Voici un guide étape par étape pour acheter Bitcoin en Inde

Ceci est un message invité par Karan de AcheterCryptoCoins.com.

Bitcoin est devenu l’une des crypto-monnaies les plus populaires dans le monde et a un nombre croissant d’applications chaque jour. Dans le cas où vous cherchez également à savoir comment acheter et vendre de la monnaie bitcoin en Inde, voici un guide étape par étape pour vous:

Bitcoin peut être acheté en ligne et sont stockés dans un portefeuille en ligne sous forme numérique. Vous pouvez choisir parmi différents échanges de bitcoins disponibles en Inde tels que – Unicorn, Bitxoxo, Zebpay, Coinbase, etc.

Sélectionnez un portefeuille en fonction des caractéristiques, des plates-formes sur lesquelles ils peuvent être utilisés, et de la sécurité, etc.

Créer un compte

Ensuite, vous pouvez créer votre compte en vous inscrivant sur le fournisseur de service bitcoin sélectionné. Cela vous donnera un endroit sûr pour stocker votre bitcoin, et des méthodes de paiement faciles pour convertir votre monnaie locale en bitcoin ou en sortir.

Commencer l’achat / la vente

Une fois que vous initier acheter bitcoin, il vous faudra à l’échange et le taux auquel vous pouvez acheter le bitcoin. À l’heure actuelle, la valeur de bitcoin a été poussée à des niveaux très élevés, de sorte que vous serez probablement en mesure d’acheter seulement une fraction d’un bitcoin. Vous pouvez vendre votre bitcoin de la même manière.

Les devises crypto ne sont pas réglementées

Le Bitcoin et les autres devises crypto ne sont pas réglementés par les gouvernements dans la plupart des pays. Récemment, la Reserve Bank of India a également publié une déclaration indiquant qu’elle n’était pas à l’aise avec les crypto-monnaies «non-fiat» comme Bitcoin.

“Tout utilisateur, détenteur, investisseur ou trader traitant des monnaies virtuelles le fait à ses risques et périls”, avait averti la RBI sur son site internet en février de cette année. La RBI a signalé à maintes reprises ses inquiétudes sur les monnaies virtuelles comme les Bitcoins, en indiquant qu’elles présentent des risques financiers, juridiques, de protection des clients et de sécurité potentiels.

Les transactions Bitcoin sont irréversibles

Lorsque vous créez un compte auprès d’un fournisseur de services de monnaie crypto, votre argent est conservé dans un portefeuille numérique avec une clé publique et une clé privée. La clé publique est comme votre numéro de mobile et la clé privée est votre nom d’utilisateur et votre mot de passe. Vous devriez garder les deux clés confidentielles.

Vous devriez noter que le mot de passe du portefeuille Bitcoin est irrécupérable. Votre argent dans le portefeuille sera sans valeur si vous ne vous souvenez pas du mot de passe. De même, les transferts de solde de Bitcoins sont également irréversibles. Donc, si votre Bitcoin est volé par des pirates, il n’y a aucun moyen de le récupérer.…

Credit Repair in Las Vegas after Gambling

Gambling is a common thing Las Vegas which is not bad but if anything turns into its addiction, then be careful because now you can have trouble. Addiction of gambling can push your credit into a monotonous situation. Gambling addicts in Las Vegas have been seen with tens of thousands in debts, their bills are left unpaid, credit facilities are used to their limits. But don’t worry it’s not something you cannot get rid of, it may take some effort and time but will definitely help.

Las Vegas Gambling

Treat your addiction:

Once you become accustomed to gambling, you do not leave that thing unless you want it yourself. And this could be one of the reasons you cannot increase your credit score, it will always come back to you. Not for anything else, but for the sake of yourself, loved ones and of course your finances, analyze critically if gambling is a problem in Las Vegas.

Take psychological help from any professional to evaluate your mindset.

What is the level of magnitude and damage?

