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What is bitcoin?

Bitcoin is a consensus network that will create a new payment system and a fully digital currency. It is the first decentralized peer-to-peer payment network operated by its users without central authority or intermediaries. From the user's point of view, bitcoin is like money for the internet. Bitcoin can also be considered the most popular triple accounting system that exists. Who created bitcoins?

Bitcoin was the first implementation of a concept called "cryptocurrency", first described by Wei Dai in a cypherpunks mailing list in 1998, which proposed the idea of ​​a new form of money that uses cryptography to create and manage transactions. central authority. The first details of bitcoin and proof of the concept were published in 2009 on Satoshi Nakamoto's cryptographic mailing list. Satoshi left the project at the end of 2010 without revealing himself. The community has since grown exponentially with many bitcoin developers. Satoshi's anonymity has always raised disproportionate concerns, many of which have been misunderstood by the open source nature of bitcoin. The bitcoin protocol and software are publicly published, and any developer around the world can view the code or create their own customized version of the bitcoin software. Like today's developers, Satoshi's influence is limited to the changes he makes and others have accepted, and therefore has no control over the bitcoins. Thus, the identity of the inventor of bitcoin is as relevant today as the birth of the person who invented the paper.

Who controls the bitcoin network? No one has a bitcoin network because no one has technology behind email. Bitcoin is controlled by all Bitcoin users worldwide. If developers improve the software, they cannot force a change to the bitcoin protocol, because all users are free to choose which software and version to use. To maintain compatibility, all users must use software that follows the same rules. Bitcoin can only work well with the full agreement of all users. Therefore, all users and developers have a strong incentive to protect this consensus.

How does Bitcoin work?

From the user's point of view, bitcoin is nothing more than a mobile application or computer program that provides a personal bitcoin wallet, and the user can send and receive bitcoins with them. This is how bitcoin works for most users.

Behind the scenes, the bitcoin network shares a public ledger called a "blockchain." This ledger contains every transaction that has been processed since then, which allows the user's computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending of addresses, so that all users have full control over the sending of bitcoins from their own bitcoin addresses. In addition, anyone can process transactions using the computing power of special hardware and receive a bitcoin reward for that service. This is often called "mining". To learn more about bitcoins, you can look at the dedicated page and the original document. Is bitcoin really used by humans?

Yes. More and more companies and individuals are using bitcoins. This includes stone companies such as restaurants, apartments and law firms, as well as popular online services such as Namecheap and While bitcoin remains a relatively new phenomenon, it is growing rapidly. As of May 2018, the total value of all existing bitcoins is more than $ 100 billion, with millions of dollars worth of bitcoins being exchanged every day.


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