Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen (there is no central bank or institution with power over the industry - it is owned by the community).
The bills and money you hold in your wallet and in your bank account is founded on marketing, on the belief that banks and governments are trustworthy. In contrast, bitcoin is a new generation of non-bank currency, supported by that same spirit but under a private brand. Bitcoin is a form of virtual currency, created in 2009 by an unknown person using the pseudonym (fictitious name) Satoshi Nakamoto (the name used by the unknown person or persons who designed bitcoin and created its original reference implementation, Bitcoin Core).
You can buy goods and pay for services using this bitcoin currency as you would with Shillings, dollars or euros, as long as the seller or service provider accepts bitcoins. Bitcoins are used for electronic purchases and transfers. Every single purchase is immediately recorded digitally on a transaction log that tracks the time of purchase and who owns how many bitcoins. This way every transaction is 100% transparent giving more safety to the whole process.
The downside of bitcoin transaction is that you will however never know how much you're spending and on what! Each transaction is recorded in the public log, and the names of buyers and sellers are never revealed - only their Bitcoin wallet (an app where all your bitcoins and information is kept) IDs (Bitcoin addresses), keeping the transactions private. Bitcoin is increasingly becoming popular and a non-bank future of currencies with a positive trend of a number of big businesses accepting Bitcoin as a form of payment.
To be able to mine (people compete to mine using computers to solve complex maths puzzles) bitcoins, you will have to buy/need special software, hardware and equipment. Bitcoin transactions are made by combining your public (known to everyone) and private (secret - known to you only) keys together, creating a certificate that proves the transaction came from you. You can however trade bitcoins for traditional currencies of countries.
Warning:
Some countries, such as China, have blocked the use of bitcoins (not sure about the current status). The European Union warned its citizens about Bitcoin risks for the fact that cryptocurrencies have no consumer protections, meaning that you trade at your own risk when it comes to virtual hacking or any other losses, although Bitcoin seems to be the future of internet-based financial transactions.
Listen to the TED talks by Paul Kemp-Robertson and Neha Narula on Meet the future of branded currency/money
Some reference: What is bitcoin and how to earn it?
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What is Bitcoin?
- Forbidden_Technology
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- Forbidden_Technology
- Senior Expert Member
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- Joined: 9 years ago
- Has thanked: 25 times
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http://www.hongkiat.com/blog/bitcoin-questionsForbidden_Technology wrote:Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen (there is no central bank or institution with power ...
https://bitcoin.org/en/you-need-to-know
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