This virtual currency can be exchanged directly between the device connected to the Internet without the need through a financial intermediary institution.
Bitcoin is a digital currency is released as open source software.
With key features such as anonymous, the transaction fee is not required, the more days, it gets people to trust and accept. Bitcoin has high security, appearance and is divided completely automatically based on the algorithm and anyone can own through the decoding of the mathematical equations and given answers, also known as the "peach".
The concept of "digging" on the fact that the Bitcoin granted to computers to pay for them to engage in activities to verify the transaction and record them on a ledger (blockchain). This book is dispersed in the peer network and use the Bitcoin is accounting unit. Bitcoin is also not a specific unit, it can be broken down even further into 100 million smaller units called Satoshi, is named after the founder.
Is a hierarchical system, Bitcoin no third party stands out intermediaries controls. "Dig" is also helping to confirm the transaction from this person through other people, as well as preventing fraudulent transactions at the same time with many people.
Users archive Bitcoin through for Bitcoin is a 27-34-digit long address, used to receive and send it. Does anyone know the address associated with the individual, creating the security features of this virtual coins? Each person can create a multitude of addresses without duplicate and can send receive quickly by computer or application on your phone.
Initially, the participants use the computer normally to plow the Bitcoin. However, eventually, they realize when using multiple graphics cards at the same time, the transaction processing is done more quickly. Today, a computer set to plow the Bitcoin often from 4 to 6 graphics card, cost about 40-50 million. Some new Boards allow installing 8 graphics cards at once.
However, only a card like GTX 1060 or AMD RX 570 is effective for the highest price, always be the population of plow hunt. Bitcoin rush pushed the price up to a peak of the graphics card, as it was the essential components and also frequently fails, to replacement after a period of operation. Many people don't even buy the more expensive card line of plows, accept team costs up quite large. Besides the money to buy the graphics card, the money power, and cooling equipment, ventilation equipment for the region also constituted no small proportion of the total operating cost of the whole system.
In fact, the CPU or the GPU still is not the best choice to dig Bitcoin. We have created a separate chip for this work, known as ASIC. It has the only effect is to decipher the function with the efficiency that delivers more than the graphics card.
Currently, the knowledge of the Bitcoin, experience building seamless air, factory layout, how to fix an error occurred during the operation ... almost all are shared publicly on the Internet. Users who have the money, invest the time and effort can join the playground.
But unlike the first period, now the "plow" Bitcoin is not the game of luck. Who owns the staging computer with good configuration, the number of much more training capability will occupy more Bitcoin. The stiff competition between the "plow" also led to lucrative rate decreases, causing the small retail investors do not cover costs and are forced to pause the playing, cede land to the nation. The "farm school" in large countries Bitcoin peach, especially China, Iceland up to thousands of computers operated continuously year after year, with cost up to hundreds of thousands of DOLLARS of money machines, workshop, electric components, cooling system. They are built at a number of locations around the world like this by simply electricity prices are very cheap.
According to calculations, Bitcoin will still be enough to dig to the year 2040. After that time, it can continue to be created under its current form or in the form of the new version. Like money sometimes still considered a paper chips, worth of virtual money Bitcoin based on the trust of the people on it as your payment. When there is more and more accepted, the value of Bitcoin is rising up.
Previously, Bitcoin is considered the currency typically used by criminal organizations. But now, many Nations and financial institutions around the world have recognized the Bitcoin and putting them into practical business operations. This coin also even up and down, fluctuate based on the economic situation of world politics as war crisis in Korea, the American presidential election. However, some countries, such as China, Thailand, Russia still prohibited transaction and have a negative attitude to this virtual coins.
The price increased to record levels currently Bitcoin, more than $4,700 a bitcoin. It also leads to the rise in the price of some other virtual currencies like Linecoin, Ethereum. However, there is also not less Bitcoin play risk by its price often also increase/decrease continuously. In late May, when the surprise discount 19%, the total value of Bitcoin worldwide has evaporated about 4 billion USD in just 4 days.
In Vietnam, the profit from the sale goes to buy back is often the Bitcoin on the trading floor or the purchase of machinery and equipment investment of plowing. Many people put the money enter the plot of the computers in large numbers from overseas to serve for this purpose.
Bitcoin has not been viewed as legitimate but also not have sanctions. The State Bank is just an organization, individuals should not invest, hold and perform transactions related to Bitcoin as well as virtual money similar to avoid risks because there is no mechanism in protections.