BITCOIN, how the cryptocurrency works

BITCOIN
For Bitcoin we refer to the electronic money created by Satoshi Nakamoto, this pseudonym with which the author presented himself to the Network at the end of 2008 to announce the launch of his invention in 2009.

For this virtual currency, which realized the concept of cryptocurrency theorized in 1998 by Wei Dai, the relative symbol and code were created, respectively: ฿ and BTC or XBT, exactly as for real currencies.

Another notation concerns the writing of the name, when we refer to the technology and to the Net we use the term Bitcoin uppercase, when instead the reference is to the real currency we use the lower case (bitcoin).

The management of this type of currency is, of course, fully digitalized, there is no Central Bank that produces and puts money on the market. The Bitcoin system is based on a large database and highly advanced cryptographic means through which it is possible to: trace transactions, generate money and assign it to its rightful owners.

Digital is also the portfolio that for bitcoin can be any personal computer stored in first person or third parties that then take the role of classic banking institutions.

Bitcoins travel through the Internet to anyone with a bitcoin address, practically a mechanism based on peer to peer, just as it has been for years for the exchange of audio and video files. This management architecture means that no authority can block the Net or decide a possible devaluation due to the introduction of new money.

News and insights on bitcoins, their value, the exchange rate with the euro and how it works, all you need to know, follow Wall Street Italia.