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Bitcoin: What Is It and why Is It Important?

Bitcoin‘s inventor, Satoshi Nakamoto, described Bitcoin as “A Peer-to-Peer Electronic Cash System” in the original 2009 Bitcoin whitepaper – the document which created the roadmap for Bitcoin. To date, this is still the most simple and accurate description.

Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is perhaps best described as ‘cash for the Internet’, but Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

It is also known as digital cash, cryptocurrency, an international payment network, the internet of money – but whatever you call it, Bitcoin is a revolution that is changing the way everyone sees and uses money.

Who Developed Bitcoin?
The original Bitcoin code was designed by Satoshi Nakamoto under MIT open source credentials. In 2008 Nakamoto outlined the idea behind Bitcoin in his White Paper, which scientifically described how the cryptocurrency would function. Bitcoin is the first successful digital currency designed with trust in cryptography over central authorities. Satoshi left the Bitcoin code in the hands of developers and the community in 2010. Thus far hundreds of developers have added to the core code throughout the years.
What is the Blockchain?
The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” Don & Alex Tapscott, authors Blockchain Revolution (2016)
Blockchain formation. The main chain (black) consists of the longest series of blocks from the genesis block (green) to the current block. Orphan blocks (purple) exist outside of the main chain.
Bitcoin network data
A blockchain, originally block chain,[4][5] is a growing list of records, called blocks, which are linked using cryptography.Blockchains which are readable by the public are widely used by cryptocurrencies. Private blockchains have been proposed for business use. Some marketing of blockchains has been called "snake oil".
Each block contains a cryptographic hash of the previous block,[6] a timestamp, and transaction data (generally represented as a merkle tree root hash). By design, a blockchain is resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way".[8] For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires consensus of the network majority.
What is Double Spending?
Double-Spending is the act of using the same bitcoins twice. There is only a 21 million set cap on the protocol and no more can be produced. So the network protects against double spend by the verification of each recorded transaction. The blockchains ledger ensures that the transactions are finalized by its inputs confirmed by miners. The confirmations make each unique Bitcoin and its subsequent transactions legitimate. If one tried to duplicate a transaction the original blocks deterministic functions would change showing the network that it is counterfeit and would not to be accepted.
How is the Blockchain Different from Banking Ledgers?
Banks and accounting systems use ledgers to track and timestamp transactions. The difference is that the blockchain is completely decentralized and open source. This means that people do not have to rely on or trust the central bank to keep track of the transactions. The peer-to-peer blockchain technology can keep track of all the transactions without the fear of having them erased or lost. Furthermore, the blockchain, because of its open source nature, is more versatile and programmable than central banking ledgers. If programmers need new functionality on the blockchain, they can simply innovate on top of already existing software through consensus. This is difficult for central banks because of all of their regulations and central points of failure.
Why Bother with Bitcoin?

At some point you’ll hear people say “Bitcoin is great, but you’ll never use it to buy your coffee every morning”. It’s a sign they haven’t really sat down to think about what money is, or how different people around the world use it. In fact, people are already using Bitcoin to buy their morning coffee!

Are you unserved or underserved by the current international banking system because you or your family live in an emerging economy, or freelance for clients overseas? Are you under 18, or work in an industry the credit card companies or PayPal don’t approve of? Have you ever had an account frozen for some random irregularity, or had to pay over $20 in international money transfer fees just to send your funds to a friend or loved one? Bitcoin is the perfect solution to all of those issues.

If you’re a merchant – either online or brick-and-mortar – accepting Bitcoin is faster and cheaper than credit cards, and all payments are final. Fees are lower and there’s no risk of fraudulent chargebacks.

What is Bitcoin Mining?
Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place.

The primary 
purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduceBitcoins into the system: Miners are paid any transaction fees as well as a "subsidy" of newly created coins.
In most countries, bitcoin mining is legal. Of course, there are legal ways to mine bitcoin, which generally means using your own resources, such as electricity and processing power. ... In this case, mining bitcoins is legal, but you're stealing the resources needed to mine them, which is illegal
How Can You Buy Bitcoin?
Select your country in the list of the main page of, then open the Coinbase, Coimama and Binance Tuto ;)
Can You Sell Bitcoin?
You can sell bitcoin on all of the same exchanges and services that you can buy it from. And though the sale transaction may take just a few seconds, it will likely take considerably more time to actually withdraw the proceeds of that sale from your bitcoin wallet into your bank account.
Can stores accept Bitcoin?
After you choose your flights you are given your payment options, including BTC. ... The travel company has been accepting bitcoin payments since 2013 and is the only one that will accept the currency as payment for air travel. Transactions are finalized using your Coinbase wallet.

How Hard Is It To Make Bitcoin Payments?

Often, completing a Bitcoin transaction is easier than making a purchase with a debit card or a credit card. All you need is your wallet address and you can make payments or request Bitcoins through your PC software, mobile application, or web wallet.

You can even create custom QR codes which, when scanned, will automatically put in the amount of BTC you are charging and your address so that all the sender has to do is confirm the information and click send.

