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What is bitcoin?

Bitcoin is a consensual network that allows a new payment system and a fully digital currency. It is the first peer decentralized network driven by ts users pay no central authority or intermediaries. From a user standpoint, as Bitcoin is Internet money. Bitcoin may be the only existing triple accounting system.

Who Created Bitcoin?

Bitcoin is the first implementation of a concept known as "crypto currency", which was first described in 1998 by Wei Dai on the list OnlineChatSoftware Email "cypherpunks" where he proposed the idea of ​​a new kind of money you used the cryptography to control its creation and transactions, rather than a centralized authority to do so. The first Bitcoin protocol specification and proof of concept Satoshi Nakamoto published it in 2009 in an email list. Satoshi left the project in late 2010 without revealing much about him. Since then, the community has grown exponentially and has many developers working on the Bitcoin protocol. Satoshi anonymity has sometimes raised unjustified suspicions, many of them caused by the lack of understanding about open source in which Bitcoin is based. The Bitcoin protocol and its software and any developer openly published anywhere in the world can revise or create your own modified version of the software. Like the current programmers, Satoshi influence has been limited to changes that made the others adopted and therefore not controlled Bitcoin. Thus, the identity of the inventor of Bitcoin is equally important to know who invented the paper.

Who controls the Bitcoin network?

In the same way that no one controls the technology behind email, Bitcoin does not have owners. Bitcoin control it all Bitcoin users worldwide. Although programmers improve the software, they can not force a change in the Bitcoin protocol because all other users are free to choose the software and version you want. To remain compatible with each other, all users need to use software that complies with the same rules. Bitcoin can only work properly if there is consensus among all users. Therefore, all users and programmers have a strong incentive to protect this consensus.

The advantages of Bitcoin

- Will have an emission limit reaching 21 million. This makes it a currency that tends to appreciate against other. The dollar lost 90% of its value in 50 years as a result of increasing emissions, the Bitcoin guarantees that the issue will be capped. - A currency emission restriction translates into price deflation, ie a good bought today with Bitcoin would be more expensive than if bought later because the value of the currency is going towards appreciation. - It is an "anonymous" currency, can not control a government, or an entity. At one point pareceal system prior to the appearance of the central banks, where each entity supported its money with its own reserves. Not being regulated by an organism is less manipulable, because so many actors involved it is impossible to get everyone to agree common action. - The transaction control is performed by all participants Bitcoin ecosystem, each transaction is fully registered, so that culaquiera can see movements, although unable to detect who makes them. - Transactions are made in real time. Any transfer of money from one country to another usually requires 24 to 72 hours. This currency is transferred in real time from one account to another.

The disadvantages of Bitcoin

- Its huge fluctuation in value against other currencies. - There is no guarantee that will become a currency accepted by all. If current trends change and users stop using it, the value of Bitcoin would go to zero. - The lack of a regulatory ecosystem largely explains volatility. As depends solely on supply and demand, there is the risk that variations discourage use. - Anonymity ensures the system does not know who is behind the operations. Thus, a freelancer who charged their services in Bitcoin, could not detect a government to collect taxes, but not detect a drug dealer.

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