government regulated custodians we pay fees to mediate trust. Bitcoin has solved that problem in a way where two parties can transact without verifying and trusting each other, circumventing the need for a third party like a bank. But the mechanism requires electricity.
ASIC miners are reliable machines when you take a good care for them. Some of the things you might want to sort out when using mining equipment is to have a clean power source, dust free environment, optimal working performance and keeping hardware cool by using fan or air-conditioner.
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