WHAT IS BITCOIN?

WHAT IS BITCOIN?

How are the streemians on this occasion I will write a little bit about what bitcoin it is and who the inventor is.

Bitcoin is a virtual currency developed in 2009 by someone under the pseudonym of Satoshi Nakamoto. This currency is like Rupiah or Dollar, but it is only available in the digital world. The concept may sound like eGold, although it is actually much different.

image by google for ilustration

Bitcoin supply will only be 21 million Bitcoin worldwide. Bitcoin's system of declining creation every four years resembles an economic system based on deflation and with the increasing supply of bitcoin, bitcoin prices tend to rise.

You can transfer bitcoin to anywhere in the world as long as it is connected to the internet. Bitcoin will be stored into the Bitcoin Wallet. This wallet must be installed on both sides, can be with PC / laptop, tablet or smartphone. After installing the wallet, you will get a Bitcoin Address. For bitcoin transfer is very easy, open the wallet application, input Bitcoin Address of the transaction opponent and the number of bitcoin you want to transfer, then send.

Then you may ask, if there is no bank or company that manage as well as paypal or egold, then financial data stored where? The answer, on your own computer (in wallet) and peer to peer network around the world. Bitcoin money stored on your computer inside the wallet. If your computer breaks down your bitcoin money is gone, so bitcoin wallet must be backed up regularly to some devices. When making transactions, tens of thousands of computers in the bitcoin network will verify the data you input so there is no cheating.