First, you need to self-assess the level of your financial derailment. To build up your credit score you have to be honest with yourself and carry out the review of all the debts that need to be sorted out. Yes, it would be little difficult but is mandatory and important for your financial recovery. If you are married, discuss with your partner or if possible you can have a talk with your close ones to look through what gambling has cost you.

It would be difficult to bear how much you owe but once and for all, it would be sorted out.

Leave your past behind:

The money that has gone away cannot come back, so there is no point of crying over spilled milk. Leave your present financial conditions and think where you want to see yourself in 5 years. Don’t get disheartened with what is gone or what you have lost. Set your goals again what you want to achieve and being financially independent should be on the top your priority list. It is just similar to making a budget to recover what you’ve lost. Carry our financial assessment honestly and start finding a way to it.

Consult professionals to help your credit repair

Gambling addiction in Las Vegas leaves you at that point where you cannot help yourself alone. You would surely need a help of a financial expert with experience who can help you come out of this situation. You can also seek help from a credit repairer to wash off the dirty credit situation you have to first select Las Vegas Best Credit Repair Company. But always remember one thing DON’T HIDE ANY SITUATION from them as they have the solutions for it.…

Advantages & Disadvantages of Keeping Bitcoins

Advantages of Bitcoin

  • Payment freedom

    – It is possible to send and receive any amount of money instantly anywhere in the world at any time. No bank holidays. No borders. No imposed limits. Bitcoin allows its users to be in full control of their money.

  • Very low fees

    – Bitcoin payments are currently processed with either no fees or extremely small fees. Users may include fees for transactions to receive priority processing, which results in faster confirmation of transactions by the network. Additionally, merchant processors exist to assist merchants in processing transactions, converting bitcoins to fiat currency and depositing funds directly into merchants’ bank accounts daily. As these services are based on Bitcoin, they can be offered for much lower fees than with PayPal or credit card networks.

  • Fewer risks for merchants

    – Bitcoin transactions are secure, irreversible, and do not contain customers’ sensitive or personal information. This protects merchants from losses caused by fraud or fraudulent chargebacks, and there is no need for PCI compliance. Merchants can easily expand to new markets where either credit cards are not available or fraud rates are unacceptably high. The net results are lower fees, larger markets, and fewer administrative costs.

  • Security and control

    – Bitcoin users are in full control of their transactions; it is impossible for merchants to force unwanted or unnoticed charges as can happen with other payment methods. Bitcoin payments can be made without personal information tied to the transaction. This offers strong protection against identity theft. Bitcoin users can also protect their money with backup and encryption.

  • Transparent and neutral

    – All information concerning the Bitcoin money supply itself is readily available on the blockchain for anybody to verify and use in real-time. No individual or organization can control or manipulate the Bitcoin protocol because it is cryptographically secure. This allows the core of Bitcoin to be trusted for being completely neutral, transparent and predictable.

Disadvantages of Bitcoin

  • Degree of acceptance

    – Many people are still unaware of Bitcoin. Every day, more businesses accept bitcoins because they want the advantages of doing so, but the list remains small and still needs to grow in order to benefit from network effects.

  • Volatility

    – The total value of bitcoins in circulation and the number of businesses using Bitcoin are still very small compared to other “currencies”. Therefore, relatively small events, trades, or business activities can significantly affect the price. In theory, this volatility will decrease as Bitcoin markets and the technology matures. Never before has the world seen a start-up currency, so it is truly difficult (and exciting) to imagine how it will play out.

  • Ongoing development

    – Bitcoin software is still in beta testing with incomplete features in active development. New tools, features, and services are being developed to make Bitcoin more secure and accessible to the masses. Some of these are still not ready for everyone. Most Bitcoin businesses are new and still, offer no insurance. In general, Bitcoin is still in the process of maturing.

    Stay tuned on 1 Bitcoin Corp for more information on Bitcoins.