There is even an option to use Near-Field Communication (NFC), which most smartphones are equipped with today, to simply press your phone back to back with the seller’s or buyer’s phone and complete the transaction.

Is Bitcoin anonymous?
The short answer is no, not entirely. While anonymity indicates that the identity of an actor is unknown, Bitcoin transactions are linked to a specific address and, thus, an “identity.” However, that address does not necessarily have to be tied to a real-life identity. That is why Bitcoin is often described as “pseudonymous.” If a user’s Bitcoin address is tied to their real identity, then it is possible to trace activity back to them. If not, it is possible only to trace activity back to their Bitcoin pseudonym.
Is Buying Bitcoin illegal?
News reports indicate that bitcoins are being used in the country. The Costa Rican Central Bank announced that bitcoin and cryptocurrencies are not consider currencies, and are not backed by the government nor laws. However, they are notillegal. There are a few merchants who do accept bitcoins in the country.
How much Bitcoin has been lost?
Up to 3.79 million bitcoin have been lost and may never be recovered, according to a study. At the time of writing, that adds up to $27,600,00,000, with a single bitcoin currently worth $7,000
Who owns the Bitcoin network?
Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the software, they can't force a change in the Bitcoin protocol because all users are free to choose what software and version they use.
Who has the most bitcoin?
  • The Winklevoss Twins.
  • Barry Silbert (cryptocurrency maven)
  • Tim Draper (billionaire venture capitalist)
  • Charlie Shrem (Bitcoin early adopter)
  • Tony Gallippi (cryptocurrency executive)
  • Satoshi Nakamoto (Bitcoin mastermind)
  • Uncle Sam.
Why Does The Bitcoin Price Move So Much?
A negative ratio ensures that a country is producing less value than it is consuming which causes a relative decrease in the value of the country's currency. Bitcoin is a commodity that is traded for goods, services and value produced. Bitcoin's value is dependant on the intensity of demand and supply there is.
How Can I Trade Bitcoin without an Exchange?
There are coins that you can buy on Amazon, but those are not Bitcoins. They're just coins with the word 'Bitcoin' on them. There's not really such thing as a physical but coin - it's only digital. If you want to buy something that commemorates bitcoin in coin format go to eBay.
What's the best exchange for Cryptocurrency?
  • Coinbase : Coinbase is the largest crypto exchange, boasting over $20 billion in trading volume and over 10 million registered users. ...
  • Binance : in term of volume and with its 5 millions daily users, Binance is one the main exchange to trade Bitcoin
How do Bitcoin exchange rates work?
He can then use his positive BTC balance in the 
exchange to sell his BTC for Dollars (or other coins). Similarly, a buyer of BTC deposits USD with the exchangeand then uses the balance to buy BTC from sellers. Bitcoin Exchange works like any other classic Exchange Stock, but with Crypto mainly.
What Can You Buy With Bitcoin?
7 Major Companies That Accept Cryptocurrency
  • Overstock. In August 2017, announced their acceptance of cryptocurrencies as a form of payment for goods they sell.
  • Expedia. Expedia is another of the major companies that accept cryptocurrency in the form of Bitcoin.
  • Subway.
  • PayPal.
  • Shopify.
  • Microsoft.
  • Pizzaforcoins.
What Is a Bitcoin Address?
A Bitcoin address, or simply address, is an identifier of 26-35 alphanumeric characters, beginning with the number 1 or 3 , that represents a possible destination for a bitcoin payment. Addresses can be generated at no cost by any user of Bitcoin.
Is a Bitcoin address the public key?
Technical background of version 1 
Bitcoin addresses. ... A Bitcoin address is a 160-bit hash of the public portion of a public/private ECDSA keypair. Using public-key cryptography, you can "sign" data with your private key and anyone who knows your public key can verify that the signature is valid.
How do you get a Bitcoin address?
Getting a 
Bitcoin address with a Coinbase wallet is as easy as 1,2,3 ! Any addressyou create here will remain associated with your Coinbase account forever. You can generate as many addresses as you like. Click the "Details" button next to anyaddress to display the corresponding QR code.
Can you pay with Bitcoins?
Exchanges and accounts 
do not send your bitcoin payments immediately, so theyare not good for paying BitPay merchants. To use your Bitcoin or Bitcoin Cash, withdraw your Bitcoin or Bitcoin Cash from the exchange to a Payment Protocol compatible wallet before attempting to spend it.
How many miners are there in the Bitcoin network?
Bitcoin are mined in units called "blocks." As of the time of writing, the reward for completing a block is 
12.5 Bitcoin. At today's price of about $10,000 per Bitcoin, this means you'd earn (12.5 x 10,000)=$125,000. When Bitcoin was first mined in 2009, mining one block would earn you 50 BTC
What Is A Full Node?
A full node is a program that fully validates transactions and blocks. ... Many people and organizations volunteer to run full nodes using spare computing and bandwidth resources—but more volunteers are needed to allow Bitcoin to continue to grow.

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