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Faucet in a Box

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What is Bitcoin - A road not traveled

While the currency was born as a liberating institution and promoter of cooperation between humans, over time governments have made her a tool increasingly sophisticated social control. That's why all entrepreneurs involved in the creation of voluntary use coins - that is not imposed by force - have had to face the long arm of the law (well-armed, by the way). Among the trail of victims we find the Liberty Dollar and its creator, Bernard von NotHaus, who suffered a raid by the FBI in which all its assets were confiscated (gold and silver that backed the currency), and who was thensentenced to prison. Other known cases are those of eGold (company that used to allow the transfer of digital letters with gold backing, also ruined by the US government) and GoldMoney (company still resists the harassment of the US government, and it has been forced to cancel their service in several countries, and to cancel his online payment system everywhere).

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Overview

Bitcoin is a decentralized electronic currency, conceived in 2009 by who has become known as Satoshi Nakamoto (although his true identity is unknown). The name applies tambiénqué Bitcoin is that bitcoin + + + bitcoin is free software designed by Nakamoto for managing the currency, and the P2P network (peer to peer, or network of "peers" under one protocol) that gives support. Unlike most currencies, Bitcoin operation does not depend on a central institution, but a distributed database. The software developed by Nakamoto uses cryptography to provide basic functions, such as ensuring that bitcoins can only be worn by its owner, and never once security.

Bitcoin is one of the first implementations of the concept of cryptocurrency, and certainly the most successful to date. The proposal inspired Nakamoto - a form of electronic money impossible to monopolize, untraceable and allows its owners to remain anonymous - was first described in 1998 by Wei Dai cryptographer in the famous Cypherpunk mailing list. Bitcoin design, in fact, allowed to own and transfer value from public accounts of potentially anonymous way.

Perhaps the greatest achievement of Satoshi Nakamoto is that of having solved the problem of double spending in a decentralized system, has revealed that both economists and programmers. To prevent a single bitcoin be worn more than once by the same person (in other words, to prevent counterfeiting), the network uses what Nakamoto describes as a distributed server time, which identifies and orders sequentially transactions and prevents its alteration. This is achieved by testing of linked work (which are shown as "confirmation"). We shall see that this work is done by mining bitcoins in exchange for a reward in bitcoins.

While sending bitcoins is instantaneous, and any operation can be monitored in real-time confirmations that shows the screen when using the Bitcoin software come to represent the process of clearing. A greater number of confirmations, will be the remotest possibility of being a victim of a double expense. When it exceeds the five acknowledgments from the network, a transaction is considered technically irreversible.

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Security

Notably, to date, has not documented any cases of double spending, but it is true that a computer attack like this is theoretically possible, provided that the attacker controls at least 51% of the computing power that protects the network. However, deceive the network long enough to perform a single double spending imply such a huge investment (computing power of the Bitcoin network is thousands of times greater than the 100 fastest supercomputers in the world, all combined ), and a complex organization, which from an economic point of view would be infinitely more profitable to put these resources to work under the rules of the Bitcoin protocol. Furthermore, the code has recently been modified to facilitate detection and neutralization of such attacks - whatever their motivations.

The vast majority of those who accept bitcoins are content with a single confirmation. For small amounts it is reasonable, even accepting transactions instantly - before they are confirmed by the network.

The information enables control of bitcoins that one possesses can be saved in any format of digital information (personal hard drive, memory card or key, CD, web-mail box, etc) in the form of a file "wallet "or guarded by websites that offer" Bitcoin accounts ". It is also possible to maintain such information in non-digital media (printed on paper, for example) and even in the brain itself. Possession of bitcoins can be transferred via the Internet to anyone with a "Bitcoin address", similar to the way e-mail is sent to an email address.

According to experts, thanks to the cryptographic architecture addresses a transfer between Bitcoin Bitcoin is many times safer than a transfer between bank accounts (excluding the risk involved compulsory third party interference in the banking system). Bitcoin code is open to examining all stakeholders, and support future updates to address potential attack vectors (if necessary decades in advance).

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Why Bitcoins?

Bitcoins can be used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. Small businesses may like them because there are no credit card fees. Some people just buy bitcoins as an investment, hoping that they’ll go up in value.

Transfers

People can send bitcoins to each other using mobile apps or their computers. It’s similar to sending cash digitally.