Bitcoin, where the criptocurrency world begin

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After a few entrances related to criptocurrency, it is time to go further and meet the Bitcoin, the currency where the criptocurrency world begin.

What is bitcoin

Bitcoin is a decentralized digital currency, without any regulator that controls it (I mean, no Central Bank controls it), which means certain advantages compared to traditional currencies. It was born on February 4, 2009, and it seems that its creator was Satoshi Nakamoto, although it is not known if it is a person, some one anonymous, an organization, …

It is also defined as a protocol.

And it is also defined as a set of rules and standards that control the sequence of messages that occur during a communication between entities that make up the network.

The features of this currency are:

  • 21 millions: the number of units can never exceed 21 million bitcoins.
  • Uncensored: no one can ban or censor valid transactions.
  • Open source: the Bitcoin source code must always be accessible to everyone.
  • Without permission: nobody can prevent participation in the network.
  • Pseudoanonymous: no identification is required to participate in the Bitcoin network.
  • Interchangeable: each unit is interchangeable.
  • Irreversible paymentsbles: confirmed transactions can not be modified or eliminated. The history is indelible.

The Bitcoin has a “unique” feature, which is that it can be subdivided into 8 decimals: one hundred millionths of bitcoin, that is, 0.00000001 bitcoins, denominating the minimum satoshi subunit.

Throughout these years, Bitcoin has also been subject to bubbles, although due to the exchange rate and how it has developed, it seems that it is immune to these events, but as a currency, all these things affect them exactly as the rest of the world. coins, except that there is no “external” regulator to control it.

With Bitcoin, you can make transfers to any part of the world without the need to have transaction costs, or by subject of changes, etc, etc …

The first transaction registered with bitcoins happened in 2010 when someone in California published in a forum that would send bitcoins if someone sent two pizzas to their house. A Londoner sent him two large ones through the chain of pizzerias and received in exchange 10,000 bitcoins, today equivalent to more than US $ 40 million. Good investment for the London friend in exchange for 2 pizzas!

Next step

Bitcoins are stored on wallets or digital wallets for the management.

All management related to bitcoin and all criptocurrencies are due to technology: Blockchain, in my opinion, the world of the year 2018.

Have a nice day and happy coding!