Review46 - The presence of Bitcoin, a digital currency that is quite volatile, making this type of currency to be a trend as well as a new option for the transaction in the internet world.
As quoted from newyorker.com, digital currency that is present in January 2009 has a system that is much different from conventional money.
Bitcoin could be analogous to mine gold (or other precious minerals). The miners are those who dedicated computer resources to solve a mathematical problem by calculating the "weight".
Miners is at first perhaps only someone with a home computer. But this time, in early 2014, bitcoin mining process is done through a device that is specifically designed and carried out collectively (called nodes).
Every 10 minutes, the system will bitcoin bitcoin confers a number of units (25, for example) on one node miners.
Mined amount per 10 minutes will go down over time, until exhausted in approximately the year 2140. With the total amount that can be mined bitcoin as many as 21 million units.
Bitcoin is generated functions like a conventional currency and accepted as payment for a variety of products online transactions.
What is the value of a bitcoin?
Currency that can be converted into another currency made its debut with the equivalent value of one bitcoin is less than 1 U.S. dollar and continued to show a fluctuating value.
Sites like Preev.com simply shows how the value of one unit of bitcoin (1 BTC) in conventional currencies. For example, on January 11, 2014 at 21:30 pm, the value is 911 U.S. dollars.
Bitcoin can be used for various things, such as for the purchase of goods in stores (both online and physical) that receive it.
Just look at bitcoinstore.com, users can purchase electronics, including cameras, musical instruments, and computers. There is even a casino bitcoin, like SatoshiBet.
Development seen by the increasing number of merchants who accept bitcoin. Including big names such as wordpress.com, namechap.com, and reddit.com.
Decentralization
Bitcoin is the originator of the figure named Satoshi Nakamoto. Allegedly this figure is a pseudonym that can be used by a group of people. True identity is still unknown.
Nakamoto since the beginning of designing bitcoin as a decentralized system. In contrast with conventional money, no one institution can make policies that affect the value of the currency. While conventional currencies always have a central authority.
Bitcoin was, especially in the early days, so an alternative for those who do not like to trust the government, central bank, or a third-party institution to maintain the value of the currency and ensure the user transaction.
In Bitcoin, it was replaced with the use of mathematical and cryptographic calculations.
Each transaction in the bitcoin will be tested through a cryptographic system that spread over peer-to-peer. It is estimated there are tens of thousands of systems participating in this test.
Bitcoin is not free from theft. However, every bitcoin is stolen will remain recorded in the system so that when used to transact any, in theory, will always be tracked.
Bitcoin is a decentralized system made many people refer to it as the internet for money. If the Internet is revolutionizing the way global communications, Bitcoin is believed to change the way the world uses money.
Therefore, Bitcoin often predicted as future currency.
As quoted from newyorker.com, digital currency that is present in January 2009 has a system that is much different from conventional money.
Bitcoin could be analogous to mine gold (or other precious minerals). The miners are those who dedicated computer resources to solve a mathematical problem by calculating the "weight".
Miners is at first perhaps only someone with a home computer. But this time, in early 2014, bitcoin mining process is done through a device that is specifically designed and carried out collectively (called nodes).
Every 10 minutes, the system will bitcoin bitcoin confers a number of units (25, for example) on one node miners.
Mined amount per 10 minutes will go down over time, until exhausted in approximately the year 2140. With the total amount that can be mined bitcoin as many as 21 million units.
Bitcoin is generated functions like a conventional currency and accepted as payment for a variety of products online transactions.
What is the value of a bitcoin?
Currency that can be converted into another currency made its debut with the equivalent value of one bitcoin is less than 1 U.S. dollar and continued to show a fluctuating value.
Sites like Preev.com simply shows how the value of one unit of bitcoin (1 BTC) in conventional currencies. For example, on January 11, 2014 at 21:30 pm, the value is 911 U.S. dollars.
Bitcoin can be used for various things, such as for the purchase of goods in stores (both online and physical) that receive it.
Just look at bitcoinstore.com, users can purchase electronics, including cameras, musical instruments, and computers. There is even a casino bitcoin, like SatoshiBet.
Development seen by the increasing number of merchants who accept bitcoin. Including big names such as wordpress.com, namechap.com, and reddit.com.
Decentralization
Bitcoin is the originator of the figure named Satoshi Nakamoto. Allegedly this figure is a pseudonym that can be used by a group of people. True identity is still unknown.
Nakamoto since the beginning of designing bitcoin as a decentralized system. In contrast with conventional money, no one institution can make policies that affect the value of the currency. While conventional currencies always have a central authority.
Bitcoin was, especially in the early days, so an alternative for those who do not like to trust the government, central bank, or a third-party institution to maintain the value of the currency and ensure the user transaction.
In Bitcoin, it was replaced with the use of mathematical and cryptographic calculations.
Each transaction in the bitcoin will be tested through a cryptographic system that spread over peer-to-peer. It is estimated there are tens of thousands of systems participating in this test.
Bitcoin is not free from theft. However, every bitcoin is stolen will remain recorded in the system so that when used to transact any, in theory, will always be tracked.
Bitcoin is a decentralized system made many people refer to it as the internet for money. If the Internet is revolutionizing the way global communications, Bitcoin is believed to change the way the world uses money.
Therefore, Bitcoin often predicted as future currency.
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