Author Topic: Some Basic Facts About Bitcoin  (Read 370 times)

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Offline alamin

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Some Basic Facts About Bitcoin
« on: December 16, 2016, 08:58:49 PM »
Bitcoin is a real currency that can be exchanged at any time for real money  through exchange : purchase or sales. Bitcoins is a payment system introduced as open-source software in 2009 by developer Satoshi Nakamoto. The payments in the system are recorded in a public ledger using its own unit of account, which is also called Bitcoins.

Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency.Although its status as a currency is disputed, media reports often refer to bitcoin as a cryptocurrency or digital currency, but to me, Bitcoin is “The People’s Money”.

Who is involved in Bitcoin?
Over $1B of investment into Bitcoin and blockchain companies has taken place since it’s invention, thus thousands of companies and hundreds of thousands of individuals involved from around the world.

Who controls the Bitcoin network?
Much like no one owns the technology behind email or internet, nobody owns the Bitcoin Network. Bitcoin transactions are authenticated an verified by Bitcoin miners which has an entire industry and Bitcoin cloud mining options.

Notwithstanding the improvement of the software by developers, they cannot at anytime force a change in the Bitcoin protocol because all users are free to choose what software and version they use.

All users are obliged to use software that complies with same rule in order to stay compatible with each other. Bitcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus.