The Goal Without Plan is Just a Wish

What is Bitcoin?


07 7 2017

What is Bitcoin?
It is a digital currency "Bitcoin" that was created in 2008 by a developer codenamed "Satoshi Nakamoto". In other words, Bitcoin is an innovative payment network and a new type of money that is not affiliated with any central bank, official institution or location. The symbol of Bitcoin is and its abbreviation is BTC. The total number of Bitcoins in the world is around 15.5 million, and the value of one Bitcoin is around $ 449.

In the digital world, Bitcoin, which has become popular in recent years, continues to become widespread with the feature of being able to buy and sell the currencies of the countries and transfer without the need for any third party service or brokerage house. It is also promised that Bitcoin, whose use has become widespread after 2008 and can even replace paper money in the future, can be used as an investment tool.

Many internet platforms today accept Bitcoin for shopping and donations. The digital currency Bitcoin has now become a worldwide accepted payment system. In Bitcoin, it is possible to send money anywhere in the world whenever you want. This is called 'freedom of payment' in the Bitcoin language.

Bitcoins are digital currencies and sent over the internet. Bitcoins have many advantages over others. Bitcoins are sent directly from person to person via the internet, but not through any bank or institution. This indicates that the transaction fee is much lower. It is available in all countries, your account cannot be frozen and there are no prerequisites or arbitrary limits.

In some places you can buy and sell Bitcoin. In exchange for dollars, euros, and other currencies. Your bitcoins are also located in the digital wallet on your computer or mobile device. Sending bitcoins is as easy as sending emails. You can buy anything you want with Bitcoins.

The Bitcoin network is protected by people called miners. Miners are rewarded with newly created Bitcoins in exchange for verifying payments. After payments are verified, everyone is recorded in an open ledger.

Bitcoin innovations are an open platform. This software is completely open source and anyone can control the source code. Bitcoin changes finance as the internet changes publishing. Bitcoin is a great way to lower payment prices for businesses. It's free to accept payments and very easy to set up. There are no refunds and additionally you start working in the Bitcoin system.

Who is the inventor of Bitcoin? Why did he keep his identity secret and why did he have to reveal it afterwards?
The inventor of Bitcoin, Australian businessman Craig Steven Wright, kept his identity secret until 2016. Wright's concealment, like the digital money he founded, remained on the agenda and aroused great repercussions. Previously, many publishers had prepared large-scale research files to reveal who the inventor of Bitcoin was.

In December 2015, technology magazines "Wired" and "Gizmondo" included Craig Steven Wright on their list of possible inventors of Bitcoin. After Craig Steven Wright's name was among the possible Bitcoin inventors, Australian financial branch police raided Wright's home. In a statement by the Australian financial branch police, it was stated that the raid on Wright's home was part of a long-running tax evasion investigation.

Craig Steven Wright, who had to reveal his identity due to a tax investigation, was disguising himself with the code name "Satoshi Nakamoto" until 2016. Craig Steven Wright revealed his identity to the BBC, Economist and GQ broadcasters simultaneously. While announcing his identity, Wright proved that he was the creator of virtual money by sharing technical data on Bitcoins.

In his statement, Wright said, "I revealed my identity because there has been increasing pressure on me lately. I did not want the people I love to be negatively affected by unfounded rumors." Stating that he just wanted to live a normal life, Wright said, "I wouldn't reveal my identity if I didn't have to. I don't want fame. I don't want money. Just leave me alone." said.

What are the features of Bitcoin?
Bitcoin is a very safe and inexpensive payment method.
- Bitcoin is the simplest way to transfer money with little cost.
- Bitcoin accounts and passwords are provided with high cryptographic security.
- Bitcoin gives you the ability to control your money and protect it from fraud.
- Bitcoin can be used to produce or just meet general needs.
- Using Bitcoin to pay and receive payments is very easy and open to everyone.
- Bitcoin can handle many different payments that cannot be made through other payment means.
- Bitcoin is open source; its design is public, nobody owns and controls Bitcoin, anyone can participate.

Bitcoin for individuals

Convenience in mobile payments: Bitcoin offers an easy payment option on mobile platforms with two-step 'Scan' and 'Pay' options. In order to receive a Bitcoin payment, all you have to do is show the QR code in the Bitcoin wallet application and have your friend scan it with their phone. Another method is that you can touch the two phones together using NFC radio technology.

Control and security: Bitcoin transactions are provided by cryptography. As long as you take the necessary steps to protect your wallet, Bitcoin gives you the ability to control your money and protect it from fraud.

International payments: Bitcoins can be transferred from Africa to Canada within 10 minutes.

Low cost: Bitcoin allows you to receive and send your payments for one low fee. Except for some special cases, there is no compulsory charge in Bitcoin.

Protect your identity: There is no credit card number in Bitcoin that malicious users can take over and replace you. It is also possible to pay without revealing your identity. Just like real money.

Bitcoin for businesses

Low costs: Bitcoin's high cryptographic security allows transactions to be done cheaply and effectively. Bitcoin does not require transaction fees in most cases, but if you want your transaction to be confirmed much faster, it is recommended to pay.

Protection against fraud: Refund fraud harms the consumer by narrowing market access and increasing prices. Bitcoin payments are irreversible and secure. Therefore, the sellers do not have to pay the bills for the fraud.

International payments: Bitcoins can be transferred from Africa to Canada within 10 minutes.

No PCI compliance required: Bitcoin does not require PCI compliance, it needs you to secure your payment requests and wallet security. In Bitcoin, you are not responsible for processing sensitive information from your customers, such as credit card numbers.

Gain free visibility: Accepting Bitcoin as a payment method is a good way to attract new customers and add visibility to your business.

Multi-signature: Bitcoin has a multi-signature feature that allows money to be spent in case of approval by certain persons in a group.

The list of those who get rich using the digital currency Bitcoin continues to increase day by day. The top 10 names of Bitcoin millionaires, differing in quite different ages, places and locations;

- Kristoffer Koch (Norwegian student)
- Charlie Shrem (partner of one of the most famous gastro bars in Manhattan)
- Roger Ver (The strongest Bitcoin pro on the market)
- Cameron and Tylor Winklevoss (brothers who claim that Mark Zuckerberg stole Facebook from them)
- Jered Kenna (Founder and chief executive officer of Tradehill, the first Bitcoin exchange in the US)
- Yifu Guo (Founder of Avalon)
- Bruce Wagner (American online talk show host)
- Mark Karpeles (formerly founder and CEO of Japan-based MT.GOX)
- Eric Voorhees (Bitcoin entrepreneur and activist)
- Gavin Andresen (After Craig Steven Wright, the inventor of the Bitcoin system, he put the most effort into this project)