How does the Bitcoin world work?

He was born on a day of 2008, and since then has become more and more talk about it. The creation of a digital currency, or rather the computer protocol that makes it possible, is a merit of a mysterious inventor, or a group of inventors behind the name Satoshi Nakamoto.

Despite the fact that the international press has tried hard to reveal its identity, the illusion that, knowing more, will contribute to making its creature less unclear, it is of little importance to who Nakamoto really is. What matters is that he has given birth to something that can radically change the world where we buy and sell goods, and exchange valuable things, both inside and outside the internet.

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Well, bank

There is no institution that emits, nor is it a central control body, and perhaps this anarchic vocation owes Bitcoin to the popularity it has online. Bitcoins are created on the Internet, and those who do it are people or groups that possess computers that are so powerful that they are able to solve a mathematical problem that, with the wish of its inventor, becomes increasingly complicated over time . These "miners", which in English mean miners, to point out that their work is similar to that of miners digging to find precious stones in a mine, whenever they solve the mathematical problem they receive the payment in Bitcoin (currently 25 for each time). All these issues are not goals in themselves, but serve to certify the legitimacy of the transactions.

Fixed offer

Bitcoin-based algorithm adjusts the speed at which any calculation of validity, i.e. the rate of digital currency production, must be made. As more and more computers connect to the miners network, computing becomes more and more complex to maintain a constant flow of output as well as the time needed to confirm each operation: approximately ten minutes. It is already known that the maximum number of Bitcoins produced will be 21 million. Upon reaching this figure (somewhere around 2140), it will no longer be possible to produce young people. To date, 12 million and a half are produced.

How to get secured

In addition to the "mining" process that can not be achieved by a large number of users, since it requires very powerful computers in the workplace for 24 hours to 24 hours, there are other ways to provide Bitcoine. For example, offer a service or product and get paid on Bitcoin. Or register on a currency exchange site and swap Euros with Bitcoin, but always being careful not to invest more in the coins than we are willing to lose, knowing that at least for the moment value is very volatile . Or Bitcoin can be exchanged directly with those who are willing to exchange it. Just go to the website localbitcoins.com, to clarify whether you want to buy or sell, fix the price and find an interested user. Who buys gives money, who sells uploads bitcoinet to the buyer's digital wallet, usually located on the cell phone. At the end are ATMs: at present, there are nearly 50 in the world. They can be inserted in the Euro and uploaded to the bitcoinet digital portfolios at the corresponding value.

How does it serve?

Looks too tedious mentally? In fact Bitcoin serves to meet different needs. First, it's a way to use an electronic currency with all the benefits of the globality and convenience of payments made, for example, by credit card, but without having to go through intermediaries who put in commissions pocket for each operation. For now, sending money to Bitcoin on the other side of the world is much smaller than those who seek specialist services such as Visa and MoneyGram.

The other side of the currency

Just like with banknotes, you do not need to know the identity of those who spend and those who receive, which guarantees the privacy of both. A privacy that nevertheless goes even to those who deal with dirty work. The closing of the Silk Road website last year came at the end of an investigation that revealed the online sale of drugs and banned substances paid on Bitcoin.

For some, it is a demonstration that crypto-money is the ideal instrument for crime. Others say that illegal activity has always been and have been done with cash. Another Bitcoin problem, at least for the moment, is the extreme volatility of quotation. The value is determined from time to time on the basis of demand and supply, but it's just bad news, like closing down because of Mt Gox's bankruptcy to make the value fall. And if a country like China decides to freeze transcends in digital currency, its value could be halved