What is Bitcoin cryptocurency

The Bitcoin world is abuzz with both excitement and curiosity… and the opportunity for upside potential to skyrocket. Everyone from everyday Joes to reputable experts is betting on Bitcoin’s success.

It’s been a wild 8 years since Bitcoin’s release. Most notably, we’ve seen headlines of people who fortuitously purchased bitcoins early on turn into kid-millionaires. With the immense potential of new cryptocurrencies, our attention often turns to Bitcoin as a quintessential example of what’s to come.

We’ve designed this guide to teach you about Bitcoin so that you’re up to speed and ready to join the crypto-world.

What is Bitcoin?

Released as an open-source software in 2009, Bitcoin is often credited as the world’s first cryptocurrency and is best defined as a digital currency that only exists electronically.

Bitcoin is decentralized, meaning it doesn’t have a central issuing authority or political institution that controls the amount of bitcoin in circulation. But the Bitcoin platform is far from anarchy.

The whole process is pretty simple and organized: Bitcoin holders are able to transfer bitcoins via a peer-to-peer network. These transfers are tracked on the “blockchain,” commonly referred to as a giant ledger. This ledger records every bitcoin transaction ever made. Each “block” in the blockchain is built up of a data structure based on encrypted Merkle Trees. This is particularly useful for detecting fraud or corrupted files. If a single file in a chain is corrupt or fraudulent, the blockchain prevents it from damaging the rest of the ledger.

Instead of relying on a government to print new currency, Bitcoin’s blockchain programming handles when bitcoins are made and how many are produced. It also keeps track of where bitcoins are and ensures the transactions are accurate.

There are currently about 17 million bitcoins in circulation. There isn’t a central regulatory agency or government controlling the supply of bitcoins, meaning the supply is controlled by design. The total supply to ever be created is capped at 21 million bitcoins.

This cap raises an argument that Bitcoin could have problems scaling. However, since Bitcoin is essentially infinitesimally divisible (meaning users can transfer as little as 0.00000001 bitcoins), this doesn’t really create a scaling issue. The magic number of 21 million is arbitrary.

It’s believed that Bitcoin was designed to become a deflationary currency to combat the government’s use of inflation as a hidden taxation to redistribute earned wealth. Many people praise Bitcoin for empowering the people by overthrowing the currency printing powers of transient politicians.

How Does Bitcoin Work?

One of Bitcoin’s most appealing features is its ruthless verification process, which greatly minimizes the risk of fraud. Since Bitcoin is decentralized, volunteers—referred to as “miners”—constantly verify and update the blockchain. Once a specific amount of transactions are verified, another block is added to the blockchain and business continues per usual.

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What is the current fee Cloud mining EOBOT

What is the current fee? 
75% for GHS 5.0 

  KLIK REGISTER CREATE ACOUNT EOBOT

Why do the electricity/maintenance fees increase? 
Think of it like this: If the fees are $1 a month in electricity and maintenance and your mining earnings are $2 a month, then our fees are about 50% of your earnings. However if the Bitcoin mining difficulty increases and/or the price of Bitcoin decreases by 25%, then your mining earnings are now only say $1.50 a month. The cost of electricity and maintenance is still $1 a month but your mining earnings dropped so your profit margin drops. Now you only have 33% profit margin. 

I still don't understand and think it's wrong, show me the math! 
The 5.0 GHS fee is $0.00011/GHS/Day. This does not change! If you multiply that number by 30.5, the average number of days in a month, then that equals to $0.003355 per GHS per Month. If you assume you have 100 GHS, that is $0.3355 a month. Currently, 100 GHS mines approximately $0.490619 USD of Bitcoin a month (according to this Alloscomp's calculator or any other Bitcoin mining calculator). So when you divide earnings by the fee, $0.3355/$0.490619, you get the fee of 75%. 

Now where it gets confusing for people, is when Bitcoin mining difficulty increases. If it just increases 10%, most people would think the fee should only increase by a little. But in fact, the mining earnings will go from $0.490619 GHS to $0.4415571 GHS (0.490619*0.90). The fee always stays the same, but a 10% difficulty increase means that the fee might increase more than 10% of what it earns and mines. 

Note, for the S5 and 2.0 GHS, the fee is $0.00117/GHS/Day. 

Note, for the S7 and 3.0 GHS, the fee is $0.00058/GHS/Day. 

Note, for the S9 and 4.0 GHS, the fee is $0.00021/GHS/Day. 

Note, for the S15 and 5.0 GHS, the fee is $0.00011/GHS/Day. 

Bitcoin Mining Difficulty Chart

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How can I earn bitcoin here Faucet

How can I earn bitcoin here?

There many ways to earn bitcoin and other alt coins at FaucetHub. The main way is by visiting and claiming from the many faucets found here. Click on "Sites" and you will be taken to a list of some of the many faucets that use FH as their payment service. From there, you will also find tabs for the many other alt coins supported by FH and their faucets. By upgrading to Premium, you will also unlock a list of additional faucets not available to regular users. 

Another way to earn coins is by participating in the chat room/chat box. Every hour 50 active chat users will get BTC satoshi "rained" on them by the "rainmaster". Funds are taken from the "rainpool" and divided randomly among 50 active users. And while in the chat room/box, you may also be lucky enough to get coins from other users who will rain or tip from time to time. Commands to make your own rain and tips can be found in the "HELP" tab of the chat box.

