What is Bitcoin?
The Concept. The technology. The unit of exchange. The protocol. It is all about the Bitcoin.
Everyone can speak obscurely, only the few can speak clearly.
Galileo Galilei
The same goes for Bitcoin explanation. Most definitions are obscure rather than understandable. We will do our best to be among the few who speak clearly.
Decentralized, open source, peer-to-peer digital currency, payment system or p2p internet protocol. All of these things you might have heard on the most bitcoin-related resources. We want to provide a deeper insight in the term Bitcoin.
Bitcoin as a concept
In the world of human thought generally, and in physical science particularly, the most important and fruitful concepts are those to which it is impossible to attach a well-defined meaning.
Hendrik Anthony Kramers
Overwhelmed with different definitions, people quite frequently think that Bitcoin is a tricky term with no well-defined meaning. In the majority they are right. Do not try to refer Bitcoin to something exact - it would make no sense. Try to embrace every piece of the information.
The overall concept behind the Bitcoin is a payment platform which allows its participants to transfer value digitally without an intermediary. In other words, it is an analog of the Internet where instead of information, the value is circulated within the network. The main characteristic of this online platform is decentralization, meaning no central authority. Thus, nobody can lose control of the Bitcoin system as nobody owes it. (As you know, you cannot lose the thing that you don’t owe.)
Bitcoin as a unit of exchange
Term bitcoin with a small b usually refers to the digital money. This digital money or cryptocurrency is a unit of exchange which can enhance online payments within the whole world making the payments simple, fast and secure. This kind of money isn’t backed by gold or other precious metals, as well as it is not backed and is not controlled by the government or any other institution. The supply of bitcoins is fixed at 21 million bitcoins.
Note: You need to differentiate the Bitcoin and the bitcoin terms. The former term means the whole payment infrastructure while the latter one is just a currency, an application of Bitcoin.
Bitcoin as a software
Bitcoin is a peer-to-peer network of participants (nodes) where each of them is running the software. This software is open-source, and, thus can be downloaded, used and modified by anyone free of charge.
Bitcoin is an API for money, where bitcoin cryptocurrency is just one example of possible application. Instead of it there can be smart contracts.
Another popular definition of Bitcoin is that it is a cryptographic protocol which creates a contributed consensus. To understand the protocol term it is enough to compare it with API.
Note: API (application programming interface) is a set of rules that enables an interaction of a system with users. While a protocol is a set of rules that enables an interaction of a system with its own components. E.g. a user makes a request for sending money, API passes it to the system which with the help of a cryptographic protocol assembles the whole transaction from a number of components and fulfills the transferring function. Voi La, the funds are sent.
Bitcoin as a technology
The Bitcoin underlying technology is called a block chain, an ever-growing chain of blocks. This term stands for a distributed database or public asset ledger which consists of blocks with transactions. Each node of the network has a copy of this database.
To transfer funds the sender needs to sign a message with 1. The transaction amount 2. Receiver info via his / her cryptographic private key. After that the transaction will be broadcasted to the Bitcoin Network and then included into the public ledger. Using web-based service Block Explorer anyone can check real-time and historical data about the bitcoin transactions without the need to download the software.
The blockchain technology is claimed to be a breakthrough as it opens doors to new applications related to value transferring. Smart Contracts is just one example of such application.
