Bitcoin (www.Bitcoin.org) — 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. From a user perspective, Bitcoin is pretty much
like cash for the Internet.
Bitcoin is the first implementation of a concept called "cryptocurrency", which
was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting
the idea of a new form of money that uses cryptography to control its creation and
transactions, rather than a central authority. The first Bitcoin specification and
proof of concept was published in 2009 in a cryptography mailing list by Satoshi
Nakamoto. Satoshi left the project in late 2010 without revealing much about himself.
The community has since grown exponentially with many developers working on Bitcoin.
From a user perspective, Bitcoin is nothing more than a mobile app or computer program
that provides a personal Bitcoin wallet and allows a user to send and receive bitcoins
with them. This is how Bitcoin works for most users Behind the scenes.
Bitcoin network is sharing a public ledger called the "block chain". This ledger
contains every transaction ever processed, allowing a user's computer to verify
the validity of each transaction. The authenticity of each transaction is protected
by digital signatures corresponding to the sending addresses, allowing all users
to have full control over sending bitcoins from their own Bitcoin addresses. In
addition, anyone can process transactions using the computing power of specialized
hardware and earn a reward in bitcoins for this service. This is often called "mining".
The answer to question "Why people buy young and non-common currency?" becomes the
key to another idea of Bitcoin. In addition to the ability to create applications
that are running on the basis of Blockchain technology it's comfortable to generate
new cryptocurrency using Bitcoin.
Imagine that you are an artist, and to finance the creativity you have issued your
own currency. To support you, people just have to buy some of your coins to invest
in your personal IPO.
Imagine a world where everyone can let to issue his own currencies, and people have
e-wallets that are able to accept all these currencies. Such currency business could
encourage its users by creating a fundamentally new version of bonus points, which
can grow in value. The idea of "create your own currency and pay it for the development
the product" will be perfect for startupers. This is a new model that has not previously
existed principally due to lack of appropriate technology.
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