What is bitcoin?
What is bitcoin?
Bitcoin is a currency, is the network, a program, property or is a platform?
Certainly you’ve heard of it ,but you do not know it yet !
Bitcoin is all this and much more!
Bitcoin with a unique system in privacy and encryption and the capabilities of the blockchain is a paradigm in user experience and the creation of decentralized and eco-specific systems!
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Bitcoin is pear to pear network that is created by installing one program with core name that is open source & anyone could see source code.
Computers communicate directly with each other and others computer .build the bitcoin network, and on the other hand, encrypt and store data with special algorithm and method.
This network has a very high processing power and many capabilities .the processing of this network is higher than any supercomputer and processor and of course it has the highest security factor ,which has never been engraved .while other networks with high investment and centralized systems such as Nasa,yahoo and paypel engraved many times.
Each computers with a node access to network ,helps secure the bitcoin network ,and the miners in the network play the role of encrypting and storing data .in exchange for creating blocks and storing data in specific blocks ,a coin and bitcoin creating in the process!
You can see the white paper bitcoin with below address:
Bitcoin is currency and digital currency because:
You can easily transfer your bitcoin wallet address to another wallet anywhere in the world at high speed and low cost, and use it as a currency.
Its price is determined by market supply and demand and market needs. On the other hand, it is better of common market currencies, because governments and central banks occasionally interfere with the market and increase inflation by issuing unsecured money .but bitcoin is created in a certain number .
Bitcoin is also money because :
It has the charecteristies of money .
You can chop it in to smaller pieces and as many as possible !
Bitcoin is not destroyed and can be consumed as long as the computer and the network are connected.
It is durable .it retains its value over time, although because of market characteristics it has price fluctuations .
A cryptocurrency with privacy and high security.
Which is encrypted, stored
see more in :
https://www.royalnil.com/index.php/en/products/bitcoin
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