Executive Summary

Overviewexecutive 01

The world is truly becoming increasingly flatter. People from all walks of life are becoming more comfortable conducting commerce from across the world in virtually all forms of verticals. Approximately 35% of the world is online and the remaining majority are expected to get online within the decade. Currently, there is no single form of digital currency that the world can easily use.

Bitcoin has exploded on the marketplace in a relatively short period of time. It has proved that there are the desire and demand for a single digital currency. As an early pioneer in the space, Bitcoin has been proved that there is the demand for a digital currency and the need for the business community to become early adopters.

1 Bitcoin has developed a model in which it can provide sustainable profits by providing leverage solutions to small business with the desire to participate in this emerging bonanza. The company has assembled top-flight management to build a direct sales organization to capitalize on this emerging industry quickly and effectively.

The Problem

The global economy is already here and the world is becoming increasingly flatter. We are now able to conduct digital transactions globally from everything such as digital books to small business membership sites. The affiliate industry whereby people are compensated for introducing traffic to websites is increasing at double-digit rates globally. That audience is expected to grow by an estimated 70% of the world’s population has still yet to come online.

The problem the world has is there is no digital currency available. Sure, there is credit card processing with merchants using currency exchanges but there is an increasing desire for the world to have its own Digital currency. Using a currency exchange and credit card merchants add an unnecessary amount of risk to transactions through fraud and currency fluctuations.

The Solution

What Is Bitcoin?

Bitcoin is the world’s most widely used and accepted crypto-currency with a total market cap today in excess of $5.billion. The bitcoin community is made up of thousands of computers run by individuals all over the world. Currently, there are over 1,500,000 bitcoin wallets controlled in just North America alone by approximately the same number of individuals representing over $5,000,000,000 in global purchasing power! Yet, there is no single shopping destination online offering nearly every product or service to support the growing community of people and their purchasing power. 1bitcoin network plans on being that one-stop destination for all goods and services sought by bitcoin supporters and consumers!

Bitcoin is regarded as one of the most intriguing virtual monies today and is more versatile than normal currencies. One of the problems of traditional currencies is that it can easily be lost along transfer.executive 02

Below are the specific advantages of using bitcoins.

• It is voluntary and people are not coerced to become bitcoin miners.
• Unlike money, counterfeiting is impossible with bitcoin.
• Inflation happens at a stable rate compared with money.
• There is no bank to bank transfer fees.
• It has stronger privacy protections than other money intermediary sites such as PayPal.
• Bitcoins cannot be frozen by intermediaries thus bitcoin miners get the full amount of their bitcoin if they convert to traditional currency.

With the stability and ease of use, there are now many online shops that are accepting bitcoins as one of their payment options. In the near future, we may see a lot of people use bitcoin mining as it is one of the most promising virtual currencies available in the world.

Our Business Model

1bitcoin network (1BN) is building a globexecutive 03al savings, loyalty and rebate shopping platform exclusively for the cryptocurrency; bitcoin.

The 1bitcoin network will provide the world’s first networking and shopping experience both online and offline, developing a mutually beneficial relationship between the bitcoin community of international shoppers and its growing number of merchants.

A 1bitcoin network member will be provided a complimentary membership into an exclusively developed bitcoin shopping experience. 1bitcoin network is developing a global rewards and member loyalty program dedicated to the bitcoin business landscape. 1bitcoin network will provide its member base with benefits, savings and bitcoin rebates from both online and offline shopping activities. The merchant community will include some of the most celebrated retail names, gift card providers, worldwide travel destinations and much more.

1 bitcoin network will appeal to those looking for ways to save money on their everyday purchases; as well as taking advantage of the fastest growing and most appealing crypto-currency, bitcoin. Our vast merchant network is comprised of firms looking for ways to build lasting customer loyalty while lowering both their operations expense (credit card processing) and acquisition cost. By bringing together both parties first domestically and then internationally, we will create a unique global shopping network. This network will provide the foundation for both our merchant and shopping community, providing a unique bitcoin loyalty program that benefits both our members in bitcoin rebates and merchants with loyal customers.

