What is Bitcoin?

Bitcoin is a digital currency that doesn't belong to a central bank or a government agency. Satoshi Nakamoto wrote Bitcoin in 2008 and announced it with a manifest. Bitcoin became operational on January 3, 2009, and its symbol is "₿", and its abbreviation is BTC. When Satoshi Nakamoto, the system's designer, created Bitcoin, he installed a strict limit on the number of Bitcoin that could ever exist. There will never be more than 21 million bitcoin. This particular digital currency doesn't belong to any country, or it doesn't have any owner. So Bitcoin cannot be subjected to taxation, or nobody can keep track of it. So as to get further information about Bitcoin, we recommend you to read its White Paper, also known as Bitcoin manifest.
 

How to Buy Bitcoin?

Bitcoin has become very popular with its volatility and the price changes people experience from the very first day of its creation. It increasingly draws the attention of investors. Its usage has become widespread, and people have started to see it as an alternative to traditional financial assets. With this backdrop, investing in Bitcoin is now more meaningful.

To buy and sell Bitcoin on ICRYPEX;

• "Sign up" to ICRYPEX by providing your details such as your full name, phone number and e-mail address.

• After completing the signing process, you shall click "Deposit" and continue depositing TL to your ICRYPEX account from a bank account opened under your name. Should you wish, you can start trading by sending Bitcoin to your Bitcoin wallet. To do this, you should create your Bitcoin wallet under the "Assets" section.
• To complete deposits via the banking system, the receiver's name/title should be ICRYPEX Bilişim AŞ. The bank will reject any money transfer unless you write the receiver's name in full and correct. The bank will reject any transfer requests with misspellings, incomplete spellings, or writing a different name.
• Please find the transaction code under the "Deposit" section and write it down to state it on the bank receipt. You can perform money transfers via the TL checking accounts opened under your name.
• After sending the TL balance to your wallet, please go to the "East Trade" page, and click "Easy Buy". Later, write the Bitcoin amount you'd like to buy, choose the exchange rate, put your buy order, and execute your order. After completing the BTC buying transaction, you can monitor the market conditions and the current conjuncture and put your investments to good use.

On ICRYPEX, you will have a Customer Representative assigned to you, which you can reach 24/7, and will get daily and weekly analyses. Thanks to these unique offerings, you can buy and sell Bitcoin swiftly and execute your transactions safely.
 

How Does Bitcoin Transfer System Work?

Once a BTC transaction is executed on the network, the transaction is registered. However, it is impossible to alter or delete it once it is completed. Each user can see all transactions and all transferred amounts from or to any BTC address, and all the relevant information is visible to every user. Yet, sharing personal information openly on the system is not mandatory. As generally desired, it is possible to execute transactions anonymously.
 

Specifications of Bitcoin

A Bitcoin user can transfer their BTCs to an address on the condition that the said address is in the network. It is impossible to alter or delete it once the transaction is completed. Your orders are executed within seconds. However, it may take up to 1 hour for the system to confirm. Each Bitcoin is divisible to 8 decimal places. This allows users to transfer Bitcoin in pieces. Either the transaction fee is too low, or there is no fee at all. This is one of the most significant features that make Bitcoin more favourable outside the existing system.

How Does Bitcoin Mining Work?

Bitcoin mining is something that every individual who wants to be a miner can participate in, and it has seen massive interest from the beginning. Bitcoin miners create blocks at different degrees of difficulty using proof of work, and submit those blocks for approval. Blocks with proof of work are attached to the blockchain. A block is created roughly about every 10 minutes. A miner that achieves to create a new block with proof of work is awarded with brand new Bitcoin (BTC). If a block is created in less than 10 minutes, the system detects this, and increases the difficulty of mining Bitcoin. Initially, individuals were mining Bitcoin on their personal computers, but nowadays, some special computers are specifically designed for mining. These computers are increasing electricity consumption and are creating noise pollution. Nonetheless, they have become more professional in solving mathematical problems.

Today we have two solutions to the increased electricity consumption and computer cost. One of them is the cooperation between the miners by creating a collective pool. The other one is Bitcoin cloud mining. In cloud mining, miners rent the system and the hardware from a company that is in Bitcoin mining. This way, the company does Bitcoin mining for a given period for the investors at a fixed price.