What is Bitcoin

Bitcoin is a payment system introduced as open-source software in 2009 by the developer Satoshi Nakamoto. Payments in the system are recorded in a public book using your own unit of account, which is also called bitcoin. The work payments from point to point without a central repository or administrator only, which led the US Treasury calling the bitcoin a virtual currency. Although your status as currency is disputed, the media reports often refer to bitcoin as a cryptographic or digital currency.

Bitcoin is a network that works by consensus where it was possible to create a new form of payment and a new completely digital currency. It's the first decentralized payment network (point-to-point) where users is managing the system, without the need for intermediary or central authority. From the perspective of the user, Bitcoin works like cash for the Internet. Bitcoin can also be seen as the most promising triple-entry accounting system.

Who created the Bitcoin?

Bitcoin is the first implementation of a concept called "crypto-currency", which was first described in 1998 by Wei Dai cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control your creation and the transactions, rather than a central authority. The first specification of the Bitcoin and proof-of-concept was published in 2009 in a list of encryption by Satoshi Nakamoto. Satoshi left the project at the end of 2010, without revealing too much about themselves. The community has since grown exponentially with many developers working in Bitcoin.

The anonymity of Satoshi often raised unwarranted concerns, many of which are linked to misunderstanding of the open-source nature of Bitcoin. The Protocol and software Bitcoin are published openly and any developer in the world can review the code or make your own modified version of the Bitcoin software. As well as the current developers, Satoshi's influence was limited to the changes he made being adopted by others and therefore he did not control Bitcoin. As such, the identity of the inventor of the Bitcoin is probably as relevant today as the identity of the person who invented paper.

Who controls the Bitcoin network?

Nobody owns the Bitcoin network much like nobody has the technology behind the email. Bitcoin is controlled by all users of the Bitcoin around the world. While developers are improving the software, they cannot force a change in the Protocol of the Bitcoin, because all users are free to choose the software and version they use. In order to remain compatible with each other, all users need to use the software in accordance with the same rules. Bitcoin can only work properly with a total consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus.

How does Bitcoin work?

From the perspective of the user, Bitcoin is nothing more than a program or computer application ofersece a mobile wallet Bitcoin personnel and allows the user to send and receive bitcoins with him. This is how Bitcoin works for most users. Behind the scenes, the network shares a public record Bitcoin called "block" or "block chain". This record contains all the transactions already processed, allowing the user's computer check the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the addresses sent, allowing all users to have full control over the transmission of its own addresses bitcoins Bitcoin. In addition, anyone can process transactions, using specialized hardware computing power and win a reward bitcoins for this service. This is often called "mining". To learn more about Bitcoin can refer to página dedicada e o documento original.

The Bitcoins are created as a reward for the work payments processing in which users provide your computing power to check and register payments on the senior book. Called mining, individuals or companies involved in this activity in Exchange for transaction fees and bitcoins newborns. In addition to mining, bitcoins can be obtained in Exchange for fiat money, products and services. Users can send and receive electronically bitcoins for an optional transaction fee using the wallet software on a personal computer, mobile device or a web application.

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