How to determine bitcoin (bitcoin, btc, btk, bitcoin) in simple words? This is a new generation of decentralized digital currency, created and working only on the Internet. No one controls it, currency is emitted by the work of millions of computers around the world using a program for calculating mathematical algorithms. This is the essence of Bitcoin.
What are its differences from traditional e-money, such as Yandex.Money, WebMoney, QIWI?
For bitcoins, you can also buy anything on the Internet, like for dollars, euros or rubles, and it also trades on exchanges. The most important difference between Bitcoin and all other forms of money is decentralization. No institution in the world controls bitcoin. In terms of independence, this is a plus, but for some, this situation may cause distrust.
Who created bitcoin?
The developer of the program calls himself Satoshi Nakamoto (Satoshi Nakamoto), he proposed an electronic payment system based on mathematical calculations. The idea was to exchange coins without centralized control, electronically, more or less instantly and at the lowest cost. Read more about who Satoshi Nakamoto is in our article.
But who prints bitcoins?
NO ONE. Banks can issue as much money as they like to cover their national debt, thereby devaluing their currency.
On the contrary, the emission of bitcoins is possible only in digital form, and anyone can start to extract, or, as they say, mine bitcoins at any time. Bitcoin mining occurs through the use of computer computing power in a distributed network. When translating Bitcoins, transactions are processed by the same network, turning Bitcoin into an independent digital payment system. More information about mining Bitcoins - in our article.
Is it possible to get a billion bitcoins?
It is impossible. At the same time Bitcoin can be divided indefinitely into smaller parts - this is a digital currency! One Satoshi (named after the creator of this cryptocurrency) is 0.00000001 btc.
What provided bitcoin?
Theoretically, you could come to any bank in the country and exchange your paper money for the equivalent of gold and vice versa.
Anyone anywhere in the world can run a bitcoin mining script on their computer and feel like a central bank in miniature. The source code of the script is published in open form, everyone can see how it works.
What are the features of bitcoin?
Bitcoin has several fundamental features. Read about them below.
Decentralization
The central control authority of the bitcoin network does not exist: it is distributed to all participants, and every computer that extracts bitcoins is an equal participant in this system. This means that no central authority has the ability to dictate rules to bitcoin owners, as, say, it was in early 2013 in Cyprus.
Easy to use
To open a bank account for a company in our banks, you need to go through seven circles of hell. As a result, you can refuse without giving reasons. With Bitcoin, you can forget about such a problem: you will need five minutes to create a Bitcoin wallet and immediately start using it. No questions, no commissions.
Anonymity
Yes Yes. You can create an infinite number of Bitcoin addresses without reference to a name, address, or any other information. But…
Transparency
This is called a sequential block chain, or blockchain. Blockchain knows everything. Therefore, if you have a publicly used bitcoin address, then anyone can see how many bitcoins you have in your account. No one will know that the address belongs to you, if you do not inform about it.
Commission is negligible
Your bank can safely write off a $ 50 international transfer fee. Bitcoin is not.
Irrevocable transactions
After sending the bitcoins to the addressee, they cannot be returned if the recipient himself does not want to do this.
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