Cue Ball (BitOk)
Today, almost every Internet user knows about Bitcoin. The gold rush has reached its climax. The World Wide Web is full of people who want to get their share of digital gold. The query for the word “cryptocurrency” is increasingly leading in search engine rankings.
An inexperienced user, plunging into the information field, is confused by the variety of names of cryptocurrencies: BitOk, Bitcoin (BTC), Dogecoin (DOGE), Litecoin (LTC) Bitcoin Gold (BTG), etc. Beginners are easy prey for cyber scammers who advertise enrichment for two mouse clicks.
Historical background about Bitcoin
BTC became the first cryptocurrency. In essence, it represents open source software. The first official mention of it dates back to 2008. A decade earlier, theoretical ideas about the principles of cryptocurrency were expressed. The first block of 50 BTC was generated in early January 2009. This event was noticed only by a few initiates. The popularity expanded with the growth of the electronic currency and reached a global scale in 2022, when 1 BTC was traded at a price of $11-12,000.
“Main” cryptocurrency
Bitcoin takes precedence in everything related to cryptocurrencies as such. Its rate sets the cost of various digital currencies that are traded relative to BTC. Altcoins are also distinguished:
- Bitcoin Gold (BTG);
- Bitcoin Cash (BTCC);
- Namcoin (NMC);
- Freicoin (FRC), etc.
Their creation occurs under the auspices of improving the BTC format. Many altcoins quickly “sank to the bottom”, unable to overshadow the success of Bitcoin.
The popularity of Bitcoin has led to its synonymy with the term “cryptocurrency” in the Internet community.
It is a mistake to use “BitOk, BitOk” in this context, since that was the name of one of the fly-by-night currencies. At one time, its creators, who wished to remain anonymous, hit a big jackpot by deceiving unlucky investors and miners.
BitOk – failed digital gold
The name of the failed digital gold BitOk is incredibly consonant with the slang “cue ball”, which traders and miners diminutively call Bitcoin. In 2013-2014, there was a stir on the Internet around the new currency. This was facilitated by an advertising campaign for the Facebook group of the same name, which has almost a thousand subscribers.
The cryptocurrency was traded on a single exchange - Yobit. At the beginning of 2017, the BitOk/BTC rate was approaching zero at the speed of a diving plane. In parallel with this, another exchange emerged, intended exclusively for BitOk holders. Developers everywhere offered to install software to make money.
Nobody promised mountains of gold. The offer to mine BitOk on your home PC for free looked tempting. The community had an MLM structure with a depth of up to 10 levels. The excitement lasted for more than a year. During this time, the referral system has grown to include schoolchildren, students and housewives. Payments were delayed for the following reasons:
- Problem with wallet development;
- Functionality not working;
- Exchange rate fluctuations.
The latest reports about BitOk date back to mid-2022, when the currency immediately fell in price by 250 times. The exchange and community ceased activity a year earlier. The unsuccessful “flight” of BitOk is explained by artificially fueled interest, lack of investment, and lack of demand for the young currency.
Ways to earn Bitcoin
You need to know traditional (legal) ways to earn bitcoins so as not to fall into the trap of scammers. Today there are three ways:
- Speculation on the stock exchange;
- Mining (extraction);
- Cloud mining.
Speculation on the stock exchange requires intuition and knowledge about the formation of the exchange rate. Cryptocurrencies are fundamentally different from fiat money and are not affected by:
- Political crises;
- Commodities market;
- Financial regulation.
The Bitcoin rate depends only on the number of transactions or demand. Participation in auctions requires investment.
Mining is called hardware mining. At the dawn of Bitcoin, miners were content with the performance of their own PC. Now this direction of production has completely switched to so-called farms. Their productivity is equivalent to thousands of computers, and electricity consumption reaches 20-30 thousand kW per month. Every day such a farm earns 4-5 VTK. This type of production is entirely in the hands of the largest IT equipment manufacturers.
Cloud mining is carried out on the basis of the same farms. The difference is that the cost of the equipment is compensated by rent. Internet users act as renters. Farm owners divide the mined bitcoins among mining participants in proportion to their contribution.
Many users paid attention to Bitcoin due to the widespread inflation of national banknotes. But you should understand that to start earning bitcoins, regardless of its form, will require temporary financial costs.
END OF MINING... CHINA IS DESTROYING CRYTPA... ETHER.. BIOC..DeFi..
3 months ago +6
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Nayib Bukele
