What is Bitcoin??? ALL ABOUT IT HERE

Bitcoin (English Bitcoin, from bit - "bit" and coin - "coin") - a peer-to-peer payment system using the same-named unit of account and the same name data protocol. To ensure the functioning and protection of the system, cryptographic methods are used. All information about transactions between system inter-addresses is available in clear form [6].

Bitcoin type

Payment system

Author

Satoshi Nakamoto

Developer

Vladimir van der Laan [d] [1] [2] [3]

Written on

C ++

operating system

Microsoft Windows, GNU / Linux [d] and macOS

Interface languages

Multiple languages ​​[d]

First edition

3 January 2009

Latest version

0.14.2 (June 18, 2017) [4]

License

MIT License

Site

Bitcoin.org [5]

 Bitcoin on Wikimedia Commons

The minimum transmitted value (the smallest amount of fragmentation) - 10-8 bitokoina - was called "satoshi" in honor of the creator of Satoshi Nakamoto, although he himself used in such cases the word "cent" [7].

Conducted transactions are irreversible, electronic payment between the two parties occurs without intermediaries. But there is an opportunity to involve a third party-guarantor with the help of a multi-signature [en]. No one can freeze funds, even temporarily, except for the owner himself. These and other smart contracts can be implemented using a special scripting language [8] [9], but it is not accessible from the GUI and is incomplete in Turing, unlike the newer block systems (see Eterhere [10]).

Different authors classify bitocoins differently. Most often there are options: crypto currency [11], virtual currency [11] [12] [13], digital currency [14] [15], electronic cash [16].

Bitcoins can be used to exchange for goods or services from sellers who agree to accept them. Exchange for ordinary currencies occurs inter-periodical exchange of digital currencies, other payment systems or exchange offices.

Commission for the conduct of operations is appointed by the sender voluntarily, the size of the commission affects the priority in processing the transaction. Typically, the client program prompts the recommended amount of commission. Transactions without commission are possible and also processed, but are not recommended, since the processing time is unknown and can be quite large.

One of the main features of the system is full decentralization: there is no central administrator or any of its analogues. A necessary and sufficient element of this payment system is the basic client program (it has open source code). Running on multiple computers, client programs connect to each other in a peer-to-peer network, each node of which is equal and self-sufficient. It is impossible to manage the system publicly or privately, including changing the total number of bitcoins. The amount and time of release of new bitcoynes are known in advance, but they are distributed relatively randomly among those who use their equipment for calculations [17], the results of which are the mechanism for regulating and confirming the legitimacy of operations in the Bitcoin system (see the proof of performance [18] ).