Customer Acquisition Model

executive 04Affiliate Marketing and Direct Sales have both established themselves as two of the most exciting and accepted alternative customer acquisition models worldwide. It’s all about sharing a product or service with others, both face to face and through online activities such as email and social networking. It is the cost-effective “referral” involved in both, that attracts both manufacturers and service providers to establish lucrative commissions that can be shared by both 1bitoin network and its marketing representatives. It is truly a win-win-win situation for all the committed business parties. Low-cost acquisition for the merchants, revenue for 1bitcoin network, and income opportunities for the referring
marketing representatives!

Revenue Streams

1. Merchant Participation in shopping and reward portal – monthly maintenance fee. Over twenty-thousand potential merchants currently accepting Bitcoin and tens of thousands of others soon to participate.

2. Transactions fees for purchases in reward and loyalty portal – example: merchant pays member 5% on transactions as a reward/rebate.1Bitcoin network scrapes a transaction percentage of an additional 5% to 10% for managing transactions.

3. Advertising and promotion – Merchants pay additional fees to be featured merchants, or for advertising on the 1BitCoin network.

Conclusion

The world has become increasingly flat. There is now a phenomenal business opportunity helping companies participate in joining the world in a truly global business environment. 1bitcoin has a business plan that integrates a direct sales approach to scale this industry with an army of business professionals quickly and effectively.

1bitcoin is a public company and will provide a forum for partners and associates who wish to participate in this potentially explosive new industry. This will also provide an ideal landscape for global participants to have access and exist in a fluid marketplace.

If you still have any doubt regarding the bitcoin or any other cryptocurrency you can contact us here.…

Why Bitcoin Really Matters

Intrinsic Value Defined

bit-coinLet’s agree what the term “Intrinsic Value” means. For this article, we will use the common Wikipedia entry for the intrinsic theory of value. This is found at http://en.wikipedia.org/wiki/Intrinsic_theory_of_value

An intrinsic theory of value (also called the theory of objective value) is any theory of value in economics which holds that the value of an object, good or service, is intrinsic or contained in the item itself. Most such theories look to the process of producing an item, and the costs involved in that process, as a measure of the item’s intrinsic value.

What are some properties contained in the bitcoin itself? What are the properties that make it valuable? Some pundits like Warren Buffett seem to remain stuck in the belief that only things you can touch, feel, and see can be intrinsically valuable. One might wonder how these pundits would explain unseen forces of DNA, radio spectrum, viruses, bacteria, or even recent technological advances such as software or internet bandwidth.
Some say that gold and silver are the main standard bearer of intrinsic value mainly because of its perception and history of value. But to a starving person, a loaf of bread holds much more intrinsic value in that it might keep you alive. It doesn’t really matter to a starving person that gold has been used for 6,000 years, or that the loaf of bread might not be worth anything in a month from now.

Two valid points come from the precious metals arguments: Perception of value, and actual usefulness. For the most part, gold isn’t all that useful; based on that aspect alone, silver is much more valuable. Perception of value in gold these days is mainly propagated by those few who own it and have a vested interested in making the rest of the world continue to believe that it still does. This appears to be becoming less important as it seems to be slowly disappearing from the consciousness of the youth of the world. The only gold coins seen by much of today’s young people exist in games like Clash of Clans.

So now let’s talk about the properties that are found in bitcoin that are unique or ground-breaking. These properties did not exist before bitcoin. Some people would rightly point out that many of these properties can be duplicated. There is, however, one extremely important factor that separates bitcoin from any other digital coins on the horizon: the protective shell created by the network that prevents it from being hacked or commandeered. Keep that critical piece of knowledge in the back of your mind as we review this list. That is a titanic gulf separating bitcoin from the crowd. Bitcoin snuck up on an unsuspecting world; bitcoin 2.0, whatever that may be, will have a target on its back.

