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About Bitcoin

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Oliver01

Posts : 208
Join date : 2016-03-26

About Bitcoin

Post by Oliver01 on Wed Jan 04, 2017 10:49 am

Bitcoin is a digital currency created in 2009 by Satoshi Nakamoto. The name also refers both to the open source software he designed to make use of the currency and to the peer-to-peer network formed by running that software.

Unlike other digital currencies, Bitcoin avoids central authorities and issuers. Bitcoin uses a distributed database spread across nodes of a peer-to-peer network to journal transactions, and uses digital signatures and proof-of-work to provide basic security functions, such as ensuring that bitcoins can be spent only once per owner and only by the person who owns them.

Bitcoins can be saved on a personal computer in the form of a wallet file or kept with a third party wallet service, and in either case bitcoins can be sent over the Internet to anyone with a Bitcoin address. The peer-to-peer topology and lack of central administration are features that make it infeasible for any authority (governmental or otherwise) to manipulate the quantity of bitcoins in circulation, thereby mitigating inflation.

Bitcoin is a peer-to-peer implementation of Wei Dai's b-money proposal and Nick Szabo's Bitgold proposal. The principles of the system are described in Satoshi Nakamoto's 2008 Bitcoin whitepaper. Bitcoin relies on the transfer of amounts between public accounts using digital signatures. All transactions are public and stored in a distributed database which is used to confirm transactions and prevent double-spending.


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Jons02

Posts : 353
Join date : 2016-11-15

Re: About Bitcoin

Post by Jons02 on Mon Jan 23, 2017 2:29 pm

Bitcoin is a virtual currency, not an investment. Its value goes up and down but not for understandable reasons, as a stock or mutual find might.

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Toni06

Posts : 90
Join date : 2016-05-09

Re: About Bitcoin

Post by Toni06 on Fri Feb 24, 2017 2:54 pm

Bitcoin is a completely digital pay to pay money. Money used to be gold or silver, which worked out pretty well for about 5,000 years.

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Re: About Bitcoin

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