Bitcoins are an absolutely fascinating new comer crypto currency that was created by a certain Satoshi Nakamoto. If you’ve not heard of Bitcoins before then I must let you that Bitcoin is an innovative payment network and a new kind of money. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part as bitcoiner Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system. Now when you think about the profit that you can make with this new bitcoin technology I have to warn using the legitimate platform of trading that will help you enjoy in your trading strategy with them. Think seriously about it and invest with them here to receive your daily profit of 3% within 120 calendar days.
Who created Bitcoin?
Bitcoin is the first implementation of a concept called "crypto-currency", 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 were 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.
Satoshi's anonymity often raised unjustified concerns, many of which are linked to misunderstanding of the open-source nature of Bitcoin. The Bitcoin protocol and software are published openly, and any developer around the world can review the code or make their own modified version of the Bitcoin software. Just like current developers, Satoshi's influence was limited to the changes he made being adopted by others and therefore he did not control Bitcoin. As such, the identity of Bitcoin's inventor is probably as relevant today as the identity of the person who invented paper.
Digital: Bitcoin only exists on the internet
Independent: Bitcoin has no government backing, it is an open source project. There are no central clearing houses to verify transactions, all transactions are verified by work done by Bitcoiners over the world.
Anonymous: With the proper steps Bitcoin can allow anonymous transactions.
Fiat: Bitcoins are not representative of any other good or currency. Their value, like all other fiat currencies is derived from the collective belief that they are worth something.
What most readers of this blog are interested in, the trading and mining aspect, are the two essential parts of Bitcoin where money can be made. In a typical online transaction done through credit cards or through Paypal, there is a trusted third party that mediates the transaction. Paypal deducts money from your account and credits someone else’s account.
Prior to Bitcoin there always had to be a middle man that verified that money is actually changing hands and money is not being digitally duplicated. In the Bitcoin network there is no central authority to verify transactions, instead Bitcoin miners do this verification.
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