Bitcoin

Until now Bitcoin is considered to be the Internet currency or we can call Bitcoin an "electronic money" for quick and convenient or in a simpler way than Bitcoin is money.

What is Bitcoin?

I see many people calling Bitcoin a virtual currency and I totally disagree with this call, because "virtual" means something is not real and not worth it to misunderstand and Feeling offensive to newcomers who do not understand Bitcoin. Virtual money is the kind of money usually found in games, controlled by some game company, how to create it and how it works completely unlike Bitcoin. And have you ever seen someone buy Lamborgini with virtual graphics? If Bitcoin was a virtual currency, would not that Lamborghini dealer be stupid to receive Bitcoin ?! Lamborghini is just one example in the tens of thousands of other examples and this number keeps growing every day.

Did you know that only 8% of the money worldwide is cash. The remaining 92% are just numbers on the computer, so what is "virtual" money?
Dear friends, value is always the concept of subjectivity, it can be valuable to this person, but not to others, much less different, depending on the time and place, you remember. The value of whatever is still determined by supply and demand.
For example, when we buy an item, we see the item is worth more than our money in exchange for, but the seller, on the other hand, sees the money more valuable than their item. If there are no conditions, there will be no sales and if both volunteer to buy, then 2 will feel good.
Bitcoin differs in that it is not created by any nation or state, but is made up of a network of computers around the world.

How does Bitcoin work?

Bitcoin is based on the high-level cryptography and cryptographic hash (SHA-256 hash) Protocol of Bitcoin that is open source. This means that anyone who knows about The program can check through this code but can not change it. Bitcoin protocols can only be changed or upgraded through mass. Before any change, upgrade to the developers (developers), this must give notice in front of the main forum and if the majority of the change is promoted then the change will be promoted. .

On the one hand Bitcoin is a currency, on the other hand Bitcoin is a distributed network, peer to peer currency transfer means you can send Bitcoin DIRECT to someone else without Through an intermediary regardless of time, despite the space for an extremely low fee is almost zero or even 0. Think about this one. This is an unprecedented revolution in human history. Satoshi solves a problem that until now is still untenable, it is a question of trust - by introducing the Block Chain initiative (I will talk about this later).

Because when there is a middleman standing, you have to trust them. How can you be sure that they will not fool you? Never know and not always trust your niche. How can a Vietnamese citizen send money to their relatives in Vietnam on a weekend when the deposit service is not open for a fee of almost zero regardless of the deposit amount of several hundred dollars or more? Tens of thousands of dollars or more! Even $ 150 million (cost = 0) I think this is the greatest asset move ever made on Earth. In the old days people only transfer money, treasures, it is necessary to say that everyone needs a lot of money for such a transportation: car hire, horses, guards, sailors ... not to mention The time it takes for the shipment. While Bitcoin only takes about 60 minutes on average, a confirmation of a bitcoin transaction takes about 10 minutes, the greater the amount, the more confirmation you need to make, once there are about 6. You can say that 100% of the money sent is safe (can not be hacked and can not be reversed).

Block and Chain Block

A chain is a chain of blocks that resembles a bead, which is a chain that links the beads. Each block is responsible for storing the most recent transactions (not yet saved to the previous blocks). Imagine the block chain as a giant ledger, a huge public accounting book, recording all the transactions, in which each page in the log is a block, this page is filled with a new page, a ledger. This is characterized by infinite number of pages. Once a transaction has been recorded, it can not be changed or deleted. In addition to the most recent transactions, each block also contains information that links to the previous block. And it also contains a solution to a very difficult math problem, which is different for each block. If the answer is not correct, the block is invalid and not saved in the block chain.
Bitcoin is a currency, just like the dollar or the yen, the yen, the euro. Bitcoin is also a currency.
Posted: 20-02-2015
28,951 views
Until now Bitcoin is considered to be the Internet currency or we can call Bitcoin an "electronic money" for quick and convenient or in a simpler way than Bitcoin is money.

What is Bitcoin?

I see many people calling Bitcoin a virtual currency and I totally disagree with this call, because "virtual" means something is not real and not worth it to misunderstand and Feeling offensive to newcomers who do not understand Bitcoin. Virtual money is the kind of money usually found in games, controlled by some game company, how to create it and how it works completely unlike Bitcoin. And have you ever seen someone buy Lamborgini with virtual graphics? If Bitcoin was a virtual currency, would not that Lamborghini dealer be stupid to receive Bitcoin ?! Lamborghini is just one example in the tens of thousands of other examples and this number keeps growing every day.

Did you know that only 8% of the money worldwide is cash. The remaining 92% are just numbers on the computer, so what is "virtual" money?
Dear friends, value is always the concept of subjectivity, it can be valuable to this person, but not to others, much less different, depending on the time and place, you remember. The value of whatever is still determined by supply and demand.
For example, when we buy an item, we see the item is worth more than our money in exchange for, but the seller, on the other hand, sees the money more valuable than their item. If there are no conditions, there will be no sales and if both volunteer to buy, then 2 will feel good.
Bitcoin differs in that it is not created by any nation or state, but is made up of a network of computers around the world.

How does Bitcoin work?

Bitcoin is based on the high-level cryptography and cryptographic hash (SHA-256 hash) Protocol of Bitcoin that is open source. This means that anyone who knows about The program can check through this code but can not change it. Bitcoin protocols can only be changed or upgraded through mass. Before any change, upgrade to the developers (developers), this must give notice in front of the main forum and if the majority of the change is promoted then the change will be promoted. .

On the one hand Bitcoin is a currency, on the other hand Bitcoin is a distributed network, peer to peer currency transfer means you can send Bitcoin DIRECT to someone else without Through an intermediary regardless of time, despite the space for an extremely low fee is almost zero or even 0. Think about this one. This is an unprecedented revolution in human history. Satoshi solves a problem that until now is still untenable, it is a question of trust - by introducing the Block Chain initiative (I will talk about this later).

Because when there is a middleman standing, you have to trust them. How can you be sure that they will not fool you? Never know and not always trust your niche. How can a Vietnamese citizen send money to their relatives in Vietnam on a weekend when the deposit service is not open for a fee of almost zero regardless of the deposit amount of several hundred dollars or more? Tens of thousands of dollars or more! Even $ 150 million (cost = 0) I think this is the greatest asset move ever made on Earth. In the old days people only transfer money, treasures, it is necessary to say that everyone needs a lot of money for such a transportation: car hire, horses, guards, sailors ... not to mention The time it takes for the shipment. While Bitcoin only takes about 60 minutes on average, a confirmation of a bitcoin transaction takes about 10 minutes, the greater the amount, the more confirmation you need to make, once there are about 6. You can say that 100% of the money sent is safe (can not be hacked and can not be reversed).

Block and Chain Block

A chain is a chain of blocks that resembles a bead, which is a chain that links the beads. Each block is responsible for storing the most recent transactions (not yet saved to the previous blocks). Imagine the block chain as a giant ledger, a huge public accounting book, recording all the transactions, in which each page in the log is a block, this page is filled with a new page, a ledger. This is characterized by infinite number of pages.