BITCOINS An Introduction
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What is Bitcoin? Satoshi Nakamoto, founded bitcoin the first ever Digital Currency till date. It Can be traded, exchanged and holds a value in the market. An electronic payment system based on mathematical proof.
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CHARACTERISTICS OF BITCON Its Easy to Setup Bitcoin is Decentralized Infinitesimal Transaction Fees It’s Completely Transparent to Everyone Processing is Very Much Fast It’s Non-Repudiable Bitcoin is Anonymous
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WHAT IS BITCOIN BASED ON? Conventional currency has been based on gold or silver.
Theoretically, you knew that if you handed over a dollar at the bank, you could get some gold back (although this didn’t actually work in practice). But bitcoin isn’t based on gold; it’s based on mathematics.
Around the world, people are using software programs that follow a mathematical formula to produce bitcoins. The mathematical formula is freely available, so that anyone can check it. The software is also open source, meaning that anyone can look at it to make sure that it does what it is supposed to. Powered by:
Why use BITCOIN ?
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GOOD REASONS WHY IT’S WORTH TAKING THE TIME TO GET INVOLVED IN THIS VIRTUAL CURRENCY.
Reason 1
Bitcoin is Fast When you pay a cheque from another bank into your bank, the bank will often hold that money for several days, Bitcoin transactions, however, are generally far faster.
Reason 2
There are no charge-backs Once bitcoins have been sent, they’re gone. A person who has sent bitcoins cannot try to retrieve them without the recipient’s consent.
Reason 3 Central governments can’t take it away The currency is decentralized, you own it. No central authority has control, and so a bank can’t take it away from you. For those who find their trust in the traditional banking system unraveling, that’s a big benefit.
Reason 4 People can’t steal your payment information from merchants Bitcoin transactions, however, don’t require you to give up any secret information. Instead, they use two keys: a public key, and a private one. Anyone can see the public key (which is actually your bitcoin address), but your private key is secret.
You own it
Reason 5
With bitcoin,you own the private key and the corresponding public key that makes up a bitcoin address.Â
Reason 6 You can create your own money You can certainly buy bitcoins on the open
market, but you can also mine your own if you have enough computing power.
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