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Thread: What is the Bitcoin?

  1. #1
    Senior Member fxtester's Avatar
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    Default What is the Bitcoin?

    What is the Bitcoin?-bitcoin-what-is-it-jpg

    The Bitcoin is an innovative system, created by a stranger whose pseudonym is Satoshi Nakamoto in 2009, which makes it possible to check and transfer properties that rely on a non-centralized network without any authority. Bitcoin's initial application is a decentralized digital currency system. Its unit is the bitcoin.

    Bitcoin operates through a protocol and softwares that give miners the ability to issue bitcoins and perform transactions automatically and collectively. The source code that defines this protocol is free and open. Bitcoin can be used as a store of value, just like gold, but also as currency as a means of payment.

    The designer of Bitcoin created it in such a way that it self regulates. It is limited to 21 million units which can be divided up to the eighth decimal place. The organization of the operation of the exchanges is public, everyone can check the transactions made. Whether discussions between developers, cryptographic algorithms involved in mining, programs that apply protocols, everything can be examined in detail.

    A succession of numbers and letters form a virtual key and symbolize a possession of bitcoins. This key can be used to make an expense. A Bitcoin Wallet can act as a storage for virtual keys. This portfolio can be found either in a web interface, in a software or in a hardware device capable of connecting to the network in order to make transactions. We can see what is the balance in bitcoins available, what are our public keys to receive payments. These keys are associated with other private keys that must remain confidential.

    To get bitcoins, a person who owns them has to send them to us in exchange for a product or a service. Or by converting money into a virtual key through an exchange platform.

  2. #2
    Junior Member Furty's Avatar
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    I think that absolutely everyone knows what bitcoin is, but not everyone can understand how it works and how to make money on it, because there are too many variables that can affect the trade as a whole.

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