Bitcoin intrinsic value properties:

1. It transcends nations, politics, religions, cultures, and regulations. These vary from country to country in ways that may seem bizarre to populations out of its own borders. While one may believe that governments always have their best interests at heart, it may be wise to see that knife cuts both ways. Some drugs are banned in certain states or countries that are allowed in others. Bibles are banned from the purchase is some countries. Religion, custom, dogma, superstitions prevent various purchases based on man-made borders that continually shift over time. These policies tend to be created by limited segments of populations that can be self-serving. If one happens to be included in the “correct” political party, race, religion, items can be purchased or outlawed. It’s all opinion.
The US government bans online gambling. Is this a moral decision? Many of the same governments think it morally acceptable to hold their own state-lotteries. The lotteries hold significantly worse odds and tends to target those in the community that are the least educated and most susceptible to poverty, alcohol abuse, and have a generally poor understanding of mathematical probability. Many have gone on to say that lotteries are simply “a tax on people bad at math”. Many argue that this is a double standard of governments which prevents them from taking the moral high ground.

2. It requires no trust. (in the short term). It can’t be counterfeit. There is a record of who owns it (by wallet id) and its validity is publicly known. It requires no central clearinghouse. With any other currency, one must trust the government from which it is issued will continue to maintain its value by not “overprinting” to pay for its own mismanagement. You can send it globally without having to trust anybody. This is not true with any state-issued country, bank, credit card company, or anybody else. Volatility and long-term trust is still building, but when one transacts in bitcoin, nobody gets in-between sender and receiver unless agreed beforehand. It’s permission-less.

3. It can be transparent. By making wallet IDs public, one can track the flow of money through other transparent wallets. You cannot do that with any other currency. You can use this feature to do things like monitor your children’s use. This can make obsolete entire industries that are built solely on the fact that money can be hidden, disguised, cheated, etc. These can also happen to bitcoin, but pressure can be applied by the people to make it transparent and accountable when needed. Auditors may insist on it for compliance. The list of possibilities of this intrinsically valuable feature can scarcely be imagined.

4. It can be programmable. Plans for product layers on top of bitcoin to further its use to become spendable based on contracts that can be programmed to complete with built-in variables, or be valid to purchase only certain items. Insist your college-bound kid buys books and not beer for example. Or based on GPS on a cell phone, you could send your kids off shopping and it could be programmed to be spendable only in certain stores.

5. It can require multi-signatures. Wallets containing the currency can be set to only unlock with more than one signing key. This will leave hackers and thieves frustrated. Try doing that with your grandpa’s money. It is an intrinsic piece of bitcoin technology.

6. It can be spent on the internet without a bank account, credit report, identification, and pre-permissions. Prepaid credit cards can do some of these functions, but only to locations and countries that accept credit cards. This list of locations in countries outside of the US is actually decreasing the amount of fraud in the networks. Technically, the only item limiting of bitcoin is the merchant’s acceptance of it. Given the natural law of least resistance, these limitations could erode as more merchants around the world realize the potential savings. The network effect will continue to work its magic.

7. It can store irrevocable and time-stamped records of transactions. Absolute clarity of events and their corresponding order is available in the blockchain. Proof of ownership and purchase can be established without a third party. The trusted and reliable distributed ledger cannot reasonably be altered (barring a massive scale network attack which becomes less likely as the network grows).

8. It allows you to keep your identity from being stolen. Bitcoin is nobody’s debt. Paying with bitcoin isn’t a “promise to pay”. It is payment in full. This could potentially reduce fraud-related expenses on a massive scale. http://www.statisticbrain.com/credit-card-fraud-statistics/ There is no need for a merchant to get bank information or any other kind of personal information that can be later used in identity theft.

9. It allows movement across borders. It can defeat government issued capital controls. The same governments try to hold their own citizens “hostage” monetarily by outlawing movement of money outside its own borders. Ask any citizen from any country ravaged by hyperinflation if this is important. Could it be possible that it might ever become important in the USA? If you can foresee the day people will be clamoring to get out of the US dollar, where do you think they are going to go? Ask Argentina.

