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What is Bitcoin?
Bitcoin is a currency like the euro or the US dollar, used to exchange goods and services. However, unlike other currencies, Bitcoin is an electronic currency that presents novel features and notable for its efficiency, safety and ease of exchange. Their biggest difference compared to other currencies, is a decentralized currency, so anyone possession. Bitcoin has no central issuer as dollars or euros, the cryptocurrency is produced by individuals and companies around the world devoting considerable resources to mining.
WHAT DETERMINES THE PRICE OF BITCOIN?
The price of bitcoin is determined by supply and demand. When demand for bitcoin increases, the price goes up, and when demand falls, the price falls. There are a limited number of bitcoins in circulation and new bitcoins are created at a predictable and decreasing speed, this means that the application must continue this level of inflation to maintain a stable price. Because Bitcoin is still a relatively small market compared to what may become a significant amount of money is not necessary to move the market price up or down, which is why the price of bitcoin is still very volatile
How bitcoins created?
The new bitcoins are generated by a competitive and decentralized process called "mining". This process is based on that individuals are rewarded by the network for their services. Bitcoin mining process transactions and ensure network using specialized hardware and collect bitcoins in exchange for this service.
WHY THEY HAVE VALUE BITCOINS?
Bitcoins have value because they are useful as currency. It has the characteristics of money (durability, portability, fungibility, scarcity, divisibility, and recognizability) based on mathematical properties rather than relying on physical properties (such as gold and silver) or rely on centralized authorities (such as fiat currencies). In short, Bitcoin is backed by mathematics. With these attributes, all you need this kind of money to keep its value is trust and adoption. In the case of Bitcoin, we can measure their growth in users, retailers and startups. Like any currency, the value of Bitcoin is achieved alone and directly from people who want to accept it as payment.
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What is the origin of Bitcoin?
Bitcoin has its origin in 2009 when Satoshi Nakamoto, pseudonym of one or more persons decided to launch a new electronic currency whose peculiarity is that only served to perform operations, While we may not know who he (or she) was, we know what he did. Satoshi Nakamoto was the inventor of the bitcoin protocol, within the network of networks. Bitcoin refers to both the currency and the protocol and the P2P network on which it rests.
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.