Knowing bitcoin as virtual money

Bitcoin is one of the many crypto currencies that are spread on the internet, of the many cryptocurrencies, bitcoin is the only crypto currency that is well-known, even ordinary people who don't understand crypto must have heard the word's bitcoin, curious with what is bitcoin? For that in this article, we will discuss thoroughly what bitcoin is as the famous virtual money.

History of bitcoin The history of bitcoin cannot be separated from its creator who calls himself Satoshi Nakamoto. Although until now no one has been able to confirm the real identity behind Satoshi Nakamoto's name, his work which initiated a new form of cryptocurrency in the form of bitcoin deserves a thumbs up. in 2008 Satoshi published a white paper entitled "Bitcoin: A Peer-To-Peer Electronic Cash System".

On January 3, 2009, the new system for bitcoin was implemented, the start of this never-before-known system called the genesis block, which is the block numbered 0 which is the beginning of all blocks that have been, and will be created in the Bitcoin system.

Bitcoin is the first and most well-known cryptocurrency in the world. Not only that, the price which reached more than Rp.200 million per chip has made it a new sensation in the investment world. In addition to buying and selling bitcoin (trading), you can also participate in bitcoin mining.

Bitcoin not only has a value transfer feature, bitcoin is valuable because it has programming features similar to Forth, although it is very limited when compared to smart to contract platforms which are richer in options.

To get Bitcoin you can do trading (buying and selling crypto coins) and mining activities (breaking block chain hash codes), but here we will focus on mining activities.

Bitcoin Mining

In general, there are 2 choices that miners can choose, namely pool mining and solo mining, both of which we will discuss in the following subtitles.

Pool mining can be defined as a method of mining that is done together (gang bang), pool mining is carried out at a mining company in a mining pool, there is a pool manager who will provide direction and work to workers who work (miner), the more work that is done already resolved, the more a miner gets rewarded (Bitcoin).

Solo mining In accordance with the term (solo = singular), solo mining is a term used for someone who mines alone using his or her account and with sufficient computing hardware the way to do solo mining itself is to break the block chain that hits when the block chain is already won in rewards in the form of Bitcoin will be given to the miner.

The disadvantage of solo mining is the large amount of resources in the form of hardware and capital that must be obtained.

Hardware that is often used for solo miners include: RIG (assembled VGA set) Antminer Avalon Whatsminer whereas for software that is often used and even recommended for beginner bitcoin miners, they are: 
  • Hash Miner
  • Easy Miner
  • BFGMiner
  • CGMiner
That's all I hope the article above is useful and thank you for visiting this simple blog.