Bitcoin - the introductory
What is Bitcoin?
Many people think that bitcoin is very complicated. Some of them still thinking it is like a shares! you buy and you wait for it to rise so you can earn. But what is bitcoin?
Bitcoin is something comes with new technology with few combination that we are already have using now :
1. it allows you to move your money, bitcoin as a payment such as bank transfer
2. bitcoin is something like golds just its mobility is more advance
3. No one has control on bitcoin as bitcoin is like an internet!
Where did bitcoin come from?
Bitcoin was invented by a person or a group of people using the name of "Satoshi Nakamoto". No one has exactly know who are them or her or maybe a him. 'Satoshi' designed the bitcoin system in an 'open source' manner - which means that the code is available for everyone to inspect and no secrets are hidden. Over times, this code has been very different from the initial outline 'Satoshi' Proposed.
Bitcoin as a payment system
John wants to transfer online money from one person to another, the bank moves the money from John to Sarah. John cannot do it himself because he might cheat. He can copy and paste the digital money and send them. So we trust the bank to send the money and make sure it gets to the one person. Now questions if the John's bank and Sarah's bank isn't the same, it get a lot more complicated. For this, they charge a fees on the transfer and take times.
Transfer of money are done everywhere online by trusting the bank - go through intermediaries to make transfer. Different languages, systems, currencies and more parties to be co-ordinate. With the current financial system which is so complex, bitcoin has came in and changes all of that! Bitcoin is one global ledger system that synchronizes across the entire internet. Everyone uses the same. Money can be easily be transferred between parties. No cheating, no need to go through intermediaries, no need to afraid of money losing. Bitcoin came in and solve everything!
Many people think that bitcoin is very complicated. Some of them still thinking it is like a shares! you buy and you wait for it to rise so you can earn. But what is bitcoin?
Bitcoin is something comes with new technology with few combination that we are already have using now :
1. it allows you to move your money, bitcoin as a payment such as bank transfer
2. bitcoin is something like golds just its mobility is more advance
3. No one has control on bitcoin as bitcoin is like an internet!
Where did bitcoin come from?
Bitcoin was invented by a person or a group of people using the name of "Satoshi Nakamoto". No one has exactly know who are them or her or maybe a him. 'Satoshi' designed the bitcoin system in an 'open source' manner - which means that the code is available for everyone to inspect and no secrets are hidden. Over times, this code has been very different from the initial outline 'Satoshi' Proposed.
Bitcoin as a payment system
John wants to transfer online money from one person to another, the bank moves the money from John to Sarah. John cannot do it himself because he might cheat. He can copy and paste the digital money and send them. So we trust the bank to send the money and make sure it gets to the one person. Now questions if the John's bank and Sarah's bank isn't the same, it get a lot more complicated. For this, they charge a fees on the transfer and take times.
Transfer of money are done everywhere online by trusting the bank - go through intermediaries to make transfer. Different languages, systems, currencies and more parties to be co-ordinate. With the current financial system which is so complex, bitcoin has came in and changes all of that! Bitcoin is one global ledger system that synchronizes across the entire internet. Everyone uses the same. Money can be easily be transferred between parties. No cheating, no need to go through intermediaries, no need to afraid of money losing. Bitcoin came in and solve everything!
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