The use of Bitcoin's virtual money caused a number of worries including Finance Minister Sri Mulyani. He reminded people not to invest in Bitcoin for fear of bubbles.
Actually what is Bitcoin? Bitcoin is the virtual currency used for payments. Bitcoin is also called crypto currency which is a digital payment tool.
As quoted from the page Tempo.co on February 20, 2014, Chief Executive Officer Bitcoin Indonesia Oscar Darmawan explain basically Bitcoin is e-money as well as perfect money and paypal. However, he said, both currencies are circulating with the server that set them. While in circulation Bitcoin, all user computers are Bitcoin servers. "In the circulation of Bitcoin, there is no set server," said Oscar.
How Bitcoin works based on mathematical software. In Bitcoin known as miner, user, and calculation software. Like gold miners, Bitcoin miners are companies or individuals that have their own software calculation connected to the Bitcoin server system. Later the software will issue a mathematical algorithm.
Software owned by the miner will guess the number of mathematical algorithms. The system that guesses right will get 50 BTC. "It's sort of a blow," Oscar said.
While the user is an exchanger, such as Bitcoin Indonesia or individuals, who invest with Bitcoin. For example, someone invests with Bitcoin as much as Rp 1 million. Then the program will automatically calculate the outgoing transaction, which is 0.107 BTC. This figure appears because currently more Bitcoin transactions on the scale of 0.001 and 1 BTC is considered too large. While the terms of currency can be used for purchases with the smallest value though.
The entire system in Bitcoin can be used for free. Circulation system is guaranteed safe because it will not be modified by the user "naughty". Because Bitcoin calculation software has been released into the market. Thus does not allow the software modified because the database has been divided equally. When a computer attempts to cheat software, it automatically assumes that the computer is not part of Bitcoin because it has different software.
Then the fraudulent user's wallet will also be detected as not part of Bitcoin. The software will not be able to solve the mathematical algorithm because the transaction is one way.
Chief Executive Officer (CEO) of Open Trade Docs Antony Lewis said Bitcoin is an internet payment system. According to him, Bitcoin is a practical digital currency. "To be sure, this is more practical than ordinary currency," he said as quoted by Tempo news.
Source: https://bisnis.tempo.co/read/1040241/membuat-sri-mulyani-khawatir-apa-itu-bitcoin
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Thanks for the informative post. Bitcoin is virtual currency and not back by gold or in any physical form. I am very wary about investing in Bitcoin as it is very volatile and therefore risky.
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Voteback ya
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