Bitcoin is an electronic payment system that benefits people in many ways. A peer to peer (P2P) network where users make private and secure transactions every day through the internet. A brand new form of currency that allows people to profit without transfer fees or any withholding of funds. The cryptocurrency does not require financial institutions and is currently becoming more and more established with each passing day.
A group of computer engineers, programmers, and businessmen all over the world are creators of this fascinating algorithm that creates digital currencies every single day! It is created under the moniker of Satashi Nakamoto as the lone creator who shies away from taken the credit. This is like the Wright Brothers not taking credit for the airplane or Thomas Edison with the light bulb. But the reality is it was designed by a group of intelligent people, even strong rumors of CIA involvement but of course they deny this, with the original concepts of bitcoin going all the way back to 2004. Here is an excerpt from that 2004 document by Nick Szabo.
Instead of the name bitcoin, back then it was called bit gold.
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No longer is it just the “internet currency”.
The beauty of this digital currency is it can not be banned. The cryptocurrency is world wide and growing rapidly to the point where pizza shops in California are accepting it as a form of payment, ATM machines are accessible in Hong Kong, Vancouver, California, and Boston (at South Station near Pinkberry) – all signs pointing to a future form of money taking root.
Crypto currency protects your privacy.
All transactions are transparent and recorded publicly in order to provide a trustworthy platform for everyone. Security is headed up by bitcoin miners who oversee the transactions in order to protect the integrity of the transaction and prevent things like double-spending. Protecting the privacy is a priority for the miners but it does take some effort by the user in order to keep a gridlock on it.
The identities of the parties involved remains unknown until information is revealed during a transaction. This is one reason why your digital addresses should only be used once. By adopting sound practices to protect your privacy, you further enhance the security of an already well protected network.
Cryptocurrency is stored within digital wallets
In order to start receiving or sending digital currency, you will need a bitcoin wallet. These can be obtained easily from companies like Blockchain or Coinbase at no cost. Once you obtain your crypto wallet, you will receive a digital address similar to 1DmgRi1d5qJ2U5ec2K6bVh6BkQUrQv1vrf. This 27-34 unique character string will be used as your identification for making purchases, accepting payments, etc.
The exchange rate for the cryptocurrency varies daily. Because of this volatility, people may tend to try to obtain them for free or purchase tiny amounts of the currency in order to experiment with the decentralized currency.
Who Owns It?
The Federal Reserve, World Bank, International Monetary Fund controls and centralizes the American dollar. Cryptocurrency is decentralized because nobody owns it. It was an idea generated by Dorian Satoshi Nakamoto through emails and has now taken off into a person to person network that generates and monitors this brand new global currency everyday.
If you wanted to start generating this digital currency yourself you can. All you will need is some hardware to do so.
Sounds simple right?
Well once you factor in electricity costs for the equipment running 24/7, cost of the equipment itself, noise and other factors, many people tend to shy away from mining there own. But it could be done.
Bitcoin is being used to buy houses, apartments, state-of-the-art technology, eBay auctions, software, web-hosting, and more! With the likes of Apple, Dish Network, NewEgg.com, and Expedia all accepting BTC as a form of payment, adding vital credibility to cryptocurrency.
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