Monero is electronic cash that allows fast, inexpensive payments to and from anywhere in the world.bitcoin game bitcoin trader bitcoin hack ethereum russia код bitcoin coin ethereum
bitcoin майнинга
курса ethereum ethereum курсы bitcoin server bitcoin mine bitcoin investing pull bitcoin ethereum картинки
avatrade bitcoin bitcoin rotator
reddit bitcoin bitcoin стратегия all cryptocurrency ethereum casper adc bitcoin bitcoin сервера stellar cryptocurrency эпоха ethereum iphone tether multiply bitcoin bitcoin сбор bitcoin gpu pool bitcoin bitcoin вывести скачать tether monero xeon usd bitcoin bitcoin investment настройка monero ethereum история
logo ethereum rinkeby ethereum bitcoin investing вложения bitcoin bitcoin подтверждение ethereum developer киа bitcoin
bitcoin rt ethereum проблемы bitcoin pools bitcoin ключи casino bitcoin Ключевое слово bitcoin knots block bitcoin курс ethereum обменник tether bitcoin pro bitcoin yandex weekend bitcoin monero spelunker bitcoin price bitcoin пополнение
сеть ethereum easy bitcoin txid ethereum bitcoin лайткоин monero logo python bitcoin
bitcoin fees bitcoin деньги unconfirmed bitcoin bitcoin видео платформу ethereum bitcoin video комиссия bitcoin Phase 1: shard chains will be added. State information from the main chain will be split across shards. However, these new blocks will not contain 'advanced' information (e.g., account features) and merely be used for data storage.bitcoin p2p bitcoin miner bitcoin wordpress ethereum монета bitcoin blockchain faucet bitcoin bitcoin калькулятор ann ethereum ico cryptocurrency перевести bitcoin
ютуб bitcoin bitcoin покер p2pool bitcoin alien bitcoin bitcoin loan alpha bitcoin bitcoin koshelek ethereum coingecko
bitcoin cudaminer bitcoin s remix ethereum bitcoin masters monero rur dark bitcoin tether wallet bitcoin hardfork cubits bitcoin
convert bitcoin bitcoin btc bitcoin курс
форк bitcoin bitcoin ne работа bitcoin fpga ethereum bitcoin рбк кошельки bitcoin
bitcoin бесплатные dark bitcoin accepts bitcoin sgminer monero
bitcoin doge explorer ethereum видеокарты bitcoin bitcoin laundering sberbank bitcoin Cryptocurrencyann monero кредит bitcoin bitcoin rpg forex bitcoin cryptocurrency calculator bitcoin news metatrader bitcoin
bitcoin change программа tether hourly bitcoin иконка bitcoin hash bitcoin bitcoin пицца bitcoin фильм monero minergate roll bitcoin
bitcoin rotators bitcoin service roboforex bitcoin half bitcoin case bitcoin bitcoin favicon ethereum контракты блокчейн ethereum love bitcoin micro bitcoin autobot bitcoin download bitcoin знак bitcoin bitcoin начало hack bitcoin A hardware wallet is a type of cold storage device, typically like a USB, that stores the user’s private key in a protected hardware device. These wallets are similar to portable devices that can be connected to the computer (plugged in). As noted earlier, they are less prone to malicious attacks and are hack-proof. Ledger, Trezor, and KeepKey are the top hardware wallets on the market.кредит bitcoin mindgate bitcoin bitcoin best bitcoin вектор ethereum addresses tether верификация
bitcoin usb bitcoin хабрахабр платформу ethereum
bitcoin crypto half bitcoin dwarfpool monero токен ethereum cryptocurrency wallets Unlike other stablecoins, MakerDAO intends for dai to be decentralized, meaning there’s no central authority trusted with control of the system. Rather, Ethereum smart contracts – which encode rules that can’t be changed – have this job instead.blocks bitcoin аналитика bitcoin bitcoin keys bitcoin keywords zebra bitcoin debian bitcoin bitcoin x2 x2 bitcoin bitcoin vip платформа bitcoin bitcoin loan programming bitcoin заработка bitcoin epay bitcoin bitcoin казино bitcoin 999 bitcoin сеть dwarfpool monero bitcoin cfd ethereum eth coinmarketcap bitcoin bitcoin 1070 хайпы bitcoin bitcoin динамика bus bitcoin шахта bitcoin
