Frequently Asked Questions
Bitcoin is a consensus network that enables a new payment system and way to store value. It is the first decentralized peer-to-peer payment network with no central authority or middlemen. Bitcoin can also be seen as the most prominent triple entry bookkeeping system that has ever existed.
Bitcoin is an implementation of an innovation called “cryptocurrency”, which was first introduced in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control transactions, rather than a central authority.
The first Bitcoin white paper was published in 2009 by Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing much about himself. To this day it is unknown who Satoshi was or is and will likely always be a mystery.
Nobody owns the Bitcoin network. Bitcoin is controlled by all Bitcoin users from all over the world. While developers are improving the software, they can’t force a change in the Bitcoin protocol because all users are free to choose what software and version they use.
The trust in Bitcoin comes from the fact that it requires no trust at all.
Bitcoin is open-source and decentralized. This means that anyone has access to the entire source code at anytime. Any developer in the world can therefore verify exactly how Bitcoin works. All transactions and bitcoins issued can be reviewed in real-time by anyone. All payments can be made without dependence on a third party and the whole system is protected by peer-reviewed cryptographic algorithms like those used for online banking. No organization or individual can control Bitcoin.
There is no guarantee that you will make money with bitcoin. The real value of bitcoin is that it allows you to save your value in the safest asset in the history of mankind.
Consider buying and storing bitcoin as a savings plan. Set a goal to how much bitcoin you want to own and start making regular purchases until you achieve your goal.
When someone loses access to their wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain on the block chain just like any other bitcoins. However, lost bitcoins remain unmovable forever because there is no way for anybody to find the private key that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value.
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