I will resume my last conversation ... About what is Bitcoin?
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BTC, short for Bitcoin, is a decentralized virtual currency found by Satoshi Nakamoto. The inventor or anonymous group published a white paper in 2008 as a proof of concept, then released it as an open source prototype software in 2009. Bitcoin uses peer-to-peer technology to operate without central authority or banking institutions; Managing transactions and issuing new BTCs, also known as mining, is done collectively by the network. Bitcoin has many unique characteristics compared to traditional credit cards such as international payments, low transaction costs, unchangeable transactions for online stores, and security through encryption.
HOW IS A NEW BITCOIN MADE?
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Bitcoin is only made as a reward for work proof involving cryptographic hash called mining. Users offer their computing power to verify and record payments to a general ledger known as blockchain. Bitcoin that has been mined is outstanding and can be exchanged for goods and services. There will be only 21 million bitcoins available and the last bitcoin fragments will be obtained by miners in 2140. If this great bitcoin experiment works and people still use it afterwards, BTC miners will be exclusively supported by a small transaction fee for your transaction inserted quickly into the blockchain. However, these coins can be divided into smaller units, unlike ordinary bitcoin bits that can be split up to 10 ^ 8, which means that over time, people will have the ability to use bitcoins a bit small to buy goods. The smallest unit that is split from bitcoin is named 'Satoshi'.
WHO IS CONTROLING BITCOIN NETWORKS?
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No organization or individual is in full control of the entire network. The Bitcoin network has no dependence on a central authority or a single administrator. Managing transactions and issuing new bitcoins is done collectively on the blockchain mentioned above. The Bitcoin protocol itself can not be modified without the cooperation of all its users in updating the software as a whole.
Bitcoin has several different features from government supported currencies:
.,.,,..,.,.,.,..,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.,.1. The highly decentralized nature of Bitcoin distinguishes it from conventional money issued by central banks or federal agencies.
2. It is very easy to setup Bitcoin Software and Take Payment. Unlike conventional bank accounts, you can set bitcoin addresses in seconds without cost or documentation.
3. The anonymous nature of Bitcoin differentiates it from conventional money. The bank account has a link to your real name and other personally identifiable information.
4. Transparency on blockchain makes it different from conventional money. All newly issued bitcoin and bitcoin transactions are recorded in the public view and can be viewed directly.
5. Ease of transferring money. You can send and receive money anywhere in the world within minutes, as soon as you broadcast a transaction, confirmed and spread to other peers on the network.
6. You can choose your own cost when you issue bitcoin. High transaction fee payments can prompt very fast confirmation on bitcoin networks. However, the fee is not related to the amount transferred, so it's possible to send 10,000 BTC at no cost, and just wait a moment to be confirmed (up to three days.)
7. Bitcoin transactions are safe, irreversible, and do not contain any customer sensitive or personal information. This provides strong protection against identity theft compared to checks or credit cards.
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