What Is Bitcoin?

Source: Wallpaper Flare

Bitcoin is the first and most well-known cryptocurrency.

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Cryptocurrencies are digital or virtual assets that utilize cryptography for securing transactions and controlling the creation of new units.

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A satoshi is the smallest unit of Bitcoin. It is one hundred millionth of a single bitcoin (0.00000001 BTC).

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The name comes from Satoshi Nakamoto, the anonymous creator of Bitcoin.

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No one knows who Satoshi is. Some believe Satoshi is a group of people, whereas others believe Satoshi is a single individual.

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It takes around 10 minutes to mine a single Bitcoin. However, the time taken varies depending on the mining difficulty and the number of miners.

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For instance, in 2009 it took less than a minute to mine a block.

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However, as more miners joined the network and competition increased, the average time to mine a block rose to 10 minutes.

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Needless to say, it’s not easy to earn a Bitcoin these days.

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