DEFINITION OF 'BITCOIN'
Bitcoin is a payment system invented by Satoshi Nakamoto,
who published the invention in 2008 and released it as open-source software in 2009.
The system is peer-to-peer, users can transact directly without needing an intermediary.
Transactions are verified by network nodes and recorded in a public distributed ledger called the block chain.
What are the advantages of Bitcoin?
Installment opportunity
- It is conceivable to send and get bitcoins anyplace on the planet whenever. No bank occasions. No fringes. No administration. Bitcoin permits its clients to be in full control of their cash.
Pick your own expenses
- There is no charge to get bitcoins, and numerous wallets let you control how expansive a charge to pay when spending. Higher charges can support quicker affirmation of your exchanges. Expenses are irrelevant to the sum exchanged, so it's conceivable to send 100,000 bitcoins for the same charge it expenses to send 1 bitcoin. Also, trader processors exist to help shippers in preparing exchanges, changing over bitcoins to fiat cash and keeping subsidizes straightforwardly into dealers' financial balances every day. As these administrations depend on Bitcoin, they can be offered for much lower expenses than with Paypal or charge card systems.
Less dangers for shippers
- Bitcoin exchanges are secure, irreversible, and don't contain clients' touchy or individual data. This shields vendors from misfortunes brought about by misrepresentation or fake chargebacks, and there is no requirement for Pci consistence. Dealers can without much of a stretch grow to new markets where either Visas are not accessible or misrepresentation rates are inadmissibly high. The net results are lower expenses, bigger markets, and less regulatory expenses.
Security and control
- Bitcoin clients are in full control of their exchanges; it is unimaginable for vendors to compel undesirable or unnoticed accuses as can happen of other installment strategies. Bitcoin installments can be made without individual data fixing to the exchange. This offers solid assurance against data fraud. Bitcoin clients can likewise ensure their cash with reinforcement and encryption.
Straightforward and unbiased.
- All data concerning the Bitcoin cash supply itself is promptly accessible on the piece bind for anyone to check and use progressively. No individual or association can control or control the Bitcoin convention since it is cryptographically secure. This permits the center of Bitcoin to be trusted for being totally unbiased, straightforward and unsurprising.
Why Bitcoin ?
Mobile payments made easy
Bitcoin on mobiles allows you to pay with a simple two step scan-and-pay. No need to sign up, swipe your card, type a PIN, or sign anything. All you need to receive Bitcoin payments is to display the QR code in your Bitcoin wallet app and let your friend scan your mobile, or touch the two phones together (using NFC radio technology).
Security and control over your money
Bitcoin transactions are secured by military grade cryptography. Nobody can charge you money or make a payment on your behalf. So long as you take the required steps to protect your wallet, Bitcoin can give you control over your money and a strong level of protection against many types of fraud.
Works everywhere, anytime
Just like with email, you don't need to ask your family to use the same software or the same service providers. Just let them stick to their own favorites. No problem there; they are all compatible as they use the same open technology. The Bitcoin network never sleeps, even on holidays!
Fast international payments
Bitcoins can be transferred from Africa to Canada in 10 minutes. There is no bank to slow down the process, level outrageous fees, or freeze the transfer. You can pay your neighbors the same way as you can pay a member of your family in another country.
Zero or low fees
Bitcoin allows you to send and receive payments at very low cost. Except for special cases like very small payments, there is no enforced fee. It is however recommended to pay a higher voluntary fee for faster confirmation of your transaction and to remunerate the people who operate the Bitcoin network.
Protect your identity
With Bitcoin, there is no credit card number that some malicious actor can collect in order to impersonate you. In fact, it is even possible to send a payment without revealing your identity, almost just like with physical money. You should however take note that some effort can be required to protect your privacy.
HISTORY OF CRYPTOCURRENCY
The first cryptocurrency was Bitcoin. Bitcoin was created in 2009 by a pseudonymous developer named Satoshi Nakamoto. Bitcoin uses SHA-256, which is a set of cryptographic hash functions designed by the U.S National Security Agency. Bitcoin is a cryptocurrency that is based on the proof-of-work system.
In April 2011, Namecoin, the first altcoin, was created to form a decentralized DNS to make internet censorship more difficult. In October 2011, Litecoin was released and became the first successful cryptocurrency to use scrypt as its hash function rather than SHA-256. This gave the general public the ability to mine for litecoins without the purchase of specific hardware such as the ASIC machines used to mine Bitcoin.Litecoin began receiving media attention in late 2013 – reaching a market cap of $1 billion. Ripplecoin, created in 2011, was built on the same protocol as Bitcoin but services as a payment system – think of it like a Paypal for cryptocurrencies that supports any fiat currency, cryptocurrency, commodity or even frequent flier miles.
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