BITCOIN (#1): A BRAND NEW, UNSTOPPABLE CURRENCY

Bitcoin is a currency, transferred directly from person to person via the net without going through a bank or a clearing house. It has no physical existence, although per bitcoin values more than 2600 USD nowadays! No government has control over bitcoin; no presidents and kings can stop any transaction of bitcoin! While many people still may not consider it as real money, it’s making some people really rich.

Hi Steemit friends,
It is known to you all that "Bitcoin" is the most successful cryptocurrency of the recent world. But how much we know about them??

Today I am going to start a new series about "Bitcoin"!! My series will cover every information you need to know about bitcoin, starting from what is bitcoin, it's history and finishing with how to earn them and use them. This is the first article of my series. Hope you will enjoy reading it...

Concept of Bitcoin and cryptocurrency

Bitcoin is a digital currency which aims to do away with all the problems that we have paying for things online. You may think that the system we have is pretty good but everything we purchase today has to go through a bank or a credit card company who take a cut of the transaction and who rely on our trust that they'll do everything. Right after a while those payments start to build up and added to that is security, you have to trust your card company for keeping your information safe. Many people have tried to work out how to have a decent payment system without that middleman but then there's another problem. How do you prove that you've paid for something or even that you have that money without someone vouching for you? It's so serious that it has a name, the double spending problem. Then in 2008, a solution was offered by an anonymous programmer, going by the name, Satoshi Nakamoto. Nakamoto published a paper on a popular cryptography blog which proposed a system of currency that will solve all of these problems. His proposal was that instead of bank or credit card company that records every transaction in one central ledger, all of the users would record all of the transactions at the same time. As a result, any attempt to cheat the community would be noticed and the payment rejected. No government or bank can force a fee on a payment or control its flow. The result is a cheaper, quicker and easier way to spend money even across national borders. So, this is Bitcoin and it's already starting to have a serious impact on people's lives. Within months of the proposal, it was being used to buy and sell goods or services. Although not always from the most scrupulous of traders, it's not all shady businesses. Some shopping sites take it, and even pay for your university tuition.

History

This virtual currency is also known as BTC. The online currency system was launched early in 2009 as an open source software. The programmer of this software is still unknown goes by the name Satoshi Nakamoto. He first published this creation titled “Bitcoin: A Peer-to-Peer Electronic Cash System”.
It is used to buy any product or service giving a unit of it via internet. So, it is often referred as ‘Cryptocurrency’ or ‘Virtual Currency’. It can be transferred without any delay or any transaction fees. Every transaction of bitcoin are verified and then recorded in a public ledger called ‘Block Chain’.
Hal Finney was one of the first supporters and contributor to bitcoin and receiver of the first bitcoin transaction. He downloaded the software on the day it was released and received 10 bitcoins from Nakamoto in the world's first bitcoin transaction. In 2011 bitcoin started to spread so fast. Wikileaks and The Electronic Frontier accepted this system for donations.

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