What Is Bitcoin?
Bitcoin is a decentralized digital currency created in January 2009. It follows the ideas set out in a white paper by the mysterious and pseudonymous Satoshi Nakamoto.12 The identity of the person or persons who created the technology is still a mystery. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms do, and unlike government-issued currencies, it is operated by a decentralized authority.
Bitcoin is known as a type of cryptocurrency because it uses cryptography to keep it secure. There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to (although each record is encrypted). All Bitcoin transactions are verified by a massive amount of computing power via a process known as "mining." Bitcoin is not issued or backed by any banks or governments, nor is an individual bitcoins valuable as a commodity. Despite it not being legal tender in most parts of the world, Bitcoin is very popular and has triggered the launch of hundreds of other cryptocurrencies, collectively referred to as altcoins. Bitcoin is commonly abbreviated as BTC when traded.
Understanding Bitcoin -
The Bitcoin system is a collection of computers (also referred to as "nodes" or "miners") that all run Bitcoin's code and store its blockchain. Figuratively speaking, a blockchain can be thought of as a collection of blocks. In each block is a collection of transactions. Because all of the computers running the blockchain have the same list of blocks and transactions and can transparently see these new blocks as they're filled with new Bitcoin transactions, no one can cheat the system.
Anyone—whether they run a Bitcoin "node" or not—can see these transactions occurring in real-time. To achieve a nefarious act, a bad actor would need to operate 51% of the computing power that makes up Bitcoin. Bitcoin has around 13,768 full nodes, as of mid-November 2021, and this number is growing, making such an attack quite unlikely.
But if an attack were to happen, Bitcoin miners—the people who take part in the Bitcoin network with their computers—would likely split off to a new blockchain, making the effort the bad actor put forth to achieve the attack a wasteforth
Balances of Bitcoin tokens are kept using public and private "keys," which are long strings of numbers and letters linked through the mathematical encryption algorithm that creates them. The public key (comparable to a bank account number) serves as the address published to the world and to which others may send Bitcoin.
The private key (comparable to an ATM PIN) is meant to be a guarded secret and only used to authorize Bitcoin transmissions. Bitcoin keys should not be confused with a Bitcoin wallet, which is a physical or digital device that facilitates the trading of Bitcoin and allows users to track ownership of coins. The term "wallet" is a bit misleading because Bitcoin's decentralized nature means it is never stored "in" a wallet, but rather distributed on a blockchain.
Peer-to-Peer Technology -
Bitcoin is one of the first digital currencies to use peer-to-peer (P2P) technology to facilitate instant payments. The independent individuals and companies who own the governing computing power and participate in the Bitcoin network—Bitcoin "miners"—are in charge of processing the transactions on the blockchain and are motivated by rewards (the release of new Bitcoin) and transaction fees paid in Bitcoin.
These miners can be thought of as the decentralized authority enforcing the credibility of the Bitcoin network. New bitcoins are release> In this way, Bitcoin and other cryptocurrencies operate differently from fiat currency; in centralized banking systems, the currency is created at a rate matching the growth of the economy; this system is intended to maintain price stability. A decentralized system, like Bitcoin, set the release rate ahead of time and according to an algorithm.
- IP Addresses and Computers
- You are not allowed to use more than one account per IP address.
- You are not allowed to use multiple addresses per coin.
- You are not allowed to claim with more than one FaucetPay account on the same computer. This includes family, friends, and using your account on public computers.
- Referring
- You are allowed to refer an unlimited number of members.
- you are not allowed to refer yourself
- You are not allowed to send unsolicited mail or force anyone to use Ethiomi.com as your referral. Any account identified doing such shall be suspended.
- Cheating
- You are not allowed to use any kind of software, application, or another kind of automated software to claim. All accounts will be caught and will be automatically suspended.
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- Captcha solving services and software are not allowed.
- Any attempt to hack the system will lead to an automated account suspension.
- Any attempt you modify the website will lead to an account suspension. You are not allowed to modify the website under any circumstances. This includes the use of custom scripts and cosmetic website changes.
- All abnormal activity is logged and you will be suspended if you are detected to be conducting suspicious activity.
- Withdrawals
- All withdrawals are processed through the FaucetPay network.
- All withdrawals are sent instantly.
- Account Suspension
- We will never suspend an account for no reason.
- We deem the right to judge if a member is practicing illegal activity and we are not limited by the Terms of Service in making decisions.
- We will not accept any appeal requests for account suspensions, and email inquiries will not be responded to unless a convincing reason is given.
- Accounts suspended will have their referrals taken away.
- Liability
- We are not liable for damages done due to any acts of God, fire, natural disasters, or anything we have no control over.
- We are not responsible for any content served through advertisements.
- We reserve the right to modify the terms of service at any time without notice.
What is FaucetPay?
FaucetPay is a wallet provider for cryptocurrencies where you can receive micropayments from faucets and other sites that pay through cryptocurrencies without additional charges, it is an excellent alternative to conventional wallets. You will also have at your disposal an 'Exchange' where you can instantly exchange cryptocurrencies.
