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How bitcoin works

The whole Bitcoin ecosystem is kept on the blockhouse . If it's hard to say, the block is the continuous chain of blocks of all transactions. Closing the block occurs after the selection of a digital signature. After this, a new block can be formed. And now let's decipher this in simple words. Imagine that each transfer (transaction) in Bitcoin is recorded on a separate page. The sequence of pages forms the chapter of the book - the block.

To write a new page (to conduct a new transaction), we need to "turn over" all past pages and chapters. That is, each new transaction is carried out on a chain - with processing of old blocks (turning pages and chapters). The new chapter of the book can begin only after the old one is finished. And all the chapters form a book, and the blocks form a block. Pages and chapters can not be pulled out or altered. And access to the block is open to all participants of the system.

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Blocking and its potential is one of the reasons for the continuous growth of the bitcoin exchange rate relative to the currency currencies and the key feature of BTC. Here are some differences between the "virtual" bitcoin and ordinary money:

1. The form. Bitcoin is an electronic currency that does not have a physical appearance. There are physical "coins" with QR-code or coin-stores, where BTC is stored. However, they can not be called money in the literal sense of the word. We can say that Bitcoin is a set of numbers generated by the algorithm. It's not a paper bill or a metal coin.

2. The cost. The rate of a fiat currency directly depends on the economic and political development of the country or confederation, to which it is tied. In fact, the money of more than 100 countries is tightly tied to the dollar. The cost of bitcoin is determined by demand and does not directly depend on economic processes (although it is indirectly related).

3. Emission. Theoretically, there is no ceiling for emission from ordinary money. They can be printed as many as you want. The BTC has its own ceiling laid in the system - 21 000 000 coins (20 999 999, 9769). This figure is projected to be reached in the middle of the 22nd century.

4. Direct transfers. Even if it is an electronic version of ordinary money (a card, a purse), then the transaction takes place with the participation of a third party. In Bitcoin, the operation is performed directly (P2P).

Objectively evaluate the BTC is not so simple. Separate features bitcoin can be attributed to its pluses, and to its shortcomings. We take such a characteristic as the irreversibility of operations. On the one hand, you will receive a crypto currency in any case - no system failure will block the transaction. On the other, Bitcoin is exploited by fraudsters or representatives of the "black" market.

The main advantages are:

1. Anonymity - the other party to the transaction will only know your Bitcoin address or QR code. Other data were not disclosed.

2. Decentralized nature of the system - all the participants in the network are equal and independent.

3. Security - hacking wallets, data substitution, interception of transfers are impossible.

4. Globality - bitcoin allows you to quickly conduct transactions between people from different countries, time zones.

5. Mining - there is an independent way of mining BTC, considered by many as a profit.
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