So You Want To Know About Bitcoin - Bitcoin?
Wallet? Check. But what is Bitcoin? Bitcoin is an electronic medium of exchange where cryptography is used to secure transactions. Once you have your wallet you need to fill it with value in the measure of crypto-currency (e.g Bitcoins), much like putting cash into your wallet except it’s digital. See? Not a hard at all :)
(Jump with Bitspark into the world of Crypto!)
Bitcoin Breaks Conventional Barriers
By innovating and turning your cash digital, you can experience the financial freedom never thought possible before. The implications of Bitcoin are beneficial in the short and long term, making a positive difference to everyday interaction with your money.
Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part.- Bitcoin.Org
The Little Things
- No more being short of the exact amount of money.
- Don’t have to carry around big bulky wallets.
- Pay people for fee free and instantly!
- No more paper receipts as everything is public on the Block Chain.
- And plenty more!
(Because who likes pockets full of metal anyway?)
The Big Things
- Your money breaks free of financial institutions and their rules. So... that means no more unexplained interest rates, fees and surcharges, right? Yes!
- Your money is safe from inflation and increases your purchasing power.
- Protects your identity such as your name, home address, physical address and other personal data often exposed in conventional transactions.
- You have absolute control over your money. If you want to send money overseas, receive money, give out loans or borrow, you can, with no restrictions on time, date or place.
(Because inflation sucks)
Who Invented it?
Bitcoin was the first ever crypto-currency and was invented by Satoshi Nakomoto, a name believed to be pseudonymous for an individual or group. Satoshi authored the original whitepaper outlining how the algorithm works and translated this into the Bitcoin Core project. Bitcoin Core has a devoted following of software developers world-wide contributing continually to improve the codebase to better its usability, functionality and security. Take a look at the open source code here.
“What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for third party." -Satoshi Nakomoto (Bitcoin Protocol, 2009)
Satoshi Nakomoto's last contribution to the software was in 2010 and since then little knowledge of the identity or where abouts of Satoshi Nakamoto exists. With Bitcoin's disruptive nature compared with the likes of the Internet, voracious efforts to find the 'entity' behind the Bitcoin Software has resulted in car chases and potential blackmail.
(Leave Satoshi alone!)
Okay, got it! But What's This About Blackcoin,Darkcoin,Dogecoin,Litecoin Ect?
Due to Bitcoin's open source nature anyone in the world is free to copy or modify the underlying source code to create their own currency or code a new one from scratch. The last few years has resulted in a number of alternative crypto-currencies (or 'alts-coins') being developed, many of which bring new and exciting innovations to crypto-currency.
Alt-coins tend to fluctuate in their popularity among the crypto-currency community where Bitcoin is considered the 'gold standard'. Alt-coins are created for many reasons, some compete to take the crown with new innovations or utility, and some are just in it for the lulz- after all it's fun being a dogeillionaire!
(Reddit user dysan21 is a dogeillionaire, head on over and give him some karma because hypnotoad said so)
And that is pretty much Bitcoin and Alt-coins in a superficial nutshell!
As always, happy Bitcoining and don’t forget that the Bitspark Team is here to answer your questions via Facebook or Twitter #BitsparkBTC!