General Article

What is Bitcoin and Cryptocurrency?

Bitcoin is one of the hundreds and still, maybe thousands of cryptocurrencies on the internet. Cryptocurrency is a digital currency that uses cryptographic technology for protector that makes it impossible to forged. The value price of pure cryptocurrency is determined by the market forces of demand and supply of users of this technology. In addition to Bitcoin, there are various cryptocurrencies that are calculated, among others, Etherium, IOTA, Bitcoin cash, Litecoin, Ripple, Dogecoin, DavorCoin, and many more.

Cryptocurrency is created through peer to peer transactions called nodes that have cryptographic codes. Bitcoin, for example, consists of a set of communities/networks that make transactions and everyone has an interconnected record of each transaction made. Each transaction is accompanied by each encryption code that will be approved later.

Once approved, the transaction code will be extracted into block units. Each block merges into a block. Approval is the basic concept for this crypto technology if one transaction is not approved then the transaction can be forgotten. The characteristic of this cryptocurrency transaction goes one way and the sender is almost always anonymous.

How to get bitcoin?

Bitcoin can be obtained through the mining process. Do not imagine mining such as mining gold or other metals, because this currency cannot be held and seen then how to mine it is also special with how to solve algorithm puzzles.

It takes a sophisticated computer, a powerful power source, and a stable Internet network to become a miner by solving the algorithm problem by building a server facility (service center provider) useful as part of transaction confirmation and solving these algorithm problems.

All those who have sufficient resources can become miners. Therefore, cryptocurrency becomes a cash transaction where there is no single authority and exact location to print money. If you interested to use DavorCoin, you must read DavorCoin Review.