Bitcoin appeared in 2008 after the Occupy Wall Street movement accused large banks of abusing borrowers' funds, of deceiving customers, interfering with the financial system and unreasonable fees, or, more simply, of fees. The founders of bitcoin dreamed of giving responsibility for transactions to sellers, eliminating intermediaries, canceling interest rates, making all transactions transparent, to permanently eradicate corruption. They created a decentralized platform in which everyone can control their own funds and understand what is happening to them.
During the 9 years of its existence, bitcoin has acquired a crazy popularity. It is accepted by companies all over the world, such as DELL, PAYPAL, MICROSOFT, private clinics in Warsaw and Burger King Franchisees in Russia.
So what is bitcoin? It is a new generation of decentralized digital currency, created and operating only on the Internet. It is not controlled by anybody, the currency emission occurs through the work of millions of computers around the world using a program for calculating mathematical algorithms.
What are its differences from traditional electronic money?
For bitcoins, you can buy anything on the Internet, as for dollars, euros or rubles; it is also traded on stock exchanges. An important difference between bitcoin and all other forms of money is decentralization. No institution in the world controls bitcoin.
Who prints bitcoins
No one. This currency is not printed by the central bank and doesn’t work according to its rules. Banks can issue a huge amount of money to cover government debt, thereby devaluing their currency.
The emission (issue) of bitcoins is possible only in digital form, and anyone can start to mine bitcoins at any time of the day or night. Mining bitcoins occurs by using the computing power of the computer in a distributed network. When transferring bitcoins, transactions are processed by the same network, turning bitcoin into an independent digital payment system.
Is it possible to get a billion bitcoins?
It is not. In the code of bitcoin there is a limit: you can get only 21 million bitcoins. In this case, bitcoin can be divided infinitely into smaller parts - this is the digital currency! One Satoshi (named after the creator of this cryptocurrency) is 0.00000001 btc.
What is the assurance of bitcoin?
National currencies were previously provided with gold or silver, now it’s GDP (Gross Domestic Product). For example, you can come to any bank in the country and exchange your paper money for an equivalent in gold and vice versa. Bitcoin is not assured with anything, it's a pure mathematics.
Anyone anywhere in the world can run a script to extract bitcoins on their computer. The source code of the script is published in an open form; everyone can see how it works.
Decentralization
The bitcoin network doesn’t have a central control body. It is distributed to all participants and every computer that produces bitcoins is an equal participant in this system. This means that no central body has the ability to dictate rules to the owners of bitcoins. And even if some part of the network goes offline, the payment system will continue to work stably.
Simplicity of use
We need to go through seven circles of hell to open a settlement account for the firm in our banks. And in the end it is very possible, that you will be refused without any explanation. With bitcoin you can forget about this problem forever: you will need five minutes to create a bitcoin-wallet and immediately start using it. Without questions, without commissions.
Anonymity
Yes, bitcoin is completely anonymous and at the same time completely transparent. You can create an infinite number of bitcoins without binding to a name, address or any other information.
Transparency
Bitcoin stores the entire history of transactions that have ever taken place. It is called a sequential chain of blocks or a blockchain. If you have a publicly used bitcoin address, then anyone can see how many bitcoins you have in your account. Nobody will know that the address belongs to you, unless you report it by yourself. Those who want complete anonymity use a new bitcoin address for each transaction.
Commission for transfers is negligible
Banks can easily write off $ 50 commission for international transfer. Bitcoin can not.
Transfer speed
You can send money to anyone and anywhere, and it will reach the speed of light after the bitcoin network processes the payment.
Irrevocable transactions
After sending bitcoins to the recipient, it’s impossible to return them, if the recipient himself doesn’t want to do it for some internal reasons.
its amazing how most people dont even know about other crypto currencies they just think of the Bitcoin
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