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What is Bitcoin?

How to determine bitcoin (btc) by simple words? This new generation of the decentralized digital currency created and working only on the Internet. Nobody controls her, issue of currency happens by means of work of millions of computers to use of the program for calculation of mathematical algorithms worldwide. The bitcoin essence consists in it.

What is Bitcoin?

Who has created bitcoin?

The developer of the program calls himself Satoshi Nakamoto (Satoshi Nakamoto), he has offered the electronic payment service provider based on mathematical calculations. The idea consisted in conducting exchange of coins without the centralized control, in electronic form, more or less instantly and with the smallest costs.

But who prints bitcoins?

NOBODY. This currency isn’t printed by the central bank and doesn’t work by his rules. Banks can issue some money to meet a public debt, thereby depreciating the currency.

On the contrary, issue of bitcoins is possible only in a digital form, and anyone can begin to get, or as speak, to maynit bitcoins at any time. The Mining of bitcoins happens by means of use of computing capacities of the computer in the distributed network. At transfer of bitcoins of transaction are processed by the same network, turning bitcoin into independent digital payment service provider.

Whether it is possible to extract one billion bitcoins?

It is impossible. In a code of bitcoin there is a restriction: it is possible to extract at most 21 million bitcoins. At the same time the bitcoin can be divided indefinitely into smaller parts — same digital currency! One Satoshi (it is called in honor of the creator of this cryptocurrency) is 0.00000001 btc.

What is assured bitcoin?

The national currencies were assured earlier by the gold or the money, now — the GDP. Theoretically you could come to any bank of the country and exchange the paper money for the equivalent in the gold and in the opposite. bitcoin is assured by nothing, it is clean mathematics.

Any person in any point of the world can throw script according to production bitcoin to herself on the computer and feel by the central bank in miniature. The initial code of script is published in the opened aspect, each can look, how he works.

What features bitcoin?

Important features at bitcoin a bit. Read on them more low.

Decentralization

The central organ of control near bitcoin-network does not exist: it is distributed on all participants, and every computer getting bitcoin, the equal participant in rights of this system is. It means that no central organ has the possibility of dictating rules to the owners bitcoin, as, we will accept, it was at the beginning of 2013 in Cyprus. And even if some part of network will leave in exceptional system, of payment will regularly continue working.

Simplicity in use

To open the account running for the society to our banks, it is necessary to pass seven circles of Hell. In total are possible refuse you without explanation of reasons. With bitcoin it is possible to forget such problem: you ask five minutes to create the bitcoin-grant and at the same time to begin using. Without questions, without committees. More in detail how create the bitcoin-grant, read in our article.

Anonymity

Yes — yes. He is entirely anonymous and is entirely transparent at the same time. You can create the infinity of bitcoin-addresses without unification with name, address or any other information. However …

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