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Learn more about Bitcoin and how to mine it:

Bitcoin... Digital currencies have become the most important concern of many investors and economists around the world, at present, after the increase in talk about these currencies, especially Bitcoin, and after their significant rise at the end of last year, and then this rise turned into a significant decline until this time, and digital currencies are a mysterious piece of code, or it is a decentralized currency, that is, virtual, that is, it is intangible, programmers made it, and started dealing with it, Bitcoin is the first digital currency that appeared It is the focus of our conversation today. 

What is Bitcoin: 

Bitcoin is a fictitious or virtual electronic digital currency, that is, it does not have any physical presence, it is traded only online, and it differs from the rest of the other traditional currencies, the euro, dollar, sterling, and other fiat currencies have a tangible physical presence unlike Bitcoin, which is used through Internet transactions and is not controlled by any authority or central banks. 

The coin relies on thousands of computers around the world that validate transactions and add more bitcoins to the system. 

The invention of Bitcoin: 

Bitcoin first came to light on January 3, 2009, and behind it was a person who called himself "Satoshi Nakamoto", and described Bitcoin as an electronic cash system based on financial transactions on the principle of peer-to-peer, which means direct dealing between the buyer and the seller without an intermediary between them. 

Australian businessman Craig Wright revealed at the end of 2016 that he invented the currency, and the first trading price between Bitcoin and the dollar was published, and one Bitcoin was worth $0.001.

The issuing party: 

Bitcoin is a decentralized currency as mentioned above and there is no authority or regulatory body that issues it, and users produce it during a process called mining. 

As the production of Bitcoin requires an Internet connection and a computer suitable for the mining process to carry out the production of the currency, in a process called mining or mining for Bitcoin by programs that use complex processes that enable anyone with mining equipment to produce electronic currency Bitcoin, but the mining process has become not as easy as it was in the early years of mining, due to the large number of miners around the world that made it difficult to obtain this currency. 

The transaction can be authenticated through an electronic signature that cannot be altered or forged, information can be stored online without any registered personal data, and currency can be converted between users and monitored online. 

Features: 

1). Low fees: 

Instead of entering an intermediary between you and the merchant to transfer money, Bitcoin solves this problem, because the currency has not moved, but the currency code is the one that comes out of your wallet, dear reader, to enter the merchant's wallet. 

2). Confidentiality and privacy: 

What distinguishes this currency from traditional currencies, Bitcoin enjoys a high degree of confidentiality and is not subject to control by banks or financial institutions. 

3). Worldwide cash: 

It isn't connected to a particular geological area, so it tends to be treated as though it were the neighborhood money, as it isn't connected to a specific country or central bank, or even to an economy. 

4). Rarity: 

The inventor of Bitcoin planned to issue only 21 million units of it, until 2040, which contributes to preserving its value and preventing it from collapsing, and it is designed to prevent the rollback of any transaction or action, and it is issued collectively over the network. 

Disadvantages: 

1). Encryption: 

Cryptocurrency encryption and secrecy on the way Bitcoin is generated through complex equations, makes it an easy path for many suspicious operations, as Bitcoin is not subject to censorship by anyone, and thus many outlaws have found refuge in using Bitcoin in illegal operations such as terrorist financing, money laundering, arms, and drug trade as well. 

2). Currency price fluctuations: 

Bitcoin is not based on any assets or fair valuations that can be based on it to predict the rise or fall of this currency, and Bitcoin and other digital currencies are witnessing great fluctuations in terms of price after the price of one bitcoin reached $ 20,000, the price of the currency has fallen almost in half at the moment, and perhaps even less than half. 

3). Mining: 

Doubts have reached about the mining process, no one knows what equations the device solves, which made some doubt the existence of an organization that works in secret to solve equations that may take hundreds of years in a short time by segmenting equations on servers, but they remain just doubts. 

4). The identity of its inventor: 

Satoshi Nakamoto's unknown identity, no one knows if it is a man or a woman, or a group of people, nor do we know how much currency this character has. 

Get Bitcoin: 

Getting Bitcoin is not difficult, all you need, dear reader, is a Bitcoin wallet, to deposit the Bitcoin that you will get in it. 

After acquiring the wallet, you can start accumulating your cryptocurrency in many ways, including buying from companies that provide this service, through someone who wants to sell bitcoin, or by mining. 

Bitcoin mining at the beginning of the emergence of the currency was a very profitable way, but with the development of technology and the increase in the number of miners on the coin, the process has become completely unprofitable, as it requires you to have a supercomputer, to be able to mine. 

Digital currency can be obtained by exchanging it for traditional currencies such as dollars and others or adopting it in the process of accepting payments for thousands of goods and services provided online, in restaurants, cafés, and others. 

Bitcoin Price: 

Bitcoin is trading, at the time of writing this lesson, at 21012.50$. 

According to Coinmarketcap, the market capitalization of the digital currency Bitcoin has reached $141 billion, with the currency occupying the first place in the ranking of this site in terms of the market. 

Competitors:

Competitors Bitcoin has seen great competition between it and Ethereum and Ripple, the second largest cryptocurrency after Bitcoin, but for now, Bitcoin can compete away from those two currencies, thanks to its high price, as well as its high market capitalization. 

The competition of a digital currency for Bitcoin is very difficult, at present in light of its market value, which represents a very large percentage of the market value of digital currencies as a whole, and of course, it is the first digital currency that appeared in the world, and naturally, it will continue for a long time in the lead in the digital currency market, and perhaps the future will witness a competitor to Bitcoin who can beat it and become number one in the digital currency market, although this is difficult.