Bitcoin

foundation

A person by the name of Satoshi Nakamoto first introduced the idea of ​​Bitcoin in a research paper in 2008 and described it as a peer-to-peer electronic cash system, a technical term for direct trading. Between one user and another without an intermediary (such as torrenting). Bitcoin's founders say the coin, first introduced in 2009, is intended to transform the global economy in the same way that the Web has changed publishing methods.

First purchase with Bitcoin

The first Bitcoin purchase was made for two pizzas when a programmer named Laszlo Hanich posted a discussion on a Bitcoin forum in which he wrote 10,000 Bitcoins on the 18th day paying $318 million for two pizzas.

Satoshi's identity

In 2016, Australian businessman Craig Wright declared himself part of Satoshi Nakamoto and provided technical evidence, but his testimony was easily exposed.

The unit of account

The unit of account in the Bitcoin system is Bitcoin. The trading symbol used to represent Bitcoin is BTC and XTC and the Unicode symbol used is ₿. Alternate units for small amounts of bitcoin are millibitcoin (mBTC) and satoshi (Saturday). The unit of the Sat is named in honor of the coin's creator, Satoshi, and is the smallest value in the Bitcoin system of 1/100,000,000 Bitcoins, the equivalent of one hundred million bitcoins. One milli bitcoin equals 1/1000 bitcoin; One thousandth of a bitcoin or 100,000 satoshis.

Blockchain

Crystal Clear App kdict.png Main article: Blockchain

Definition of a blockchain: the largest globally distributed and open digital data set that allows the simultaneous transfer of ownership asset from one party to another without the need for an intermediary, while achieving a high level of security of transfer in the face of attempted fraud or manipulation and participation in this registration to everyone around the world.

To ensure the correctness of transactions, the Bitcoin system keeps a record of all actions that occur in the network, the so-called blockchain. This data set is shared by all nodes in the Bitcoin network via a system based on the Bitcoin protocol. The blockchain contains all the actions that are performed with Bitcoin, which allows us to know the balance of each address on this network. This concept is called a sequential description of the association between blocks, where each block contains the hash of the previous block and the material continues until it reaches the first block, which is called "Genesis Block".. Configuring the chain in this way makes it difficult to change any block after a certain period of time since its creation, since changing the block requires changing all subsequent blocks, since the hash of each block must be recalculated to update the hash value from the previous blocks in it. This characteristic makes the problem of repeatedly issuing the same coins very difficult for Bitcoin, and even the blockchain can be considered the backbone without which Bitcoin cannot exist.

glare

Bitcoin is a cryptocurrency, which means that in all its aspects it is based mainly on the principles of cryptography, and it is the first currency of its kind, the most famous and the most widely used, but nevertheless it is not the only cryptocurrency in the Internet today. There are more than 60 different cryptocurrencies available, 6 of which can be called the most important, depending on the number of users and the structure of each network, as well as where these cryptocurrencies can be exchanged and purchased for other currencies. All existing cryptocurrencies are based on the same Bitcoin principle, except for Ripple, and since Bitcoin is open source, it is possible to clone it, make some changes to it and then launch a new currency.

Mining

Bitcoin is supposed to be mined. To simplify the concept, the process is similar to extracting gold. The gold to be extracted from the ground requires special equipment for this and a great deal of effort. It is similar to Bitcoin mining. It requires dedicated hardware and software that decodes complex codes and computations. Bitcoin on high-performance computers that can withstand the extremely high pressure of these programs, such as cloud mining, a specialized company simply called Pool. Which consists of bringing together a group of people for the same goal, each one paying a percentage of money, is an investment.

reservation

A bitcoin wallet is similar to a personal, confidential and secure bank account and varies by bank, but the goal is to store your personal bitcoin balance. A wallet address consists of an encrypted combination of letters and numbers to connect you to bitcoin when you purchase it. Currency.

pay off

Paying with Bitcoin is easier than buying with credit or debit cards and can be accepted without a merchant bank account. Bitcoin payments are made via software to a Bitcoin wallet, either via a computer or a smartphone, by entering and sending the recipient's address and the amount paid

The first automated teller machine

An espresso cafe in Vancouver, British Columbia, Canada hosted the world's first Bitcoin ATM on October 30, 2013.