10. The same wallet can be used anywhere in the world with a connection to the internet. As the money exists on the global ledger, all you need is the key. This can be memorized, or written on any piece of paper – even confined inside a microdot the size of the period that ends this sentence. Some old time gold bugs say you can’t bribe the border guards with bitcoin like you can gold. In the future, border guards will have cell phones and internet access too. We aren’t living in the 1960s Vietnam or before any longer.

11. It can move independently of banking rules, laws, and restrictions. The people in the USA may think this unimportant in their bubble view of the world, but is this also true of the 150 or so currencies and countries with terrible track records? Which other currency enjoys this property? Will enough of the world outside of the US believe it to be so? Is it hard to imagine the properties of bitcoin being intrinsically valued by populations subjected to terrible economic policies? It only takes a billion people in India fed up with corruption to want an escape mechanism out of the control of the system. At that point, they won’t give a hoot about what some American pundit said on “bubble vision” about intrinsic value.

12. It can be used to resist corruption. If the citizens stand up united and demand a transparent government, they can use bitcoin to follow the money in the same way governments use powers at their disposal for surveillance on their own populations. In today’s world money corrupts. In tomorrow’s maybe it will become vice-versa. Let’s see if 86% of the world agrees that any tool that makes less opportunity for corruption is valuable.

13. It can be made to settle contracts without other parties. You can program it to settle contracts based on certain events such as date, proof of ownership, death, or a host of other factors that can be validated programmatically without a third party to validate if the conditions were met. It can be used as a record keeping asset tag, and proof of ownership. Ownership of the private key to the bitcoin is by definition, the owner. In addition, it can be the source record of ownership for property title, copyrights, and intellectual property that transcends borders and locally interpreted laws. In effect, the records become the de-facto “single source of truth”. The currency itself is globally accessible proof of ownership. Can these functions and properties be reasonably argued to be valuable beyond the currency itself?

14. There are no age requirements. Paying for items in a global world requires bank accounts. Bank accounts are legal properties that can only be established with those of legal age (18 in most locations). There is no minimum age requirement to pay for items globally using bitcoin. How many people under 18 have cell phones, AND need to spend money with no credit card. Smart businesses have started to recognize this intrinsically valuable potential.

15. It is more difficult to be used as surveillance. The main attributes of money are often quoted these days, but one attribute is rarely mentioned. Money has become surveillance. As people continue to learn of the horrors of the NSA and other government efforts to spy on every aspect of their lives, it only takes one person drunk with power to make all the well-intention sounding policies reverse into shocking horror. One government required Jews to register themselves for easy identification, which was then used to “dispose” of them.
No one’s religion, race, gender, national origin, political party, age, place of work, address, and much more can be determined by how and where one spends their money. To those who think they have nothing to worry about because they are not doing anything wrong, might ask themselves, what did the Jews have to fear during the time they were self-registering? They also were not (generally) doing anything wrong. That’s only one example in a history littered with them. Is the ability to obscure one’s spending habits intrinsically valuable? Is it possible to imagine how much of the population of the world would think it is?

16. Bitcoin as money bandwidth. If one were to transfer value between large companies or nations, much of the world has discovered bitcoin to be a very efficient payment network to do this. If bitcoin was thought of as envelopes to be stuffed with dollars or other currencies for transport, only the size of the envelope itself that contains the dollars inside would be the limiting factor. To increase the ability and usefulness of this feature, the envelopes represented in bitcoin price will have to inflate enormously to take on that load. The Federal Reserve and former Vice Presidents have caught on. So has smart Venture Capitalist firms that have a knack for being one step ahead of everybody else.

17. It can be the basis of a new ecosystem. Right now entire new ecosystems are being built up around the new currency (in use, if not government recognition). Gold towns sprang up into eco-systems but crashed when the gold veins ran dry. We know exactly how deep the bitcoin well can go and the rate of which it will be found. What are other modern-day ecosystems being built because of the intrinsic values of a currency?

