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Bitcoin

What is Bitcoin?

বিটকয়েন কি?

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 pretty much like cash for the Internet.

Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

Who created Bitcoin?

Bitcoin is the first implementation of a concept called “cryptocurrency”, which was first

described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a

new form of money that uses cryptography to control its creation and transactions,

rather than a central authority. The first Bitcoin specification and proof of

concept was published in 2009 in a cryptography mailing list by Satoshi

Nakamoto. Satoshi left the project in late 2010 without revealing much about himself.

The community has since grown exponentially with many developers working on Bitcoin.

Satoshi’s anonymity often raised unjustified concerns, many of which are linked to

misunderstanding of the open-source nature of Bitcoin.

The Bitcoin protocol and software are published openly and any

developer around the world can review the code or make their own modified version of the

Bitcoin software.

Just like current developers, Satoshi’s influence was limited to the changes

he made being adopted by others and therefore he did not control Bitcoin.

As such, the identity of Bitcoin’s inventor is probably as relevant

today as the identity of the person who invented paper.

Who controls 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. In order to stay compatible with each other,

all users need to use software complying with the same rules. Bitcoin can

only work correctly with a complete consensus among all users. Therefore,

all users and developers have a strong incentive to protect this consensus.

 At present, the price of 1 bitcoin is around 2709.51 US dollars.

Do not believe? Check out this link today’s updated rate. Link




 

 

 

 

 

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