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Small wonder that Bitcoin appeared in 2008 shortly after Occupy Wall Street accused large banks of misusing borrowers money, duping clients, rigging the machine, and charging boggling fees. Bitcoin pioneers wanted to place the vendor in charge, eliminate the middleman, cancel interest fees, and also make transactions transparent, to hack on corruption and reduce fees.
Bitcoin has come far in a relatively brief time. All over the planet, companies, from REEDS Jewelers, a large jewelry chain in the US, into a private hospital in Warsaw, Poland, accept its currency. Billion dollar businesses such as Dell, Expedia, PayPal, and Microsoft do, too. Websites encourage it, publications like Bitcoin Magazine release its news, forums discuss cryptocurrency and trade its own coins.
Issues include thieves hacking accounts, high volatility, and transaction flaws. On the other hand, people in third world countries may find Bitcoin their reliable channel nonetheless for giving or receiving money.
In its simplest, Bitcoin is either virtual currency or reference to the technology. You can make transactions by check, wiring, or money. You can even use Bitcoin (or BTC), where you refer the purchaser for your signature, and this can be a long line of security code encrypted using 16 distinct symbols.
Put another way; cryptocurrency is an exchange of electronic information which allows you to purchase or sell goods and services.The transaction gains its own security and trust by running on a peer-to-peer computer network that's similar to Skype, or BitTorrent, a file-sharing system. .
1.) Irreversible: Following confirmation, a transaction cant be reversed. By nobody. And nobody means nobody. Not you, not your bank, not the president of the United States, not Satoshi, not your miner. Nobody. Should you send money, you send it. Period. No one can help you, if find more information you sent your funds to a scammer or if a hacker stole them out of the PC.
2.) Pseudonymous: Neither transactions or accounts are connected to real world identities. You receive Bitcoins on so-called addresses, which are randomly seeming chains of around 30 characters. While it's typically possible to analyze the transaction flow, it's not necessarily possible to connect the real world identity of users with these addresses. .
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3.) Fast and global: Transaction is propagated nearly instantly in the network and are confirmed in a few minutes. Since they happen in a global network of computers they are completely indifferent of your physical location. It doesnt matter if I send Bitcoin to my neighbour or read here to someone on the other side of earth. .
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4.) Secure: Bitcoin funds are locked in a public key cryptography system. Only the owner of the private key can send cryptocurrency. Strong cryptography and the magic of large numbers makes it impossible to break this scheme. A Bitcoin address is much more secure than Fort Knox.
5.) Permissionless: You dont need to ask anybody to use cryptocurrency. Its a software that everyone can download for free. After you installed it, you can receive and send Bitcoins or alternative cryptocurrencies. No one can prevent you. There's absolutely no gatekeeper.
The creator of bitcoin figured out a way to allow two entities confidently exchange directly with one another, without the need to rely on these intermediaries. The key is math. As long as we trust in math, we can be confident that the exchange to occur as expected.
Bitcoin utilizes public key cryptography and an innovative approach to bookkeeping to achieve the authorization, balance verification, prohibition on double spending, delivery of assets and record inalterability described above. And it happens in near real time at no price.
Cryptography ensures authorization. You need a private key to transact. And your key is complicated enough that it would take the best computer longer than the earth has been around to decode it. In other words, its essentially unhackable.
A cryptocurrency exchange where you can exchange regular coins for bitcoins, or to get satoshis, which can be similar to the BTC-type of cents. Resources: Coinbase and Coinsquare in the US & Canada, and BitBargain UK and Bittylicious in the United Kingdom.
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A Bitcoin ATM (or even cryptocurrency exchange) where you can change bitcoins or money for another cryptocurrency. Resources: The best bets are BTER and CoinCorner
A classified service where you can find a seller who can help you exchange bitcoins for cash. Resources: The definitive site is LocalBitcoins.