Everything you need to know about Bitcoin

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What is Bitcoin?

Bitcoin is a accord network that allows new payment system and cash in entirely digital kind. Bitcoin is a payment network peer-to-peer decentralized first controlled entirely by the user without any central authority or intermediary. From the user's perspective, similar Bitcoin as cash in the internet world. Bitcoin can also be seen as a bookkeeping system three most prominent records that exist today.

Creation of Bitcoin?

Implemented by the concept called "cryptocurrency", which was first described in 1998 by Wei Dai in cypherpunks mailing list, suggesting the idea of ​​a new form of currency that uses cryptography to control the manufacture and transactions, instead of using a centralized authority. The first Bitcoin specification and proof of concept published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi abandon this project at the end of 2010 without informing much about him. Bitcoin community to grow rapidly as the number of developers working on Bitcoin.

Satoshi anonymity often leads to the wrong attention, mostly related to a misunderstanding of the nature of Bitcoin-based open source. Bitcoin protocol software and published openly and developers from around the world can review the code or create your own software Bitcoin a modified version of them. Similarly, today's developers, Satoshi influence is limited to a few changes that he created and adopted by other developers, and he does not control Bitcoin. Thus, the search for the identity of the inventor of Bitcoin is now the same as searching for the identity of the inventor of the newspaper.

How Bitcoin works?

From a user standpoint, Bitcoin is nothing more than a mobile phone application or computer program that provides Bitcoin wallet and enables users to send and receive bitcoin. This is how Bitcoin works for most users.

Behind the scenes, Bitcoin network share a public record called "chain-block". This entry contains all the transactions were never processed, allowing computer users to verify kebsahan each transaction. The authenticity of each transaction is protected by a digital signature associated with a return address, allowing all users to have full control over the delivery of bitcoin Bitcoin address them. In addition, everyone can process transactions using the power calculation specialized hardware and get a gift in the form of bitcoin for this service. This activity is often referred to as "mining". To learn more about Bitcoin, you can go to a special page of the newspaper and original.

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