bitcoin ios ethereum сегодня bitcoin ios 777 bitcoin ethereum упал bitcoin microsoft bitcoin send mining cryptocurrency
вики bitcoin bitcoin people bitcoin вконтакте wirex bitcoin
bitcoin usd bitcoin pps bitcoin conf bitcoin автомат bitcoin кранов converter bitcoin проекты bitcoin
Genesis Mining Review: Genesis Mining is the largest Bitcoin and scrypt cloud mining provider. Genesis Mining offers three Bitcoin cloud mining plans that are reasonably priced. Zcash mining contracts are also available.Ethereum is a technology that lets you send cryptocurrency to anyone for a small fee. It also powers applications that everyone can use and no one can take down.валюта tether These dapps are built from Ethereum smart contracts, code that automatically executes the terms of an agreement so that users don’t have to rely on a third party to enforce the rules.bitcoin wmx It adds the features of a cryptographically-secured identity (via public-private key pairs) and immutability through linked groups (blocks) of transactions which are secured by a powerful computing network and time-stamped to create a trusted record of interactions.лото bitcoin bitcoin flex bitcoin раздача
Bitcoin Hot Wallets vs Cold Storage WalletsUsing cloud mining servicesфорк bitcoin trezor ethereum bitcoin coins dog bitcoin bitcoin ocean blake bitcoin remix ethereum dwarfpool monero casper ethereum mikrotik bitcoin
bitcoin luxury bitcoin apk wifi tether
film bitcoin blacktrail bitcoin Litecoin (LTC) is a peer-to-peer cryptocurrency powered by the Scrypt Proof-of-Work algorithm. The project aims to provide an alternative to Bitcoin by making modifications to the original Bitcoin Protocol.bitcoin blue ethereum calc bitcoin development Bitcoin (BTC): $127,377,634,578boom bitcoin сети bitcoin
cryptocurrency ethereum bitcoin fpga цена ethereum
cronox bitcoin blockchain ethereum monero miner bitcoin nachrichten
bitcoin будущее bitcoin pdf ethereum forum ethereum алгоритм блок bitcoin bitcoin txid ethereum faucet cryptocurrency charts bitcoin форк bitcoin visa king bitcoin bitcoin миллионеры ethereum сложность half bitcoin capitalization cryptocurrency bitcoin лотереи пример bitcoin reddit cryptocurrency магазин bitcoin bitcoin программирование bitcoin москва bitcoin space cryptocurrency wallets bitcoin pdf bitcoin future пример bitcoin bitcoin indonesia bitcoin artikel продам bitcoin
bitcoin shops биржи monero
fast bitcoin easy bitcoin abi ethereum bitcoin qiwi bitcoin slots ethereum forks Block size increasesвывод bitcoin flash bitcoin bitcoin стоимость
avto bitcoin ethereum покупка
spots cryptocurrency view bitcoin краны monero цена ethereum bitcoin карта 33 bitcoin change bitcoin bitcoin окупаемость ethereum сегодня bitcoin rigs bitcoin fan steam bitcoin credit bitcoin bitcoin оплатить tether coin site bitcoin mine ethereum баланс bitcoin matrix bitcoin gek monero bitcoin double bitcoin продать
bitcoin compare r bitcoin bitcoin вектор bitcoin cash mac bitcoin tether coin ethereum обмен bitcoin calc addnode bitcoin joker bitcoin вход bitcoin buy tether bitcoin кошелька капитализация ethereum теханализ bitcoin монеты bitcoin bitcoin testnet
monero address casinos bitcoin майнить bitcoin bitcoin crypto
bitcoin регистрации r bitcoin genesis bitcoin bitcoin mixer bitcoin магазин china cryptocurrency
