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What is bitcoin - Essay Example

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The inventor of Bitcoin is said to be one called Satoshi Nakamoto from Japan. After coming into existence in 2009, total number of Bitcoin units stands at almost 12 million. Only a small number of units are being used for commercial transactions; majority transactions are done for investment or speculative purposes. It may be interesting to note that the University of Nicosia in Cyprus has now decided to accept the digital currency to pay for tuition or other fees (Liljas). Bitcoin Divisibility It is symbolized as BTC that means 1BTC = 1 bitcoin; however, it can be expressed in smaller denominations up to 8 decimal points. This means smallest amount is 0.00000001 BTC. However, when protocol and software permits, it can be further modified to a smaller amount. Various smaller units can be described as per the following. 1 BTC = 1 Bitcoin 0.01 BTC = 1 cBTC = 1 bitcent or centibitcoin 0.001 BTC = 1 mBTC = 1 millibitcoin 0.000 001 BTC = 1 ?BTC = 1 microbitcoin and 0.000 000 01 BTC = 1 satoshi bitcoin. Mining New Bitcoins are created through a process called mining. Mining is linked to finding the solution to a mathematical problem. As an open source product, complex computer software is used to mine Bitcoin through available solutions on the network. The process is extremely complex and only powerful computers can mine Bitcoins. Finding a solution means creating a new block with a certain difficulty that depends upon the strength of the network. Mining is basically a process of creating fresh

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News Story report / critique
Summary Sivy Michael authored the article, ‘the real significance of the Bitcoin Boom (and bust),’ that was published by Time, Business and Money Magazine. The author explores the scope of the currency, its association with real currencies and its significance to the global economy.
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Assignment
There are people who propose an idea, and then there are people who oppose it. The tussle between the two factions gives rise to public’s sweetheart, commonly known as controversy. Bitcoin- the virtual currency, still in its early days has been under criticism
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Bitcoins
Using the wallet software, people can send or receive bitcoins. This system can be used without hassle on a computer, mobile or any electronic devices that can support web technology. Individuals purchase bitcoins through payment by online
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Bit Coin (BTC) is normally a type of ecommerce designed that acts as a wallet, that is one does not need to have hard cash instead, all transactions such as shopping, payment of gas or mortgages is done via the e-wallet application
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Global E-commerce
Customers can have access to the benefit from their own place with a normal internet connection thanks to Bitcoin software. In addition, Customers can use this software to make payments easily
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Bit coin
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Disintermediation occurs due to high inflation rate. Disintermediation generally helps to eliminate the involvement of old-fashioned
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Compare
These two companies, which started as sites, had some things in common. Apart from being products of individuals with the same ideas (starting online currencies), their names originated from money. Flooze was derived from the word flooz, an Arabic name for money and Bitcoin
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Bitcoin - IT professional and society
This can used much like orthodox currencies. It is managed without any central authority and accomplished by peer-to-peer technology. All function of the Bitcoin software such as transaction processing, Bitcoin issuance and verification
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blocks in the entire chain. The hash of the previous block along with the details about all the transactions across the entire Bitcoin network is available. All information from the previous blocks can be made use of for guessing or generating sequences of characters called hashes to discover a new block. For this purpose, specialized mining software needs to be downloaded by users. Computer processor is deployed for this purpose to find new strings taking clue from the previous block. Finding the right string means creating a new block and the discoverer is entitled for Bitcoins as rewards. Source: https://en.bitcoin.it/wiki/File:Total_bitcoins_over_time_graph.png As such, 10,500,000 Bitcoins were created in the first four years of period between 2009 and 2012. The program is so adjusted that in the slot of next 4 years only half of the quantity will be created. That means between 2013 and 2016 only 5,250,000 Bitcoins will be created; and then 2,625,000 Bitcoins will be created during years 2017 to 2020 and so on. This implies that total number of Bitcoins will never exceed 21,000,000. Acquiring Bitcoins and Making Payments Bitcoins can be acquired in several ways. For the goods and services sold, one can receive payments in bitcoins. One can do transaction in Bitcoin exchanges in lieu of other currencies. One can create a new block to yield 25 bitcoins. Bitcoin value depends upon how widely they are recognized and accepted. They are also susceptible to economic bubbles as applicable in other commodities such as gold, silver, real estate. Each payment transaction is made known to the network members. Bitcoin Network As such in Bitcoin network, no user names or passwords are required to set up accounts or addresses. Each balance belongs to those who possess public-private key-pair. That means Bitcoins belong to those who has the private key to sign transactions. Transacting parties do not know each other in the same way as any online store owner is interested in the money and not in the name of buyer. Each Bitcoin address represents one public key and that may appear like 1PC9aYC4hMX2rmmrs7uHTfXAS3hTbph4UP. Each person can have many such addresses. Bitcoin is a protocol as well as a
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Summary

Bitcoin is a currency not controlled by any central banks as normally found in the case of traditional currency of any country. It is a digital currency that exists on electronic network. Its creation is controlled by cryptography and can be used as payments while buying any goods or services…
What is bitcoin
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tylergerlach added comment 3 months ago
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I never thought 750 words essay could be written in such a free manner. I loved the style of this essay. Will definitely use it for my own work!
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