Bitcoin- The Cryptocurrency With The Power To Shape The World
Potentially The Biggest Money Revolution The World Has Ever Seen
This could be Your ONCE-IN-HISTORY chance to make a
fortune from the rise of Cryptocurrencies and bitcoin, the powerhouse of it all.
If you want to profit big-time from cryptocurrencies, now is the
time to get involved. The cryptocurrency revolution is here now....
You can either utilize blockchain technology and live in the future, or stick with the current semi-obsolete form of payment. Choose Wisely. You can choose the side with volatility, but guaranteed returns, or stay with the centralized forms of payment. Before we talk of massive profit however, you need to understand what bitcoin is and how it evolved. Read on to find out.
Introduction:
The rise of bitcoin and cryptocurrencies is the biggest disruption to the monetary system for 5,000 years. It’s huge. And so is the opportunity for investors. You will never see another chance like this again in your lifetime… to turn as little as ￡30 or ￡50 into as much as tens of thousands of pounds.
Are there risks? Of course. This is a high risk market – the sharpest,
most wild edge of the stock market. But as long as you’re putting in a
small stake you are not going to lose sleep over… I say the risks are
well worth it. Because the rewards could be enormous. Life-changing.
What is bitcoin?
Bitcoin is a form of digital currency, created and held
electronically. No one controls it. Bitcoins aren’t printed, like
dollars or euros – they’re produced by people, and increasingly
businesses, running computers all around the world, using software
that solves mathematical problems.
What makes it different from normal currencies?
Bitcoin can be used to buy things electronically. In that sense, it’s
like conventional dollars, euros, or yen, which are also traded
digitally.
However, bitcoin’s most important characteristic, and the thing that
makes it different to conventional money, is that it is decentralized.
No single institution controls the bitcoin network. This puts some
people at ease, because it means that a large bank can’t control their
money.
Who created it?
A software developer called Satoshi Nakamoto proposed bitcoin, which
was an electronic payment system based on mathematical proof. The idea
was to produce a currency independent of any central authority,
transferable electronically, more or less instantly, with very low
transaction fees.
Who prints it?
No one. This currency isn’t physically printed in the shadows by a
central bank, unaccountable to the population, and making its own
rules. Those banks can simply produce more money to cover the national
debt, thus devaluing their currency.
Instead, bitcoin is created digitally, by a community of people that
anyone can join. Bitcoins are ‘mined’, using computing power in a
distributed network.
This network also processes transactions made with the virtual
currency, effectively making bitcoin its own payment network.
So you can’t churn out unlimited bitcoins?
That’s right. The bitcoin protocol – the rules that make bitcoin work
– say that only 21 million bitcoins can ever be created by miners.
However, these coins can be divided into smaller parts (the smallest
divisible amount is one hundred millionth of a bitcoin and is called a
‘Satoshi’, after the founder of bitcoin).
What is bitcoin based on?
Conventional currency has been based on gold or silver. Theoretically,
you knew that if you handed over a dollar at the bank, you could get
some gold back (although this didn’t actually work in practice). But
bitcoin isn’t based on gold; it’s based on mathematics.
Around the world, people are using software programs that follow a
mathematical formula to produce bitcoins. The mathematical formula is
freely available, so that anyone can check it.
The software is also open source, meaning that anyone can look at it
to make sure that it does what it is supposed to.
What are its characteristics?
Bitcoin has several important features that set it apart from
government-backed currencies.
1. It's decentralized
The bitcoin network isn’t controlled by one central authority. Every
machine that mines bitcoin and processes transactions makes up a part
of the network, and the machines work together. That means that, in
theory, one central authority can’t tinker with monetary policy and
cause a meltdown – or simply decide to take people’s bitcoins away
from them, as the Central European Bank decided to do in Cyprus in
early 2013. And if some part of the network goes offline for some
reason, the money keeps on flowing.
2. It's easy to set up
Conventional banks make you jump through hoops simply to open a bank
account. Setting up merchant accounts for payment is another
Kafkaesque task, beset by bureaucracy. However, you can set up a
bitcoin address in seconds, no questions asked, and with no fees
payable.
3. It's anonymous
Well, kind of. Users can hold multiple bitcoin addresses, and they
aren’t linked to names, addresses, or other personally identifying
information. However…
4. It's completely transparent
…bitcoin stores details of every single transaction that ever happened
in the network in a huge version of a general ledger, called the
blockchain. The blockchain tells all.
If you have a publicly used bitcoin address, anyone can tell how many
bitcoins are stored at that address. They just don’t know that it’s
yours.
There are measures that people can take to make their activities more
opaque on the bitcoin network, though, such as not using the same
bitcoin addresses consistently, and not transferring lots of bitcoin
to a single address.
