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what is bitcoin

Is a cryptocurrency designed to act as money and a form of payment beyond the control of any person, group, or organization, thus eliminating the need for third parties to participate in financial transactions.

Bitcoin was created as a way for people to send money online. The digital currency is intended to provide an alternative payment system that will operate independently of government control and can be used just like traditional currencies.

Bitcoin was introduced to the public in 2009 by an anonymous developer or group of developers using the name Satoshi Nakamoto.

It has since become the most well-known cryptocurrency in the world. Its popularity has inspired the development of many other cryptocurrencies. These competitors either try to replace it as a payment system or are used as utility or security tokens in other blockchains and emerging financial technologies.

One of the factors that makes Bitcoin useful is its limited supply. Only 21 million Bitcoins will be produced. Currencies such as the American dollar and the Euro, which are the main actors of the traditional financial system, can be produced in unlimited numbers. One of the most basic expressions of finance theories is that if supply remains constant while demand increases, the price will always increase. Bitcoin confirms this theory.

After its birth, Bitcoin caused the birth of many different cryptocurrencies due to its inability to provide sufficient capacity in terms of both speed and scalability. These cryptocurrencies are called “alternative coins”, in other words, “altcoins”. These cryptocurrencies, which are developed in a similar or different structure from the Bitcoin blockchain, can be programmable and have a faster structure.

Just like you keep traditional coins in a physical wallet, virtual currencies are held in digital wallets and can be accessed from client software or a variety of online and hardware tools.

What is Mining?

Bitcoin mining is the process of creating new bitcoins by solving highly complex mathematical problems that verify transactions in the currency. When a bitcoin is successfully mined, the miner receives a predetermined amount of bitcoins.

Bitcoin mining: covers the process of verifying and adding Bitcoin blocks to the chain using the computing performance of the devices and generating Bitcoin as a reward. People who produce Bitcoin are called miners. The miner who first validates the Bitcoin block is entitled to receive newly generated Bitcoins and transaction fees for transactions within the verified block. All transactions on the Bitcoin blockchain are recorded from the first Bitcoin block. All transfers made are anonymous but not completely confidential.

Why Is Bitcoin Falling?

There are many reasons for the depreciation of Bitcoin and other cryptocurrencies: Regulation, security issues in cryptocurrencies, and government intervention.

Sudden pullbacks, such as rapid rises, are also seen in cryptocurrencies. In addition, the reasons for the declines such as the rise not exactly associated with a factor. While everything is going well in the market, a decrease can occur suddenly. Under normal circumstances, financial instruments move up or down when they encounter factors that affect their supply and demand. When the Bitcoin chart and price movements are examined, the effects of changes in supply and demand are partially seen.

Comment About What Bitcoin is

Since BTC has a limited supply, its value continues to increase as the amount of circulation in the market increases. However, with the prices starting to decline after the rises, almost everywhere, “why is bitcoin falling” is being investigated. We are starting to see this title as videos on Youtube and last-minute developments on news sites. If you research what BTC is and what kind of coin it is before proceeding to investment transactions, you can better understand the reasons for the decline. Understanding its technology and putting some thought into solving the reasons for price movements can be seen as the rules of being a good investor. In addition, if you want to profit from this business, blindly entering the market will not be the right move. You may see a decline in other cryptos because of a decrease in the price of Bitcoin due to the dominance of the market. For example, if you check the Ripple price chart while bitcoin is falling, you can easily see that it has entered a downward trend. So, by the time you understand the reason for the drop in bitcoin, you may have figured out the others as well.

To Have Bitcoin

The easiest way to buy Bitcoin is to use online exchange platforms like EgeMoney. EgeMoney makes it easy to buy, sell, send, and store bitcoins without having to store them using tools called public and private keys.

How to Buy Bitcoin?

To buy Bitcoin, users must create an account of their own on cryptocurrency exchanges. After opening an account on EgeMoney, users can buy Bitcoin by trading in BTC/TRY, BTC/USDT parity at current Bitcoin prices.

To buy bitcoin:

  • Sign in EgeMoney.
  • Complete Identity and E-mail Verification.
  • Complete KYC verifications to increase your account security.
  • Then you can trade in BTC/TRY, BTC/USDT parity.

How to buy bitcoin?

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