Bitcoin



What is bitcoin?

Bitcoin is a virtural Money currency that has beed created for users that wants to send or accept Money on the internet safely. It has no physical being whatsoever. The whole idea behind the Bitcoin is based on anonimity and cutting the middle man on Money transfers. It is a crypted peer to peer payment system that allows us making or recieving payements and NOT sharing any information with any third party.

Making / Recieving Payements

For sending or recieving Bitcoins, we need a Bitcoin wallet; which is an app or a software that can be used both on your phone or computer. Online Money transfer becomes very easy and cheap with this revolution called Bitcoin. We install the wallet program, type in the amount, type in the recievers adress and hit send. That is it. After we press send, our payment becomes cryptedly stored somewhere on the internet.

How Easy? How Secure?

When you make payements with your debit or credit cards, there some issues like 3D security, subscribtions and other difficulties that you might be required to share some information with a third party. These are rather more difficult ways than making payements with Bitcoin. Because with Bitcoin, you would only be typeing in and address and the amount. There no other information or process will be required from you. Even when you make your payments with Western Union, you need an account and subscription to make or recieve payements. This means you share your information with a third party. With Bitcoin payment, you have a truest anonimity. Even though Bitcoin is an open source program and everyone can see everything, this might not necesserily means you are not anonymous.

The System

The Bitcoin system is based on “decenteralazation” of everything in need to maket he system work. Open source code system and the idea and the system behind the “mining” makes Bitcoin is an uncontrolable for anyone. Everyday, individuals help and check and control the transactions with allowing their computer to be a part of collective Bitcoin computer. This way, people let Bitcoin system use their computer power to make and inspect the transactions on Bitcoin universe. For this generousity, a small amount of Bitcoin is rewarded to them. This way nobody can monopolise the Bitcoin mining pools because the reward is so little that you must litterally calculate your electric bill and other costs while your computer is mining.

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