BITCOIN ARE THE NEW E-MARKETING CURRENCY
The Bitcon is just a set of mathematical formulas. The bitcoin was founded by a group of mathematicians on February 4, 2009, nicknamed Satoshi Nakamoto.
It all started in 1970 when he wanted to make a decentralized currency. The researchers worked hard for it, thought thousand methods, algorithms, also thought about the security for the purpose of not being able to cheat.
In 2008, Satoshi Nakamoto posted the Bitcoin protocol. From that moment, it was not necessary to use any centralized currency to purchase online. Bitcoin was the solution.
Bitcoin is a new kind of global payment network. Like MasterCard or Paypal, it allows money to be transmitted electronically. But Bitcoin is different from these conventional payment networks in two important ways.
First, the Bitcoin network is fully decentralized. The MasterCard network is owned and operated by MasterCard Inc. But there is no Bitcoin Inc. Instead, thousands of computers around the world process Bitcoin transactions in a peer-to-peer fashion.
Second, MasterCard and PayPal payments are based on conventional currencies such as the US dollar. In contrast, the Bitcoin network has its own unit of value, which is called the bitcoin. The value of one bitcoin fluctuates against other currencies in the same way the euro’s value fluctuates against the dollar. In January 2015, one bitcoin is worth around $300, and all bitcoins in existence are worth around $4 billion.
Why are geeks excited about a new payment network?
Bitcoin doesn’t have very much to offer ordinary users right now. But many technologists believe that Bitcoin could be the foundation for innovative financial software and services in the future. That’s because Bitcoin is the world’s first truly open financial network. MasterCard and PayPal place limits on who can build applications using their platforms and what those applications can do.
The Bitcoin network has no such limitations. This openness could lead to a fast pace of innovation in the coming years. The internet provides a good point of comparison. In the 1980s, the internet was complicated and clunky with limited functionality. But the internet was an open platform. And, over time, innovators used that platform to build new products with broader and broader consumer appeal.
What will people be able to do with Bitcoin that they can’t do with conventional financial systems?
It’s hard to predict what path future innovations might take. But here are a few examples to illustrate the kinds of applications that might make Bitcoin useful.
One is international money transfers. Right now, companies like Western Union and MoneyGram charge fees as high as 8 percent to send money from one country to another, and it can take as long as three business days for transactions to clear. New Bitcoin-based entrants could easily compete on price and speed.
Bitcoin could also enable improvements in payment security. The conventional credit card network essentially works on the honor system, with fraud-detection happening after the fact. Bitcoin could serve as the foundation for payment systems that deal with fraud in a more sophisticated way.
For example, a Bitcoin-based payment app could ask the user to approve a transaction on his or her smartphone before it goes through.
Finally, Bitcoin could be a lifesaver for people in developing countries with dysfunctional banking systems. The conventional banking system is geographically segregated, with people in each country expected to use that country’s banking system. But the Bitcoin network is global.
So consumers in low-income countries who are worried that local banks will mismanage their funds could use Bitcoin-based financial services in a developed country such as Canada, Switzerland, or South Korea.
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Learn more: What are Crypto Currencies?
A digital currency relying on the principles of cryptography
The Wiki describes it well; a cryptocurrency (such as Bitcoin, Litecoin, Feathercoin, etc.) is a peer-to-peer, decentralized, digital currency whose implementation relies on the principles of cryptography to validate the transactions and generation of the currency itself.
A crypto currency is a peer-to-peer, decentralized, digital currency whose implementation relies on the principles of cryptography to validate the transactions and generation of the currency itself. See more on on our page "Bitcoin Currency."
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