Bitcoin for Beginners: What It Is and How It Works(Bitcoin Up)What is BitcoinThe Bitcoin is the first digital cryptocurrency, ie, an intangible, inviolable, created and stored on computer currency, which is not emitted by any central bank the world.
It allows you to carry out transactions in a safe and irreversible way, person to person, without the need for intermediaries such as banks.How to get BitcoinIt is obtained by downloading an electronic wallet application to the cell phone.
But, now, local and international developers offer easier to use wallets: Ripio, Copay, Bitpay, Xapo, Blockchain.info, SatoshiTango.
In May 2016, the Australian businessman Craig Steven Wright proclaimed himself as the inventor of Bitcoin, but so far that data could not be verified.Bitcoin became a secure and accepted digital currency by an increasingly large world community in a very short time, due to the proven success of its blockchain operating system, a technological innovation that allows people to carry out transactions without intermediaries.It is a paradigm shift that experts see as comparable to the social and economic revolution that caused the creation of the Internet, with the sending of the first person-to-person message.Bitcoin was designed to have an issue cap of 21 trillion coins.How Bitcoin worksIts blockchain technology allows drastically reducing the number of intermediaries and transaction costs in processes.
It is a headache for governments, as it threatens the current functioning of the world's economies with the intervention of the Central Banks and their power to create money, as we know it today.The bitcoin creation system is decentralized, nobody can control the issuance, which is already programmed by the Bitcoin protocol, whose code is open to everyone.Those who are dedicated to creating bitcoins and sustaining the operation of the system are called "miners", and they are distributed throughout the world.What is the blockchain systemThe blockchain system protects itself.
The "miners" and the nodes spread around the world simultaneously confirm the completion of a transaction and record it in a sequential order, in blocks.