Bitcoin for Beginners: What It Is and How It Works(Bitcoin Up)
What is Bitcoin
The Bitcoin is the first digital cryptocurrency, ie, an intangible, inviolable, created and stored on computer currency, which is not emitted by any central bank the world. It allows you to carry out transactions in a safe and irreversible way, person to person, without the need for intermediaries such as banks.
How to get Bitcoin
It is obtained by downloading an electronic wallet application to the cell phone. The first ones to emerge were rudimentary and difficult for the "non-IT" to use. But, now, local and international developers offer easier to use wallets: Ripio, Copay, Bitpay, Xapo, Blockchain.info, SatoshiTango. It can be a means of payment, a store of value, or exchanged for goods or currencies. The current value of 1 bitcoin is around $ 1,000.
When was Bitcoin created
It was created in January 2009 by someone using the pseudonym Satoshi Sakamoto , and whose true identity is unknown. In May 2016, the Australian businessman Craig Steven Wright proclaimed himself as the inventor of Bitcoin, but so far that data could not be verified.
Bitcoin became a secure and accepted digital currency by an increasingly large world community in a very short time, due to the proven success of its blockchain operating system, a technological innovation that allows people to carry out transactions without intermediaries.
It is a paradigm shift that experts see as comparable to the social and economic revolution that caused the creation of the Internet, with the sending of the first person-to-person message.
Bitcoin was designed to have an issue cap of 21 trillion coins.
How Bitcoin works
Its blockchain technology allows drastically reducing the number of intermediaries and transaction costs in processes. It is a headache for governments, as it threatens the current functioning of the world's economies with the intervention of the Central Banks and their power to create money, as we know it today.
The bitcoin creation system is decentralized, nobody can control the issuance, which is already programmed by the Bitcoin protocol, whose code is open to everyone.
Those who are dedicated to creating bitcoins and sustaining the operation of the system are called "miners", and they are distributed throughout the world.
What is the blockchain system
The blockchain system protects itself. The "miners" and the nodes spread around the world simultaneously confirm the completion of a transaction and record it in a sequential order, in blocks. Therefore, if a hacker wants to violate the network, he jumps into the system of other computers and the blockchain does not allow the recording of that irregular transaction.
The "miners" receive compensation in bitcoins and charge a commission in bitcoins, for sustaining the system and creating the bitcoins. The process evolved so much that today it takes a lot of software and hardware capacity to create currencies, so the task was reduced to computer experts and global giant corporations.
At a technical level, protected digital records are exchanged with bitcoins, which remain in a public mega-database and maintained by the entire system of "miners". This public database does not contain the identity or personal data of the person who does it. This quality caused the attention of drug traffickers, hackers, prisons and illegal traffic of all kinds, who began to use this currency.
Bitcoin up are the currency of the future or a passing gimmick, you cannot deny that some of us have already made millions.
Therefore with the attraction of "easy" cash comes crime.
And also the crime is getting larger and a lot of refined.At nitial it had been the petty crime.
Individuals would provide to sell something for Bitcoins and not pay.
Or offer to sell Bitcoins and never deliver.
You get this in virtually each on-line marketplace.
People are getting more and more acquainted with digital currencies that cannot be seen or held in hand per se but can easily and efficiently be used for transactions.
A Cryptocurrency that was brought into this world by a man known by his pseudonym, Satoshi Nakamoto, changed the future of technology and the way we see money forever.
Bitcoin development has been no less than a revolution.
This digital currency is the most popular one since it was also the very first decentralized Cryptocurrency that we welcomed.
You just need a Bitcoin wallet first, where you can store the Bitcoins you purchase.
You’d need Bitcoin developers to help you with Bitcoin mining – it’s the process of generating a new digital currency or coin.
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