What is bitcoin???

kamvret (25)in #steemit • 7 years ago

What is bitcoin ??

Bitcoin is a digital asset developed in 2009 by someone under the pseudonym of Satoshi Nakamoto. This digital asset is like gold, but only available in the digital world. The concept may sound like eGold, although it is actually much different.

Bitcoin as a digital asset has the following features:

Instant transfer in peer to peer

Peer-to-peer itself means Bitcoin runs without having a central server. The storage servers are decentralized and distributed-shared to the various servers run by each user connected to the network.

Transfer to anywhere

Unlike gold, Bitcoin can be sent anywhere in seconds, whenever and wherever you want. Shipping with Bitcoin can happen only with a smartphone's capital and internet connection.

Transfer fee is very small

Shipping costs can be eliminated until free, but to speed up transactions, your Bitcoin wallet will usually cost you around 500 - 3,000 rupiah, no matter how many bitcoins are shipped.

Transactions are irreversible, meaning once transferred can not be canceled.

Bitcoin is given to someone else's hand, the transaction can not be canceled unless the person is willing to send the Bitcoin back

Bitcoin is not controlled by any agency or government

Bitcoin using the Blockchain database is not controlled by a party, but is so open to the public that it is impossible for someone to forge transactions in Blockchain. All transactions are recorded live, transparent, and spread over millions of servers. Those who want to alter or falsify Bitcoin transaction data, must hack millions of servers at the same time.

The number is limited

Bitcoin supply will only be 21 million Bitcoin worldwide. Bitcoin's system of declining creation every four years resembles an economic system based on deflation and with the increasing supply of bitcoin, bitcoin prices tend to rise.

Is Bitcoin Safe?

You might think that an open source bitcoin system allows a genius computer to break into a bitcoin system and publish a number of bitcoins for itself. In fact this system has been reviewed by various circles as flawless. Any past transaction data is stored in all peers across the network, and should be in order. Each new transaction will be verified by a number of newly declared valid peers.

Secure, insecure bitcoin systems are users and money exchangers. Just like internet banking passwords, hackers can easily steal some money from you if the computer is infected with a virus.

How to get Bitcoin?

You can get bitcoin by buying and mining. To buy bitcoin can be done in exchangers such as indodax.com (indonesia), mtgox (US & Japan), and btcchina.com (China).

What Bitcoin Price Should Be?

Bitcoin is the same currency as Rupiah, Dollar, Euro and others. People believe and want to buy dollars for Rp 13 thousands, then that's the dollar price. Just like Bitcoin, people believe and want to buy Bitcoin for hundreds of millions, then that's the price of Bitcoin.

Bitcoin is a new way of transfer and saving money.

Thank you for reading my post, if any mistake I please forgive.