About BitcoinThe Bitcoin network is secured by minors who check all the transactions made on the network. Bitcoin is based on verified and secure transactions: it is a cryptocurrency.All Bitcoin network transactions are recorded and anyone can access it at any time.The source code of Bitcoin is open, anyone can consult it.At a time when more and more alternative payment services are emerging, the Bitcoin protocol has some characteristics that make it unique, even in the face of modern, fast and secure payment methods.DecentralizationTo say that Bitcoin is decentralized means that no company, no state, no organism controls it. Like e-mail or the web, it’s only a technology that anyone can use.This implies in particular that it can never change the conditions of use, since no company controls it. The only way to modify the Bitcoin protocol is to establish a consensus between the community of its users, which will only accept modifications improving the protocol.Because the system is decentralized, it is impossible to attack any point to destroy it. The database containing the entirety of all Bitcoin transactions exists in tens of thousands of copies distributed throughout the world.Open SourceAnyone can check Bitcoin’s source code for errors or loopholes. In this, the protocol is collectively secure by the entire community. If problems are found, they are treated quickly and efficiently, and not slipped under the carpet.Any programmer can also propose modifications or evolutions of the protocol. They are then discussed publicly, and potentially accepted by consensus.ScarcityThe total number of bitcoins has been set at 21 million. This number is etched in the protocol itself, and the monetary creation in the world of Bitcoin is governed by an algorithm that increases the number of bitcoins in a regular and orderly way. This process, by analogy with the precious metals with which Bitcoin shares a significant number of common points, is called mining.Bitcoins are traded on public platforms, with mechanisms close to trading floors. The price of Bitcoin is fixed solely by supply and demand.More Features about BitcoinBitcoin is both a currency and a payment system, and the most innovative way to exchange money at low cost.Bitcoin is an international digital currency, allowing you to pay for purchases anywhere in the world, instantly, without going through a bank, without disclosing the details of your credit card. It is an extremely reliable currency, used by millions of people.Bitcoin is also an unprecedented decentralized system of exchange management, ie a bankless and yet very reliable money system.? fast, economical and without bordersPayments are done in seconds, between neighbors or from one end to the other of the connected world.? decentralized and controlledBitcoin does not belong to anything or anyone, it is a common tool, as is the Internet, whose management is provided collectively by its users. The money supply of bitcoins is strictly regulated, avoiding hyperinflation and other money creation abuses.? secure and transparentAs soon as sent, your payment is unfalsifiable. All Bitcoin transactions are recorded in a public database, the Blockchain, whose data and code are available to everyone.
July 13, 2019 0 Comments