Every 10 minutes The Bitcoin Network holds a lottery for 6.25 Bitcoin (at least until the next halving). This lottery is often referred to as Bitcoin Mining. Bitcoin Mining is the process of using computational power to secure The Bitcoin Network. As s reward for using your computational power, the Bitcoin network rewards the winner with new Bitcoin and the fees from that block. While most miners join a mining pool you can mine by yourself in what is known as lottery mining. However, it is extremely rare to win the reward as a lottery miner. Even ASIC miners rarely win it. ... https://www.youtube.com/watch?v=xpu2oo5vpNs
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No one actually has any Bitcoin in their Bitcoin wallet. While it may usually seem like your Bitcoin is stored on the device your wallet is on that isn't the case. Actually, your Bitcoins are always stored on the blockchain and never move. The blockchain just records that one wallet has transferred its Bitcoin to another wallet. So as long as you have the private key for your Bitcoin wallet you can access your Bitcoin from almost any device that has an internet connection.
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https://www.youtube.com/watch?v=ioWG2OTP7to
5 Things Everyone Should Know About Bitcoin:
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Bitcoin Ordinals are the newest craze to hit the Bitcoin and crypto world. Ordinals are a type of digital asset that exists on the Bitcoin Blockchain. Each Ordinal is inscribed on a satoshi, the smallest denomination of Bitcoin, and can consist of any type of media, but are most commonly images.
Ordinals are similar to NFTs in what they do, but how they function is almost entirely different. NFTs are tokens that point to a thing that is being transferred. On the other hand, Ordinals are attached to a satoshi and actually live on the Bitcoin Network. This makes Bitcoin Ordinals potentially more permanent than NFTs.
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In 2018 KFC became one of the first fast-food restaurants to start accepting Bitcoin as payment. This was a Canada-exclusive promotion they called the Bitcoin Bucket. This was a bucket of chicken, waffle fries, a side, and some sauces that cost around $20. The catch was that it could only be paid for in Bitcoin using bitpay. While this was obviously just a marketing stunt it still is an important part of Bitcoins history.
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The political climate in the United States has been extremely divisive over the last several years. Bitcoin and other cryptocurrencies as a whole have been able to avoid politics. However, that seems to be changing. Recently both Democrats and Republicans have been taking sides on Bitcoin and other cryptocurrencies. This could be very bad for crypto as it may lead to many Americans disliking crypto purely based on their political opinions.
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Just a few years can entirely change your perspective on Bitcoin. In this video, we look at how just one Bitcoin cycle changes a person's view of what a reasonable price for Bitcoin is. The highest price Bitcoin reached during the 2017 bull run was around $19,000, a price that many Bitcoiners thought was a pipe dream at the time.
Fast forward a few years later and Bitcoin has reached almost $70,000 at its peak. And now that the price has come down closer to $20,000 it is considered a steal.
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Bitcoin is not a scam. Over the last 14 years, Bitcoin has gone from nothing to spawning an entire cryptocurrency industry. This industry is now worth billions of dollars and many people worldwide have invested in it. Many fans and haters have emerged with the quick rise of Bitcoin and the cryptocurrency industry. Some claim that Bitcoin is an outright scam looking to steal the money of those who invest in it. That isn't true and in this video, I explain why.
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There are a lot of myths about who controls Bitcoin's code. Some say miners control the code, while others claim that the developers do. Neither is true. Due to its decentralization, everyone is able to control Bitcoin's code. Bitcoin acts like a democracy rather than a dictatorship. This allows Bitcoin to remain decentralized while still being able to update and change.
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Satoshi Nakamoto created Bitcoin back in 2009. Nearly a decade later his identity is still completely unknown. It's a miracle that Satoshi Nakamoto's true identity has been discovered, especially considering how large Bitcoin and crypto as a whole has gotten. In this video, we take a look at why and how Satoshi Nakamoto has been able to remain anonymous all of these years.
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Paper Bitcoin is a term used to describe Bitcoin that isn't backed by any real Bitcoin. Paper Bitcoin is Bitcoin only on paper, therefore it doesn’t really exist. You usually find paper Bitcoins on places like Crypto exchanges.
When you buy Bitcoin on an exchange you aren’t really buying Bitcoin. Instead, you are really buying an IOU from that exchange that says you own one of the Bitcoin they hold. If you want to move it out to your own Bitcoin wallet, most exchanges allow that. However, many people don’t take their Bitcoin off exchanges. This has allowed some exchanges to secretly use or lose that Bitcoin without their customer's knowledge.
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