Bitcoin

What is Bitcoin?

Bitcoin is an experimental property transfer and verification system based on a peer-to-peer network without any central authority.

The initial application and the main innovation of the Bitcoin network is a decentralized electronic money system whose bitcoin is the unit of account.

Bitcoin works with software and protocol that allows users to issue bitcoins and manage transactions collectively and automatically. As a free protocol (open source code), it also allows interoperability of the software and services that use it. As a currency, the bitcoin is both a payment intermediary and a store of value.

Bitcoin is designed to self-regulate. The limited inflation of the Bitcoin system is distributed homogeneously by computing power across the network, and will be limited to 21 million divisible units to eight eighth decimal places. The proper functioning of the exchanges is guaranteed by a general organization that everyone can examine, because everything is public: the basic protocols, the cryptographic algorithms used, the programs making them operational, account data and debates of developers.
The possession of the bitcoins is materialized by a series of numbers and letters which constitute a virtual key allowing the expenditure of the associated bitcoins in the register. A person may hold several keys in a "Bitcoin Wallet", a "keyframe" web, software or hardware that allows access to the network to make transactions. The key-ring is used to view the balance in bitcoins and the public keys to receive payments. It also contains (often encrypted) the private keys associated with these public keys. These private keys must remain secret because their holder can spend the associated bitcoins on the registry. Any holder (key ring) is suitable to keep the sequence of symbols that make up your key ring: paper, USB key, memory, etc. With the right software, you can manage your assets on your computer or your phone.
In order to have bitcoins on an account, you must either have a holder of bitcoins, for example, in exchange for a good, or pass through an exchange platform that converts classic currencies into bitcoins or have them earned By participating in the collective control of the currency.