What is Bitcoin and how it differs from other forms of digital cash?
Bitkon – is a form of digital currency, created and used in electronic form. Bitcoins are not printing as dollars or euros; they produce a lot of people behind computers all over the world, using the software, critical computing tasks. This is the first example of a growing category of money, known as digital currency.
Bitcoin can be used for e-purchases of goods. In this sense it is no different from the usual for us dollars, euros and yen, which are also used for e-commerce.
A very important feature of Bitcoins, which distinguishes it from the usual money – is decentralization. None of the existing institution can not control the Bitcoin network. It gives freedom to some people, because it means that the big banks can not control their money.
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What properties have Bitcoins?
In Bitcoins have several important qualities.
1. It is decentralized.
The network is not subject to any central authority. Each machine with which are created and used Bitcoin is part of a network, all computers work together. This means that in theory, government can not impose its monetary policy and destroy the system or just pick Bitcoins in humans, such as the European Central Bank joined with Cyprus in 2013. If any part of the network is offline, the money will still continue to apply.
2. It’s easy to get started.Even to just open a bank account, you have to work hard to overcome the obstacles of banks. Configure all the necessary details for payment – another bureaucratic task more difficult puzzles Kafka. Customize address Bitcoins can be a matter of seconds, this will not cause any problems and do not need to pay any commission.
3. It is anonymous.
Almost. A user can have several Bitcoin addresses, and they are not related names, addresses and any other identifying information. But…
4. It is completely transparent.
… In Bitcoins contains all the details of each transaction that has ever committed in the network, in the form of digital recording, called blocks chain. blocks chain says it all. If you have a public Bitcoin address, one can say how many Bitcoins stored at this location. Just no one knows what they are yours.
5. Transaction fees are minimized.
The Bank may strip off you 10 pounds for international transfer. And with Bitcoin this will not happen.
6. It’s fast.
You can send money anywhere, and they will come back in a few minutes, once the network will process the Bitcoin payments.
7. They can not be returned.
If you sent Bitcoins you they will not return unless the recipient does not send them back. They spent.
So, theoretically, Bitcoins have many advantages. But what about in practice? Read about how Bitcoins mined what is happening at the time of the transaction, and as a network of records everything that happens.