#BitcoinCyprus: What is bitcoin?

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In DisruptCyprus.com we believe that educating people in the new disruptive technologies is vital, in order to understand the pros and cons.

One of these disruptive technologies is blockchain and the digital currency BitCoin, who everybody is talking about globally and in Cyprus. Just to clarify here that Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.

Follow #BitcoinCyprus and we will be posting articles, news about bitcoin on a weekly basis.

According to bitcoin.org: “Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.”

What is Bitcoin?

Bitcoin is the first decentralized digital currency. Bitcoins are digital coins you can send through the Internet. Compared to other alternatives, bitcoins have a number of advantages. Bitcoins are transferred directly from person to person via the net without going through a bank or clearinghouse. This means that the fees are much lower, you can use them in every country, your account cannot be frozen and there are no prerequisites or arbitrary limits.

Let's look at how it works.

Several currency exchanges exist where you can buy and sell bitcoins for dollars, euros and more. Your bitcoins are kept in your digital wallet on your computer or mobile device. Sending bitcoins is as simple as sending an email and you can purchase anything with Bitcoin. The Bitcoin network is secured by individuals called miners. Miners are rewarded newly generated bitcoins for verifying transactions. After transactions are verified they are recorded in a transparent public ledger.
Bitcoin opens up a whole new platform for innovation.

The software is completely open source and anyone can review the code. Bitcoin is changing finance the same way the web changed publishing. When everyone has access to a global market, great ideas flourish! Bitcoins are a great way for businesses to minimize transaction fees. It doesn't cost anything to start accepting them and it's easy to setup. There are no chargebacks and you'll get additional business from the Bitcoin economy.

Source: Bitcoin.org

Chief Blogger @ DisruptCyprus.com

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