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Bitcoin Information – What are Bitcoins?
Bitcoin, almost everyone heard about it. Bitcoin is defined as being a “cryptocurrency”. The Bitcoin took like on 3 January 2009, after Satoshi Nakamoto introduced it to a group of cryptography enthusiast. People were impressed by it, and gave it a shot – and like this, the most valuable cryptocurrency started.
Satoshi Nakamoto, the pseudonym used by the Bitcoin creator, thought that the E-commerce has come to a moment where people could use another currency instead of a trust based one – such as USD, EUR, etc. Basically, you can use USD or Euro to pay for something, but there’s also the chargeback risk. For a business owner, this is one of the hardest parts – to send a product to the client and receive a chargeback. Bitcoin doesn’t work on this “trust system”. Instead, a transaction made is immutable – which means the chargeback option is not available. Therefore, using Bitcoin for a shop – you eliminate the risk of getting chargebacks.
Also, the Bitcoin has also its own digital payment system. Which means you can send or receive money using it. What’s better is that the transactions are anonymous. No one will ask for your information and the fee is the same as using a bank – if not even lower.
The Bitcoin payment system relies on the blockchain, the place where all the transaction data is stored publicly. However, on the blockchain you can see only the hash addresses of you and the other participant in the transaction and also the amount of the transaction, there’s no data displayed.
“The practical consequence of solving this problem is that Bitcoin gives us, for the first time, a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer. The consequences of this breakthrough are hard to overstate.”
Bitcoin is also decentralized, which means there’s no government who can create more bitcoins, everything is made by a state of art system which generates a certain amount of Bitcoin over time – Bitcoin who are rewarded to the miners.
A Bitcoin transaction needs miners to get it confirmed. Unlike the normal ones, these miners are basically computers using their computational powers to solve certain mathematical algorithms and verify a transaction between two parties.
Using Bitcoin, you can store your cash with a level of security even better than a bank one, you can transfer them privately to someone else and you may also profit from the long term growth, which made Bitcoin famous