What is Bitcoin and how does the digital currency work?
Bitcoin is a digital currency (crypto currency) which is mined (created and stored electronically). Bitcoins are not printed physically and not created by central banks either – it is a decentralized currency, which is produced by people.
Bitcoin is decentralized and there is no no state control. Satoshi Nakamoto, a software developer, presented the crypto-currency in 2008.
Today it is still unknown, who is behind the pseudonym. Bitcoin is based on mathematics. Moreover there is no institutional structure, that lies behind Bitcoin and is responsible for impairment.
More than 80% of Bitcoin have already been mined: the maximum will be reached with 21 million.
One additional inflation protection is the basic code. The code itself is stated that there cannot exist more than 21 million Bitcoin. With 20.999.999,9769 there will not be produced any Bitcoins any more. This is the reason why Bitcoin is protected against inflation and why you cannot produce an unlimited amount of Bitcoin.
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What is so particular about Bitcoin?
But why are so many people interested in Bitcoin? Some countries, for example Australia and Japan, have acknowledged Bitcoin as official mode of payment. It is the different characteristics and advantages, of course, which make Bitcoin something special. Moreover it is the development of price – at the beginning of the year 2017 a Bitcoin was 900$, today the price is close to 8000$.
Decentralized and independent
Bitcoin network is decentralized – this means, that Bitcoin is not controlled through a central bank, government or any institution. Every single computer producing and transferring Bitcoin is automatically part of the network. Bitcoin is therefore an independent currency.
No bureaucratic hurdles
When you open an account at a bank, you have to overcome some bureaucratic hurdles. The Bitcoin account (known as wallet) can easily be registered – you neither need any proofs and certificates, nor other prerequisites. The only hurdle is: you need internet access.
Additionally sender and receiver stay anonymous. Transactions do not show any names, addresses or other information.
Although sender and receiver remain anonymous, the network is transparent. Every single transaction is stored in the so called blockcain.
Bitcoins can be send worldwide – the transactions only takes a few minutes. Transfer is made according to “peer-to-peer” concept – there is no agent or intermediary.
convert Bitcoin to Satoshi
|1 Satoshi||corresond||0.00000001 Bitcoin|
|10 Satoshi||corresond||0.00000010 Bitcoin|
|100 Satoshi||corresond||0.00000100 Bitcoin|
|1,000 Satoshi||corresond||0.00001000 Bitcoin|
|10,000 Satoshi||corresond||0.00010000 Bitcoin|
|100,000 Satoshi||corresond||0.00100000 Bitcoin|
|1,000,000 Satoshi||corresond||0.01000000 Bitcoin|
|10,000,000 Satoshi||corresond||0.10000000 Bitcoin|
|100,000,000 Satoshi||corresond||1.00000000 Bitcoin|
convert BTC to EUR
|1 BTC||correspond||5.555,27 EUR|
|10 BTC||correspond||55.552,70 EUR|
|100 BTC||correspond||555.527,00 EUR|
|1 000 BTC||correspond||5.555.269,98 EUR|
|10 000 BTC||correspond||55.552.699,76 EUR|
|100 000 BTC||correspond||555.526.997,57 EUR|
convert mBTC to EUR
1 mBTC is a thousandth Bitcoin and correspond 0.001 Bitcoin.
|1 mBTC||correspond||5,56 EUR|
|10 mBTC||correspond||55,55 EUR|
|100 mBTC||correspond||555,53 EUR|
|1 000 mBTC||correspond||5.555,27 EUR|
|10 000 mBTC||correspond||55.552,70 EUR|
|100 000 mBTC||correspond||555.527,00 EUR|
convert Bitcoin bits to EUR
1 Bitcoin bit is a thousandth mBTC and correspond 0.001 mBTC. 1 bit is a millionth Bitcoin and therefore 0.000001 Bitcoin.
|1 bit||correspond||0,01 EUR|
|10 bit||correspond||0,06 EUR|
|100 bit||correspond||0,56 EUR|
|1 000 bit||correspond||5,56 EUR|
|10 000 bit||correspond||55,55 EUR|
|100 000 bit||correspond||555,53 EUR|
convert Satoshi to EUR
1 Satoshi is a thousandth Bitcoin bit and correspond 0.001 bits. 1 Satoshi is 0.00000001 Bitcoin.
|1 Satoshi||correspond||0,00 EUR|
|10 Satoshi||correspond||0,00 EUR|
|100 Satoshi||correspond||0,01 EUR|
|1 000 Satoshi||correspond||0,06 EUR|
|10 000 Satoshi||correspond||0,56 EUR|
|100 000 Satoshi||correspond||5,56 EUR|