кошелек tether капитализация ethereum bitcoin 2020 bitcoin freebie bitcoin открыть cryptocurrency exchanges There have been many cases of bitcoin theft. As of December 2017, around 980,000 bitcoins have been stolen from cryptocurrency exchanges.ethereum асик фото ethereum tether верификация trade bitcoin bitcoin cudaminer cryptocurrency market проекты bitcoin antminer bitcoin отзывы ethereum bitcoin спекуляция scrypt bitcoin roulette bitcoin cryptocurrency tech bitcoin покупка bitcoin удвоить bitcoin main bitcoin cryptocurrency сборщик bitcoin bitcoin пицца monero форк bitcoin drip
ann ethereum the ethereum the ethereum bitcoin код dat bitcoin ethereum complexity monero обменник bitcoin тинькофф cryptocurrency bitcoin ssl bitcoin bitcoin 4000 site bitcoin happy bitcoin ethereum ann bitcoin statistic bitcoin шрифт bitcoin bitcointalk bitcoin alliance
ethereum microsoft bitcoin проблемы 3d bitcoin amazon bitcoin bitcoin значок
вирус bitcoin bitcoin лучшие hack bitcoin exmo bitcoin cryptocurrency gold bitcoin fake автомат bitcoin сервер bitcoin bitcoin masters the ethereum заработка bitcoin bitcoin игры ethereum токены bitcoin usd difficulty bitcoin займ bitcoin bitcoin картинки bitcoin ads
bitcoin rotators bitcoin work locals bitcoin programming bitcoin Litecoins can be used anywhere (though illegally in some nations), by anyone. The fees experienced by Litecoin users are lower than those of credit card companies and bank transfers. As an example, one person in France can send a payment to someone in China in seconds, with both parties receiving proof of the transaction (which will be stored on the blockchain). Litecoin was designed to enable quick and cheap payments that are as simple as sending an email.The blockchain ledger is split across all the computers on the network, which are constantly verifying that the blockchain is accurate.This means there is no central vault, entity, or database that can be hacked, stolen, or manipulated.bitcoin логотип
bitcoin stellar accepts bitcoin bitcoin математика ethereum 1070 bitcoin download сбербанк bitcoin collector bitcoin bitcoin перевод bitcoin switzerland fpga ethereum ultimate bitcoin заработок ethereum
ethereum картинки hyip bitcoin bitcoin online buy tether ethereum charts
ethereum bitcointalk bitcoin example
bitcoin simple серфинг bitcoin bitcoin easy coingecko ethereum bitcoin bonus кошель bitcoin mikrotik bitcoin bitcoin vip блоки bitcoin bitcoin mixer скачать bitcoin alpari bitcoin monero minergate bitcoin cloud wei ethereum bitcoin автоматически bitcoin kz opencart bitcoin bitcoin nvidia tera bitcoin bitcoin ваучер bitcoin is bitcoin майнить bitcoin compare bitcoin обналичить geth ethereum
telegram bitcoin
сбербанк bitcoin hack bitcoin bitcoin tx cryptocurrency charts bio bitcoin blitz bitcoin обменник monero форк bitcoin получение bitcoin отзывы ethereum bitcoin s china cryptocurrency работа bitcoin bitcoin развод advcash bitcoin
asus bitcoin bitcoin wmx ethereum os monero стоимость
ethereum хешрейт bitcoin конверт ann bitcoin пузырь bitcoin tether валюта opencart bitcoin gek monero hosting bitcoin project ethereum
прогноз ethereum токен bitcoin roboforex bitcoin
bitcoin banking ethereum обменники bip bitcoin get bitcoin usd bitcoin bitcoin instaforex bitcoin nedir bitcoin xl серфинг bitcoin rpc bitcoin bitcoin bat bitcoin генератор bitcoin bit blogspot bitcoin количество bitcoin tether верификация download bitcoin Here are some of the other industries that are currently using blockchain to improve the way they operate:обмена bitcoin ethereum видеокарты bitcoin widget bitcoin dogecoin tails bitcoin bitcoin spend bitcoin xpub bitcoin кошелек x2 bitcoin bitcoin desk easy bitcoin инструмент bitcoin книга bitcoin bitcoin основы вложения bitcoin 0 bitcoin
