Introduction to Bitcoin

Back in 2009, Satoshi Nakamoto released the concept of Bitcoin in which he stated the design principle was “A purely peer-to peer version of electronic cash [which] would allow online payments to be sent directly from one party to another without going through a financial institution.” Bitcoin is unlike any other way to transfer currency because it has no centralizer authority, but instead uses Peer to Peer Technology, which allows it to be more secure. Bitcoin does not carry account numbers, but actually a Bitcoin Address. Bitcoins have many benefits, such as fewer fees, transfers occur quickly, and Bitcoin works everywhere.

Bitcoins have the benefit of being able to be used or exchanged all over the world. The current value of 1 Bitcoin on May 31st 2018 is 1 Bitcoin= $7,546.11 US Dollars, or 6455.13 Euro. As of June 1st 2017, there was 16,366,275 Bitcoin (abbreviated BTC) in circulation.

That means there are currently less than 4,633,725 available be mined. Using Bitcoins is quite simple, and transferring Bitcoins can be done without needing a bank. One simple way of paying with Bitcoin is by using NGC radio technology in which two phones can transfer currency by touching each other, or the person can displaying the QR code which is in the Bitcoin Wallet app, and the other person can basically scan the device.

Bitcoins can also be sold, purchased, or transferred across International Borders, and they do not have to wait for 3 days or more, nor is there extra fees, allowing international transfers to be quite simple. In reality, transfers of Bitcoin takes only seconds and it settles within an hour.

Bitcoins have the advantage that they work everywhere in all types of currency. Bitcoins can also be sold or purchased at many different currency exchanges. They can be bought and sold nearly everywhere and in almost any type of currency. A few large advantage found with Bitcoin, is regardless how many Bitcoins are transferred, it is always the same come as sending only 1 Bitcoin.

Fees are very low and are regardless of how many Bitcoins are transferred. The amount charged for a transfer is the same regardless of how many Bitcoins are set. When owning Bitcoins, the person must create a digital “wallet” which stores all of their Bitcoins.

The Bitcoin Network never sleeps and the individuals that secure it are known as miners.

Bitcoin has the advantage of protecting the client against fraud. The client’s “wallet” can be secured which will allow them the ability to have a strong level of protection against fraud. Bitcoin also allows people to protect their identity because a person can’t be impersonated and it allows the person to conceal their identity. Bitcoin also makes it easier for business owners, because they do not have to take part with PCL Compliance. Bitcoin does require a person to secure their wallet and payment requests, but PCL Compliance is not required.

Bitcoin also can prevent expenditures without the consent of purchases with its ability to include a multi-signature quality where a group of people must authorize a transaction. This is particularly helpful when use by a board of directors. Another benefit is the ability to see what members are purchasing for the board of directors when using the multi language part.

If you believe Bitcoin is for you, then reading this documentation would be highly helpful.

link to original bitcoin whitepaper:
https://bitcoin.org/bitcoin.pdf

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