Bitcoin… Many people use this word but nobody can describe it. Let’s remove this mistake!
Bitcoin is cross-platform paying system. Also this is one coin in it. It has been created in 2009 by Satoshi Nakamoto. People think that it is alias. Nobody knows who Satoshi is and why he created it. There are 3 most popular versions about it. The first version tells that Satoshi Nakamoto is Nick Sabo: specialist in cryptography and laws. The second version tells that he is Dorian Nakamoto but Dorian told that it is not him. The third version state that he is Krieg Steven Wright. Journalists say that he guard notes about the first transactions in bitcoin. He is also met with main scientist of Bitcoin Foundation. Scientist says that he is Satoshi. But Steven doesn’t let people to see notes and everybody thinks that he is liar.
So, what differences among Bitcoin and other electronic money? Bitcoin can make your transaction anonymously. Nobody can check your transfer. Also nobody can block your account on Bitcoin (exception of people with password and login of your account). But you can make special multi-transaction and send money with the third side, your judge. Multi-transaction makes reversible transactions. Others transactions are not reversible Transactions are safe. It is so because they are guard by the blockchain. In this chain-of-block you can see every transaction with this bitcoin. Every block is one operation. Blocks are associate among themselves. If you delete one block from chain all blocks will crash.
Every block have its own code. It calls hash. You can mining blocks with Bitcoins by the searching new hash. Usually your video card finds hashes. Bitcoin appears one time in 10 minutes among the miners web. If you are fortunately person your PC will find hash and get bitcoin.
Hurry up! Maximal number of Bitcoin is 21 millions and 17 millions has been mined. If you account that everybody is mining you must be hurry.
In 2017 Bitcoin started to develop huge speed. Everybody needed Bitcoin and its network had been overload. Developers of Bitcoin have made provisions of this and concocted decision. Every transaction accompany with small commission. If you give system big commission your transaction will be the first in turn. It is the only solve this problem on time.
But there is another way. There are thousands of cryptocurrencies. For example they’re Ethereum, Bitcoin Cash, Litecoin. Bitcoin Cash, Litecoin and Bitcoin have not many differences. But Ethereum works on other blockchain system. Bitcoin is program, final product. Ethereum is site for programs. You can make your own Bitcoin on Ethereum. That is how Vitalik Buterin (author of Ethereum) describe Ethereum and bitcoin: “Ethereum is how all web with its opportunities, services, prospects. Bitcoin is how an E-mail. Ethereum is future.”
Every transaction system has its own pluses and minuses. Pluses of bitcoin is anonymously and safety. Minuses are low speed of transactions and not reversible operations.
Take from Cryptobit Media