avto bitcoin
аналоги bitcoin bitcoin создатель monero windows cryptocurrency calculator bitcoin super bitcoin кранов ethereum api protocol bitcoin bitcoin dark cold bitcoin
исходники bitcoin 2016 bitcoin tether обменник bitmakler ethereum bitcoin online перевести bitcoin nicehash monero ccminer monero bitcoin деньги fasterclick bitcoin
day bitcoin happy bitcoin bitcoin visa доходность ethereum se*****256k1 ethereum hit bitcoin tether clockworkmod easy bitcoin bitcoin me
bitcoin plus casascius bitcoin ethereum сложность prune bitcoin miningpoolhub ethereum monero node logo ethereum сбор bitcoin live bitcoin bitcoin king 20 bitcoin collector bitcoin ютуб bitcoin ethereum stats value bitcoin monero краны bitcoin бонусы bitcoin genesis bitfenix bitcoin bitcoin приложение bitcoin background
bitcoin slots ethereum кошельки трейдинг bitcoin algorithm bitcoin bitcoin купить
mining ethereum block ethereum Source: Binance Research, modified from the original work of Li, X., Jiang, P. et al (2018).bitcoin symbol монет bitcoin
vpn bitcoin local ethereum проекта ethereum фри bitcoin tether coin bitcoin игры ethereum майнер bot bitcoin скачать bitcoin dwarfpool monero ethereum decred
bitcoin это
bitcoin 999 рубли bitcoin bitcoin терминал rpc bitcoin bitcoin buy bitcoin блок
bitcoin клиент
bitcoin новости bitcoin it bitcoin ukraine ethereum frontier зарабатывать bitcoin bubble bitcoin пример bitcoin bitcoin суть
ethereum краны исходники bitcoin bitcoin global технология bitcoin bitcoin main british bitcoin bitfenix bitcoin boom bitcoin bitcoin обои ninjatrader bitcoin bitcoin автор
ethereum web3 bitcoin установка loan bitcoin bitcoin вконтакте kinolix bitcoin bitcoin spinner bitcoin stellar nodes bitcoin куплю ethereum bitcoin сделки ethereum course курс tether bitcoin рубли отдам bitcoin ethereum падение bitcoin google bitcoin tx установка bitcoin chain bitcoin bitcoin lite bitcoin symbol bitcoin rigs cryptocurrency reddit
datadir bitcoin tether usd bitcoin сатоши The ERC-20 Token Standard allows for fungible tokens on the Ethereum blockchain. Numerous cryptocurrencies have launched as ERC-20 tokens and have been distributed through initial coin offerings. Fees to send ERC-20 tokens must be paid with Ether.Keeping the blockchain running takes a lot of computing power and electricity. The blockchain generates cryptocurrency to rewards volunteers for doing the work.bitcoin minergate tp tether In addition to trading and purchasing Litecoin, it is possible to mine it, though this is a very technical activity and requires a decent amount of computer knowledge. A good computer is enough to mine coins very slowly, but a serious miner would use processing units that rapidly solve mathematical equations that support the blockchain.получение bitcoin monero fr ethereum токены wechat bitcoin mine ethereum
bcc bitcoin bitcoin flip ethereum видеокарты monero client bitcoin converter курсы bitcoin ethereum контракт bitcoin отслеживание ethereum forum mastering bitcoin withdraw bitcoin frontier ethereum
bitcoin alien трейдинг bitcoin
bitcoin btc bitcoin airbitclub bitcoin pizza bitcoin прогнозы игра ethereum ethereum pools ava bitcoin geth ethereum bitcoin script
tabtrader bitcoin bitcoin tube
bitcoin отследить bitcoin акции bitcoin network tether кошелек
bitcoin fund course bitcoin bitcoin center курс tether bitcoin vps
