What are Bitcoins?

Posted by ttblogger on 09/11 at 04:53 PM Discuss in Forums • Permalink
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Bitcoin is a digital peer-to-peer currency system that provides a decentralized method for performing transactions.

Bitcoins (BTC) are also the name of the unit of currency. The Bitcoin protocol is based off a paper by Satoshi Nakamoto called “Bitcoin: A Peer-to-Peer Electronic Cash System” that is designed to allow monetary transactions between users without a central authority like a bank or services like PayPal.

Avoiding a central authority allows you to be anonymous, can lower the cost of transactions, prevents your account from being frozen, and lowers the entry barrier for new users. Of course, without a central authority, that leaves nobody to make sure users are not counterfeiting or double-spending their money, right? The Bitcoin protocol protects against this using its peer-to-peer technology to verify each transaction and make sure only the authorized users are transferring their own bitcoins.

“…When you make a transaction, it is announced to everyone on the network, so everyone knows your wallet made a transaction to another wallet to prevent double-spending.”

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    Posted by Kalel  on  09/11  at  11:04 AM

  1. A minor detail to lessen confusion.

    Then concept of Bitcoin addresses and wallets are really not the same.

    Wallet - an implementation detail, to keep track of your keys, public and private.  N.B. Wallet is never mentioned in Satoshi’s original paper. It is a convenience thing and is in the current implementation but bitcoin protocol does not know about wallets.

    Bitcoin address - “A Bitcoin Address is a 160-bit hash of the public portion of a public/private ECDSA keypair”, and can receive (be signed) bitcoins, or send (sign off to another address)
    https://en.bitcoin.it/wiki/Address

    2. Posted by Anony Mouse  on  09/13  at  02:35 PM

  2. Geeks.com could save a couple percent in payment network fees by accepting Bitcoin as payment.  Since the buyer pays the (trivial amount of) transaction fees, Geeks gets the full payment “at par”, instead of just ninety-seven cents (or less) on the dollar like when acceping Visa/MC/PayPal. 

    Additonally, the funds received are available for spending within minutes—no waiting for settlement to occur next day, or several days later.

    And then consider that with bitcoin there are no chargebacks.  If a customer is due a refund, then that is sent by Geeks.com rather than assessed the chargeback by the payment network.

    Your customers can pay using Bitcoins no matter where in the world they reside.  This is the first universal currency.

    3. Posted by Jax Pc Service  on  09/17  at  06:41 AM

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    9. Posted by IT support UK  on  09/24  at  10:27 PM

  9. Many people see Bitcoin as a huge money-making opportunity and the next big thing to shape the world of currency. And I when I say many people see it as “the next big thing,” I mean as in what Microsoft was to computers or like what Google was to search engines.

    10. Posted by Murtaza  on  09/27  at  09:40 AM

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    18. Posted by arshad  on  11/29  at  10:28 PM

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    19. Page 1 of 1 pages

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