Offerwalls (OW) are yet another way users may earn coins at FH and can be found in the "FREE BITCOIN" tab at the top. While the offerwalls may not be available to users in some geographic locations, they can be an effective method for earning for those that are able to use them.

The fourth way a user can earn at FH is by playing the games offered here, found in the "GAMES" tab. You can play dice, rock-paper-scissors, or the lottery. While you may lose more often than you win, the possibility to win big attracts a lot of users. Use caution and your best judgement when playing the games.

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About the hitbtc coin exchange

HitBTC is the world’s most advanced cryptocurrency exchange. Since 2013, HitBTC has been providing markets for Bitcoin, Ethereum, Litecoin, Dogecoin, Monero, USDT, and more than 300 cryptocurrencies in total.

Created by outstanding technical minds, high-level finance professionals and experienced traders, HitBTC is delivering the most reliable, fast and powerful platform solution on the market.

The platform has earned its reputation for fault-tolerance, flawless uptime and high availability. Its core matching engine is among the best technological products in its class, offering traders a wide range of features such as real-time clearing and cutting-edge order matching algorithms.
Key Features:
Rebate system - attractive to the most powerful market makers, creating high liquidity
No limits for deposit or withdrawal of digital assets
Cutting-edge matching engine technologies
Wide range of available instruments (more than 500)
The most advanced API on the market (REST API and FIX API)

The access to the crypto assets exchange platform technology under the registered trademark “HitBTC” is provided in accordance with the Terms of Service. For more legal information please follow this link.

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How to fix suspended accountsHITBTC

Withdrawals on your account are kept on hold "
"Withdrawals on your account are kept on hold till [date] for the sake of your security."

Trying to withdraw your funds and receive this error? There are two possible reasons.

Password reset

In case someone gains the access to your email account, he will be able to reset your HitBTC password and get the access to it as well.

For security reasons, once password recovery is initiated and successfully confirmed, withdrawals on the account are being kept on hold for the next 72 hours.

In case you haven't requested password recovery, please contact our support team as soon as possible by submitting a request here: my account was hacked.

Whitelist

If you are using the whitelist for your withdrawal addresses, you may potentially face this problem because of two cases:
1. A new address was added to your whitelist. When it happens, your withdrawals get disabled for 48 hours.
2. Your whitelist got disabled. For the safety of your funds, your withdrawals are being suspended for 48 hours.

Note: this is an important security measure, which is why it is strictly forbidden to resume withdrawals before the indicated time&date. We cannot do this even upon request to the Support Team.

If you have initiated none of these actions and you see this error, please contact us.

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What is Bitcoin?

What is Bitcoin?

With the Bitcoin price so volatile everyone is curious. Bitcoin, the category creator of blockchain technology, is the World Wide Ledger yet extremely complicated and no one definition fully encapsulates it. By analogy it is like being able to send a gold coin via email. It is a consensus network that enables a new payment system and a completely digital money.

It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. Bitcoin was the first practical implementation and is currently the most prominent triple entry bookkeeping system in existence.

Beware of the confusingly similar Bcash, BCH, Bitcoin Cash project.

Visualize and Download High-Resolution Infographic
Who created Bitcoin?

The first Bitcoin specification and proof of concept was published in 2009 by an unknown individual under the pseudonym Satoshi Nakamoto who revealed little about himself and left the project in late 2010. The Bitcoin community has since grown exponentially.

Satoshi's anonymity often raises unjustified concerns because of a misunderstanding of Bitcoin's open-source nature. Everyone has access to all of the source code all of the time and any developer can review or modify the software code. As such, the identity of Bitcoin's inventor is probably as relevant today as the identity of the person who invented paper.
Who is involved in Bitcoin?

Over $1B of investment into Bitcoin and blockchain companies has taken place resulting in thousands of companies and hundreds of thousands of individuals involved from around the world.
What is the Blockchain?


Who controls the Bitcoin network?

Nobody owns the Bitcoin network much like no one owns the technology behind email or the Internet. Bitcoin transactions are verified by Bitcoin miners which has an entire industry and Bitcoin cloud mining options. While developers are improving the software they cannot force a change in the Bitcoin protocol because all users are free to choose what software and version they use.

In order to stay compatible with each other, all users need to use software complying with the same rules. Bitcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus.
How does Bitcoin work?

From a user perspective, Bitcoin is nothing more than a mobile app or computer program that provides a personal Bitcoin wallet and enables a user to send and receive bitcoins.

Behind the scenes, the Bitcoin network is sharing a massive public ledger called the "block chain". This ledger contains every transaction ever processed which enables a user's computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses therefore allowing all users to have full control over sending bitcoins.

Thus, there is no fraud, no chargebacks and no identifying information that could be compromised resulting in identity theft. To learn more about Bitcoin, you can consult the original Bitcoin whitepaper, read through the extremely thorough Frequently Asked Questions, listen to a Bitcoin podcast or read the latest Bitcoin news.
Sponsors for free Bitcoins

Many people new to Bitcoin are curious about how to get some. Bitcoin faucets, places where bitcoins are given away for free, have been a part of spreading Bitcoin since the earliest days. But one problem is running out of bitcoins to give! That is why we have figured out a sustainable way to give away free bitcoins with sponsors.

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