андроид bitcoin frontier ethereum index bitcoin bitcoin таблица bitcoin блок ethereum farm bitcoin валюта monero кран ShareProsвики bitcoin rush bitcoin котировки ethereum ethereum 1070 ethereum course captcha bitcoin bitcoin игры land bitcoin blockchain bitcoin алгоритм ethereum сбербанк ethereum 2018 bitcoin bitcoin scripting bitcoin conf bitcoin cryptocurrency bitcoin 2018 bittorrent bitcoin monero btc cms bitcoin bitcoin аккаунт купить tether bitcoin microsoft
bitcoin скрипты приложения bitcoin
bear bitcoin bitcoin atm bitcoin сколько ethereum russia розыгрыш bitcoin in bitcoin bitcoin png bitcoin information bitcoin utopia qtminer ethereum bitcoin перевести index bitcoin mastercard bitcoin cryptocurrency market bitcoin fees bitcoin nonce pay bitcoin
💩blender bitcoin monero coin monero logo иконка bitcoin ethereum хардфорк bitcoin отзывы
js bitcoin clame bitcoin
youtube bitcoin технология bitcoin rigname ethereum ethereum cryptocurrency bitcoin center bitcoin motherboard bitcoin принцип bitcoin mine bitcoin аккаунт bitcoin ios форки bitcoin bitcoin cli обновление ethereum tether верификация bitcoin otc bitcoin bitminer bitcoin nonce key bitcoin мастернода bitcoin sberbank bitcoin bitcoin plugin сервисы bitcoin yota tether decred ethereum maining bitcoin autobot bitcoin magic bitcoin bitcoin motherboard bitcoin graph ethereum токен платформы ethereum bitcointalk monero lootool bitcoin monero miner reklama bitcoin bitcoin мастернода продать ethereum ethereum настройка tether gps ecdsa bitcoin ad bitcoin bitcoin paper транзакции bitcoin bitcoin транзакции
Scams, too, are very real in the cryptocurrency world. Naive and savvy investors alike can lose hundreds or thousands of dollars to scams.bitcoin видеокарта займ bitcoin fpga bitcoin accepts bitcoin bitcoin ann hosting bitcoin sportsbook bitcoin bitcoin стоимость q bitcoin escrow bitcoin bitcoin wallpaper bitcoin hype email bitcoin ethereum википедия bitcoin russia lazy bitcoin ethereum alliance wechat bitcoin алгоритмы ethereum пирамида bitcoin bitcoin dollar bitcoin исходники bitcoin кранов bitcoin завести tether provisioning bitcoin сбербанк bitcoin magazine bitcoin машина mooning bitcoin сайты bitcoin bitcoin etf unconfirmed bitcoin tether coin bitcoin регистрация pay bitcoin coinmarketcap bitcoin кошельки bitcoin bitcoin знак ethereum nicehash asics bitcoin
config bitcoin bitcoin отслеживание bitcoin playstation protocol bitcoin bitcoin конвертер air bitcoin wei ethereum
bit bitcoin bitcoin cranes bitcoin uk курсы bitcoin coindesk bitcoin agario bitcoin Ключевое слово android tether bitcoin андроид bitcoin банкнота bitcoin parser
бот bitcoin основатель ethereum mt5 bitcoin homestead ethereum cryptocurrency calendar ethereum os bitcoin minecraft alien bitcoin ad bitcoin capitalization cryptocurrency forum bitcoin monero dwarfpool сложность ethereum red bitcoin
bitcoin сбор
bitcoin stealer bitcoin прогноз ethereum перевод monero rur rpg bitcoin взломать bitcoin bitcoin nasdaq cryptocurrency trade bitcoin donate ethereum асик bitcoin plus500 bitcoin nvidia
bitcoin russia bitcoin daily monero график The Story of Bitcoinethereum картинки claymore monero xbt bitcoin
bitcoin etf
будущее ethereum
будущее ethereum bitcoin bbc bitcoin fpga
bitcoin символ bitcoin торрент skrill bitcoin 1 bitcoin reddit bitcoin bitcoin rub android tether bitcoin reklama курс bitcoin usb tether tor bitcoin ethereum icon loco bitcoin переводчик bitcoin app bitcoin биржа ethereum bitcoin s stock bitcoin maps bitcoin By KRISTINA ZUCCHIbitcoin сделки
stats ethereum bitcoin yen bitcoin футболка
