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Author Topic: Definition of Bitcoin  (Read 77 times)
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August 16, 2018, 12:18:08 AM

Bitcoin is an easy payment tool and can be used throughout the world and across continents.

Bitcoin is not known in the banking system and is not related to the government. Then why is Bitcoin very popular today?

Ransomware Hackers WannaCry Requests Bitcoin

Some time ago, the world was shocked by the attack of WannaCry Malware Ransomware which attacks computers with Windows operating systems.

Reporting from the source, WannaCry's Ransomware malware has attacked more than 300 thousand computers worldwide by encrypting data, so that data cannot be accessed by the owner.

Instead of asking for ransom of cash or precious metals, Hacker Ransomware WannaCry asks for ransom in the form of bitcoin, worth US $ 600, equivalent to Rp. 7.9 million.

The question arises: Why is bitcoin? Why isn't cash or precious metal? What is bitcoin and what are the advantages?

To answer all these questions, my Finance will describe the ins and outs of bitcoin and what the advantages are compared to cash or precious metals and other contraband devices.

Definition of Bitcoin

Bitcoin is a payment tool created by a group of programmers who acted on their behalf as Satoshi Nakamoto in 2009.

Mentioned as the world's first digital currency.

Bitcoin is a crypto currency whose exchange system is not managed by any operator, but is done with a peer-to-peer system or directly between individuals without intermediaries.

Bitcoin currencies are not listed in the banking system and are not linked to the government and all of the exchanges are recorded in a distributed ledger called blockchain.

Bitcoin is often used for anonymous transactions so that they can be used for illegal transactions, such as buying and selling drugs.

Based on a study conducted by Cambridge University in 2017, there were 2.9 to 5.8 million users of the currency to currency, the majority of which use bitcoin.

On August 1, 2017 bitcoin is split into two types of digital currencies, namely Bitcoin Classic (BTC) and Bitcoin Cash (BCH).

How Bitcoin Works

Since it was first launched in 2009, bitcoin has no physical form or physical denomination. Bitcoin only exists as information in a connected computer network.

As previously stated, all bitcoin transactions are recorded on the blockchain so as to make Bitcoin, one must create blocks in the network.

Each block is created cryptographically by binding the user's computer power which is then added to the blockchain, making the user get it by running the network.

The limit of making bitcoin is embedded in the system and the maximum amount is under 21 million bitcoin. Currently 15 million bitcoin has been circulating with a value exceeding US $ 4,000.

Some people consider bitcoin as an investment, hoping its value will continue to rise.

You can also buy bitcoin in a marketplace that provides Bitcoin Exchange. For example, the biggest bitcoin exchange place is Mt. Gox.

Bitcoin can then be transferred to other users using the smartphone application or with a computer. Just like transferring money digitally.

Bitcoin will be stored in digital wallet, which is available on the user's computer. Digital wallet is like a virtual bank account that allows users to store, send and receive, and use bitcoin to buy and sell.
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October 29, 2018, 11:40:47 PM

What kind of stupid question?
Why is bitcoin so popular?
Because he's anonymous and safe.
No banking and currency system does not guarantee such protection and anonymity
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October 30, 2018, 07:45:37 AM

What kind of stupid question?
Why is bitcoin so popular?
Because he's anonymous and safe.
No banking and currency system does not guarantee such protection and anonymity

why do you assume bitcoin's gender?

if this is copied from somewhere (judging from the formatting) you should supply the source!

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October 30, 2018, 10:50:09 PM

Interesting post... a little bit of everything. The best thing is that we don´t really need a definition of bitcoin, since at the end is just a software system, whatever we want to use if for.

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October 31, 2018, 12:08:00 AM

What kind of stupid question?
Why is bitcoin so popular?
Because he's anonymous and safe.
Its pseudo-anonymous, not anonymous. Its not that stupid question after all. Maybe its safe, but you must know what you are doing.
So many people loosing bitcoins because they don't know about basic computer hygiene.

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