5. Transaction fees are minuscule
Your bank may charge you a ￡10 fee for international transfers. Bitcoin doesn’t.
6. It’s fast
You can send money anywhere and it will arrive minutes later, as soon
as the bitcoin network processes the payment.
7. It’s non-repudiable
When your bitcoins are sent, there’s no getting them back, unless the
recipient returns them to you. They’re gone forever.
So, bitcoin has a lot going for it, in theory. But how does it work,
in practice? Read more to find out how bitcoins are mined, what
happens when a bitcoin transaction occurs, and how the network keeps
track of everything.
If you’re keen to jump in… or even just curious about what’s going on…
GET BITCOIN NOW !!! --!!!PRICES ARE SKYROCKETING !!!!!
Bitcoin is a form of digital currency, created and held
electronically. No one controls it. Bitcoins aren’t printed, like
dollars or euros – they’re produced by people, and increasingly
businesses, running computers all around the world, using software
that solves mathematical problems.
It’s the first example of a growing category of money known as cryptocurrency.
What makes it different from normal currencies?
Bitcoin can be used to buy things electronically. In that sense, it’s
like conventional dollars, euros, or yen, which are also traded
digitally.
However, bitcoin’s most important characteristic, and the thing that
makes it different to conventional money, is that it is decentralized.
No single institution controls the bitcoin network. This puts some
people at ease, because it means that a large bank can’t control their
money
Who created it?
A software developer called Satoshi Nakamoto proposed bitcoin, which
was an electronic payment system based on mathematical proof. The idea
was to produce a currency independent of any central authority,
transferable electronically, more or less instantly, with very low
transaction fees.
Who prints it?
No one. This currency isn’t physically printed in the shadows by a
central bank, unaccountable to the population, and making its own
rules. Those banks can simply produce more money to cover the national
debt, thus devaluing their currency.
Instead, bitcoin is created digitally, by a community of people that
anyone can join. Bitcoins are ‘mined’, using computing power in a
distributed network.
This network also processes transactions made with the virtual
currency, effectively making bitcoin its own payment network.
So you can’t churn out unlimited bitcoins?
That’s right. The bitcoin protocol – the rules that make bitcoin work
– say that only 21 million bitcoins can ever be created by miners.
However, these coins can be divided into smaller parts (the smallest
divisible amount is one hundred millionth of a bitcoin and is called a
‘Satoshi’, after the founder of bitcoin).
What is bitcoin based on?
Conventional currency has been based on gold or silver. Theoretically,
you knew that if you handed over a dollar at the bank, you could get
some gold back (although this didn’t actually work in practice). But
bitcoin isn’t based on gold; it’s based on mathematics.
Around the world, people are using software programs that follow a
mathematical formula to produce bitcoins. The mathematical formula is
freely available, so that anyone can check it.
The software is also open source, meaning that anyone can look at it
to make sure that it does what it is supposed to.
What are its characteristics?
Bitcoin has several important features that set it apart from
government-backed currencies.
1. It's decentralized
The bitcoin network isn’t controlled by one central authority. Every
machine that mines bitcoin and processes transactions makes up a part
of the network, and the machines work together. That means that, in
theory, one central authority can’t tinker with monetary policy and
cause a meltdown – or simply decide to take people’s bitcoins away
from them, as the Central European Bank decided to do in Cyprus in
early 2013. And if some part of the network goes offline for some
reason, the money keeps on flowing.
2. It's easy to set up
Conventional banks make you jump through hoops simply to open a bank
account. Setting up merchant accounts for payment is another
Kafkaesque task, beset by bureaucracy. However, you can set up a
bitcoin address in seconds, no questions asked, and with no fees
payable.
3. It's anonymous
Well, kind of. Users can hold multiple bitcoin addresses, and they
aren’t linked to names, addresses, or other personally identifying
information. However…
4. It's completely transparent
…bitcoin stores details of every single transaction that ever happened
in the network in a huge version of a general ledger, called the
blockchain. The blockchain tells all.
If you have a publicly used bitcoin address, anyone can tell how many
bitcoins are stored at that address. They just don’t know that it’s
yours.
There are measures that people can take to make their activities more
opaque on the bitcoin network, though, such as not using the same
bitcoin addresses consistently, and not transferring lots of bitcoin
to a single address.
5. Transaction fees are miniscule
Your bank may charge you a ￡10 fee for international transfers. Bitcoin doesn’t.
6. It’s fast
You can send money anywhere and it will arrive minutes later, as soon
as the bitcoin network processes the payment.
7. It’s non-repudiable
When your bitcoins are sent, there’s no getting them back, unless the
recipient returns them to you. They’re gone forever.
So, bitcoin has a lot going for it, in theory. But how does it work,
in practice? Read more to find out how bitcoins are mined, what
happens when a bitcoin transaction occurs, and how the network keeps
track of everything.