18. It can upend centuries-old money monopolies. The strangleholds on monetary policy continue to be held by relatively few extremely wealthy families for centuries. Bitcoin has the possibility to change the paradigm completely. These banks will likely find ways to maintain their power and wealth and there is nothing preventing them from moving into digital currencies to maintain it. However, which another currency has the possibility to change the dynamic? Many in the world will likely place much value on the paradigm shift that is possible. When was the last time a monetary unit threatened to rewrite the rules from the ground up?

19. The democratization of money. An explosive report from a whistleblower from the World Bank reports that all networked banking infrastructure throughout the entire world can be traced back to twelve people who make decisions at the privately controlled US Federal Reserve bank. Consensus driven, public records and democratization of money made possible by bitcoin might change the rules.

20. Gives the unbanked population access to banking features they might not otherwise enjoy. As the much smaller digital currency M-Pesa proved, the poverty-riddled villages with no access to banking were able to lift themselves out of poverty with simple abilities to pay suppliers and start businesses. With the cross-border scale and usability of bitcoin, imagine the same results x 1,000. Are there any national currencies up to this task?

21. It can be extremely hard to steal. Muggers of the future will be at a loss for what to do with the bitcoin they can’t take from your wallet or purse. That money will be no good to them without the private keys to spend it. There likely will no longer be credit cards there was well. Could robbery itself become obsolete? Hackers will soon have a difficult time stealing money from multi-signature wallets.

22. It represents economic freedom. Because of all of the reasons stated above, it might as well be called the currency of freedom. Dictators will hate it. Totalitarian governments will hate it in a proportion equal to the amount of corruption the government enjoys. The worst countries for freedom believe that money exists primarily to serve the country and personal ownership of it is just an illusion they can confiscate at will. Banks technically own it as soon it’s deposited. Through the court order, government taxation, or inflation, they always get it back. Bitcoin offers some protection. We become our own bank.…

Things About Bitcoin

What is Bitcoin?

Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

Who created Bitcoin?

Bitcoin is the first implementation of a concept called “crypto-currency”, which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The first Bitcoin specification and proof of concept were published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing much about himself. The community has since grown exponentially with many developers working on Bitcoin.

Satoshi’s anonymity often raised unjustified concerns, many of which are linked to a misunderstanding of the open-source nature of Bitcoin. The Bitcoin protocol and software are published openly and any developer around the world can review the code or make their own modified version of the Bitcoin software. Just like current developers, Satoshi’s influence was limited to the changes he made being adopted by others and therefore he did not control Bitcoin. As such, the identity of Bitcoin’s inventor is probably as relevant today as the identity of the person who invented paper.

Who controls the Bitcoin network?

Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the software, they can’t force a change in the Bitcoin protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Bitcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus.

How does Bitcoin work?

From a user perspective, Bitcoin is nothing more than a mobile app or computer program that provides a personal Bitcoin wallet and allows a user to send and receive bitcoins with them. This is how Bitcoin works for most users.

Behind the scenes, the Bitcoin network is sharing a public ledger called the “blockchain”. This ledger contains every transaction ever processed, allowing a user’s computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending bitcoins from their own Bitcoin addresses. In addition, anyone can process transactions using the computing power of specialized hardware and earn a reward in bitcoins for this service. This is often called “mining”. To learn more about Bitcoin, you can consult the dedicated page and the original paper.

Is Bitcoin really used by people?

Yes. There is a growing number of businesses and individuals using Bitcoin. This includes brick and mortar businesses like restaurants, apartments, law firms, and popular online services such as Namecheap, WordPress, Reddit, and Flattr. While Bitcoin remains a relatively new phenomenon, it is growing fast. At the end of August 2013, the value of all bitcoins in circulation exceeded US$ 1.5 billion with millions of dollars worth of bitcoins exchanged daily.

If you still have any doubt regarding the bitcoins feel free to share your queries with us here.…