What is Bitcoin (BTC)?

Bitcoin is a cryptocurrency that is sent and received across a decentralized P2P network that also carries out the its issuance. Its main features, which the traditional financial system fails to successfully implement, include:

1. Transparency and immutability of transactions through a public ledger called blockchain.
2. Anonymity through public and private keys.
3. Decentralized control to keep monopolization at bay.
4. Limited supply of coins ever minted to prevent inflation decreasing purchasing power across time.

Created in 2009, the concept of Bitcoin was inspired by the ideas found in the whitepaper of Satoshi Nakamoto, whose identity isn’t yet revealed up to this day.

Business Models

The Bitcoin network uses a consensus protocol called proof-of-work that lets the network maintainers compute the validity of a network transaction. This process is called mining because it allows you to “mine” BTC by being the first one to successfully validate a transaction using computer hardware, now commonly called mining rigs.

This incentive system paves the way to the BTC network’s decentralized structure. Since everyone wants a piece of the reward, multiple entities from different places can participate in “mining”, creating multiple maintainers from everywhere in the world.

Unlike other tokens, Bitcoin wasn’t issued through an ICO. You can only issue new BTC through mining. You can also acquire more BTC by buying circulating ones from other parties through crypto exchanges.

How to Deposit Bitcoin with Bluebelt

1Go to https://www.bluebelt.asia/ and Register for an Account

2You can deposit your Bitcoin (BTC) into your Bluebelt General Account wallet and Exchange wallet, both of which use multisignature technology, for safekeeping

Frequently Asked Questions

Who controls the Bitcoin network?

Nobody has total control or owns the Bitcoin network. It is controlled by multiple Bitcoin users around the globe. Developers are attempting to improve the software, but the Bitcoin protocol cannot be forced to change since users have the freedom to choose what version of software they are going to use.

2. Is Bitcoin real money?

Bitcoin, as well as other legitimate cryptocurrencies, is as real as bank notes (paper bills) and coins. What makes Bitcoin different from “just digital money” is that the system where it runs cannot be hacked without destroying the whole system, which is very unlikely as of now.

3. Do people really use Bitcoin?

Yes. The number of people and businesses using it is increasing in number. Most businesses which are utilizing it are restaurants, law firms and apartments. Currently, the increase in price is driven by speculators wanting to profit from its volatile price movements.