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Message: <blockquote data-quote="akshalikas" data-source="post: 22683537" data-attributes="member: 541620">මට කෙනෙක්ට කියලා ලිපියක්ලියාගන්න ඕනේඋනා What is bitcoin කියන මාතෘකාව යටතේපහලින් ඒක දාන්නම් බලල කියනවද ඒක ජෙනුයින් එකක්ද කියලා මට හිතෙනවා එක රිරයිට් ටුල් එකක් භාවිතා කරලා වගේ කියලා පුලුවන්නම් ඒ ටූල් එක හොයලා දෙන්න What Is Bitcoin?To buy things electronically bitcoin can be used. It is also traded digitally, which is also like convectional dollars, euros, or yen.One of the most important characteristic and thing which is the cause for the difference to convectional money is that is decentralized. Bitcoin network isn’t controlled by any single institution. Due to this, it makes people at ease because it is meant that no bank is able to control their money.Who Created It?Satoshi Nakamoto proposed bitcoin who is a software developer, which is an electronic payment based on mathematical proof. A currency independent of any central authority was the idea behind it in order to produce, which would be able to transfer electronically, more or less instantly and very low transaction fees.Who Prints It?It isn’t printed by anyone. It isn’t physically printed by shadows of the central bank, which is accountable to the population and is able make its own rules. To cover national debt banks can simply produce more money, thus making it devaluing to its currency.It’s created digitally instead, in a way that community of people that anyone can join. By using computer power in a disturbed network bitcoins are mined.Transactions can be processed made with virtual currency because of its network, which allows it to make an own and effective making bitcoin its own payment.So you can’t Churn Out Unlimited BitcoinsThat’s right you cannot churn out unlimited bitcoins. The rule that makes bitcoin work (Bitcoin Protocol) says that by miners can only create 21 bitcoins ever. Division of these bitcoins can also be done into smaller parts. ( Satoshi meaning the smallest division of a bitcoin which is one hundredth million of a bitcoin)What is Bitcoin Based On?Gold or silver is based on convectional money. We know that if we hand over a dollar at the bank we are able to get some gold back. (This isn’t done practically although) Bitcoin isn’t based on gold but it is based on mathematics.A mathematical formula is used to produce bitcoins all over the world using software programs. It can be checked out by anyone so this mathematical formula is freely available.It also can be looked by anyone in order to make sure it does what is supposed to which is meaning it is an open source.What are its Characteristics?Bitcoin been a currency backed by the government has several important features.1. It’s DecentralizedOne central authority doesn’t control the bitcoin network. Any machine that mines bitcoin and processes transactions is made a part of the network, so the machines are works together. One central authority is unable to tinker with monetary policy causing to meltdown – meaning not been able to take all the bitcoins away from the people like what happened in Cyprus in 2013 where Central European Bank decided to do. Money keeps flowing if some part of the network goes offline as well. 2. It’s Easy to Set UpTo open a bank account it makes it jump through hoops simply by convectional banks. It is a Kafkaesque task in order to setting up merchants accounts for payments, beset bureaucracy.3. Its AnonymousMultiple bitcoin addresses can be held by a user, which isn’t linked to names, addresses, or other personal identifying information.4. It’s Completely TransparentIn a huge version of general ledger bitcoin stores details of every single transaction that has ever happened, this is known as blockchain.They would not know that it is yours, even though you have a publicly used bitcoin address but is able tell how many bitcoins are stored in the address.To make the bitcoin network more opaque there are various measures taken by people followed by various activities, such as not using the same bitcoin address consistently, and not transferring loots of bitcoins to a single address.5. Transaction Fee are MinisculeBit doesn’t charge any fee for international transfers.6. It’s FastIt would arrive in minutes later after you send money anywhere, as soon as the bitcoin processes the payment.7. It’s Non-RepudiableUnless the recipient returns them to you, there is no getting back of the bitcoins you sent. They are gone forever.</blockquote>

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