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| Bitcoin |
What is Bitcoin?
Bitcoin is a network that allows us a new payment system and one is an exclusively digital currency. It is the number one network among decentralized payment pairs driven by the same users without the intervention of a regulatory authority or intermediaries. From the user's point of view, Bitcoin is like money exclusively for the Internet .
Who created Bitcoin?
Bitcoin is the implementation of a new concept that has been called "cryptographic currency", was first described in 1998 by Wei Dai in the list of e-mails " cypherpunks ", where the idea of a new concept of money that would exclusively use cryptography to control its creation and future transactions, instead of being controlled by a centralized authority. The first specification of the Bitcoin protocol and the test as such, was published by Satoshi Nakamoto in 2009 on a list of emails. Satoshi Nakamoto left the project at the end of 2010 without giving further details about him. Since then, the Bitcoin community and usersIt has grown exponentially and currently has a number of developers who work constantly in the Bitcoin protocol.
The anonymity of Satoshi
Nakamoto has raised unjustified suspicions, in many of the cases caused by the
lack of understanding about the open source on which Bitcoin is based . The Bitcoin protocol and the
software are published openly and any programmer anywhere in the world can
review it or create its own version by modifying the software.
Who controls the Bitcoin network?
Just as no one controls
the technology behind email, Bitcoin also lacks owners. Bitcoin is controlled byall Bitcoin users . Although programmers
improve the software, they can not make changes to the Bitcoin protocol because
other users are free to choose the software and version they want to
use. To be compatible with each other, all users need to use software that
complies with the same rules. Bitcoin will work correctly only if there is
consensus among users. Therefore, all users and programmers have a great
incentive to protect this consensus.
How does Bitcoin work?
On the user's side,
Bitcoin is nothing more than a mobile or desktop app that grants
a personal Bitcoin wallet address that
allows the user to send and receive bitcoins through this address. It's
that simple for most users.
The Bitcoin network is
linked by a public accounting called "block chain" that contains the
history of each transaction that has been processed, thus allowing to verify
the validity or not of each transaction. The authenticity of each
transaction is always protected by unique digital signatures to the shipping
addresses, thus allowing all users to have full control when sending from their
Bitcoin addresses. This is called " mining " or mining. For more
information about Bitcoin, you can consult the original document.
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| USD to Bitcoin |
How to acquire bitcoins?
- As payment for goods or services provided.
- Buy and sell bitcoins in a Bitcoin exchange house.
- Exchange bitcoins with someone from your area in localbitcoins .
- Get bitcoins through the competitive mining industry .
While it is possible to
run into users who want to sell bitcoins in exchange for payment by PayPal, credit card or cash, in
most exchange houses are prohibited transactions with
cryptocurrencies. This in cases where someone purchases bitcoins using
PayPal and then reverses
the transaction or imposes a claim on the transaction. This is commonly
known as a refund request where, the user who has sent money through paypal
claims the return of their money to paypal, thus ignoring the previous
transaction.
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How difficult is it to make payments with Bitcoin?
Unlike what most people
believe, Bitcoin payments are tremendously easy to make compared to purchases with
credit or debit cards. Payments are made through the application of the
wallet, both on the computer or smartphone, just enter the purse address of the
recipient, the amount to be paid, ready. For easier introduction of the
address many purses provide the service of QR codes, in this case it is enough
to make a QR code scanner, that easy.
What happens when bitcoins are lost?
When a user misplaces
his wallet, it is as if you removed the money from circulation. The lost
bitcoins are still in the chain of blocks like other bitcoins. But, the
lost bitcoins remain inactive forever because there is a way to find private
keys that allow them to be used.
Is Bitcoin legal or illegal?
As far as we can affirm,
Bitcoin has not yet been made illegal by law in most territories. However,
in some countries (cases such as Argentina or Russia) they restrict and / or
prohibit foreign currencies in a severe way. Some countries (such as
Thailand) can limit the licensing of some entities, such as Bitcoin exchange houses .
Some countries are
taking measures to provide individuals and businesses with rules on how to
integrate this new technology, conventional financial system.
How are bitcoin created?
The new bitcoin
currencies are generated by a decentralized process called " mining " or mining in English. This process is based on
the fact that individuals are rewarded by the network for these
services. The miners Bitcoin process
transactions and secure network using specialized hardware.
Bitcoins are created at
a predictable speed and each day decreases. The number of bitcoins created
per year is reduced by half automatically over time, this until the bitcoin
emission stops completely when reaching the maximum bitcoin allowed by the
network , which is 21
million bitcoins. At this point, it is likely that bitcoin miners are kept
exclusively by transaction rates.
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