Bitcoin: Wht I It, nd I It Rght fr Yur Bun?

Bitcoin: Wht I It, nd I It Rght fr Yur Bun?

OK, what's Bitcoin?

It' nt n actual coin, it's "rturrn," a dgtl form of mnt that produced
("mnd") by lt f people wrldwd. It llw peer-to-peer trntn ntntl,
wrldwd, fr free r t very lw t.

Bitcoin w invented ftr decades f research nt rtgrh b software developer,

Sth Nkmt (believed t be a udnm), wh dgnd the algorithm nd
introduced t in 2009. H tru dntt rmn a mtr.

Th urrn nt bkd b a tangible commodity (uh gld or lvr); btn are

trdd nln which mk them a mmdt in themselves.

Bitcoin n n-ur rdut, accessible b nn who a ur. All u nd is n

ml address, Intrnt access, nd money to get started.

Whr d t m frm?

Btn is mnd n a distributed mutr network f ur runnng specialized ftwr;

the ntwrk lv rtn mthmtl proofs, nd rh fr a rtulr dt
sequence ("blk") tht rdu a particular ttrn when th BTC lgrthm ld t
it. A mth produces a btn. It's mlx and time- nd nrg-numng.

Only 21 mlln btn r vr to b mnd (about 11 million r urrntl in circulation).

Th math problems th ntwrk computers solve gt rgrvl mr difficult t k
th mnng operations and ul n check.

This ntwrk l vldt all th trntn through rtgrh.

Hw d Bitcoin wrk?

Intrnt ur trnfr digital t (bt) t each thr on a network. Thr is n nln

bnk; rthr, Btn h been drbd as an Intrnt-wd distributed ldgr. Users buy
Bitcoin wth h r by llng a rdut r rv fr Bitcoin. Bitcoin wllt store and u
this dgtl currency. Ur m ll ut f th vrtul ledger by trdng thr Btn t
mn l who wnt in. Ann n d this, anywhere n th wrld.

Thr are mrthn fr ndutng mbl Btn trntn nd Btn

xhng are ultng th Intrnt.

How Bitcoin vlud?

Btn nt held r controlled by a fnnl institution; t completely dntrlzd.

Unlike rl-wrld mn t nnt b dvlud b governments r bnk.

Instead, Btn' value l ml n its acceptance btwn users a frm f mnt

and bu its supply is fnt. It global currency vlu flutut rdng t supply
nd demand nd market speculation; mr l rt wllt and hld nd nd
bitcoins, nd mr bun accept it, Btn' vlu wll rise. Bnk are nw trng to
vlu Bitcoin nd some nvtmnt websites rdt the r f a btn will be several
thund dllr in 2014.

Wht r t benefits?

Thr r bnft t numr nd merchants that want t use th payment option.

1. Ft trntn - Btn is trnfrrd ntntl vr th Intrnt.

2. N fees/low f -- Unlike rdt cards, Btn n be ud fr free r vr low f.

Wthut the centralized nttutn as mddl mn, there are n uthrztn (nd f)
rurd. Th mrv profit margins sales.

3. Elmnt frud risk -Onl the Bitcoin owner n send payment to the ntndd
rnt, wh the only one wh can receive it. The ntwrk knw the trnfr h
urrd nd trntn r validated; th nnt b challenged r taken back. Th
bg fr nln mrhnt wh are ftn ubjt to rdt rd processors' assessments f
whthr r not a trntn fraudulent, r bun tht th high r of rdt
card hrgbk.

4. Dt ur -- As w have n wth rnt hacks n ntnl rtlr' payment

rng tm, the Internet not lw a ur l fr rvt data. With
Btn, ur do not gv u rvt nfrmtn.

. Th have two keys - a public k tht serves the btn ddr nd a rvt key
wth rnl data.

b. Transactions are "gnd" dgtll b mbnng th public and rvt keys; a

mathematical function is ld nd a rtft is generated rvng th ur nttd
th trntn. Digital signatures are unu t each trntn and cannot b re-used.

c. Th mrhnt/rnt never ur rt information (nm, numbr, physical

ddr) so it's mwht anonymous but it is traceable (t the btn address n th
ubl k).

5. Convenient mnt system -- Mrhnt n u Bitcoin entirely a mnt

system; th d nt have t hld n Btn currency n Btn can b nvrtd to
dllr. Cnumr r merchants n trd n and out f Btn and thr urrn at
any time.

6. Intrntnl mnt - Btn is used around the wrld; -mmr merchants nd

rv rvdr n l t ntrntnl mnt, whh n u nw tntl
mrktl for thm.

7. E to trk -- Th network trk and permanently lg vr trntn n the

Bitcoin blk hn (th database). In th f possible wrongdoing, it r fr law
nfrmnt officials t tr th trntn.

8. Micropayments r bl - Bitcoins n be dvdd dwn to n n-hundrdmllnth, so runnng mll mnt of a dllr r l bm a fr r nr-fr
trntn. Th uld b a rl bn fr nvnn stores, coffee h, nd
ubrtn-bd wbt (vd, ubltn).

Stll a little nfud? Here r a fw examples f transactions:

Btn n th retail nvrnmnt

At hkut, th r u a mrthn t n a QR code wth ll the trntn

nfrmtn ndd to trnfr the bitcoin to th rtlr. Tapping the "Cnfrm" button
mlt the transaction. If th ur doesn't own n Bitcoin, the ntwrk nvrt dollars
n his unt nt th digital currency.

Th rtlr n nvrt tht Bitcoin into dllr if t wnt t, thr were no or vr lw

processing f (ntd f 2 t 3 percent), n hkr can tl personal consumer
information, and there n risk of fraud. Vr slick.

Btn in hospitality

Htl n t Btn fr room and dining payments on the rm for guests who
wh t b Btn ung their mbl wallets, r PC-t-wbt t fr a rrvtn
nln. A thrd-rt BTC mrhnt rr n assist in handling th trntn which
it clears vr th Btn ntwrk. Th rng lnt r ntlld n tblt t the
tblhmnt' front dk r in the restaurants fr users wth BTC smartphone apps.
(These mnt rr are also vlbl for dkt, n retail POS tm, nd

ntgrtd into foodservice POS systems.) N rdt cards or mn nd to hng

hnd.

These hl trntn r ft and th rr n nvrt bitcoins nt urrn

nd mk a daily drt dt nt the tblhmnt' bnk unt. It w nnund
n January 2014 that tw L Vegas hotel-casinos wll accept Btn mnt t the front
dk, n thr restaurants, nd in the gift shop.

It und gd - so wht' th th?

Bun wnr huld ndr issues f rttn, security nd t.

A relatively small numbr f rdnr consumers nd merchants currently u r

understand Btn. Hwvr, adoption increasing glbll nd tl nd thnlg
r bng dvld to mk participation easier.

It's the Internet, hkr r threats to the xhng. Th Enmt rrtd tht a
Btn xhng w hkd n Stmbr 2013 nd $250,000 n btn w stolen
frm users' nln vaults. Bitcoins n b stolen like thr currency, so vigilant ntwrk,
rvr nd dtb security rmunt.

Ur mut carefully fgurd thr bitcoin wllt which ntn their rvt keys.
Sur bku or printouts r rul.

Bitcoin nt rgultd or insured b th US gvrnmnt so thr n nurn fr

ur account if the exchange goes ut of business r is rbbd b hackers.

Btn are relatively expensive. Current rt nd llng prices r vlbl n th

online exchanges.

Th virtual currency nt t unvrl but t gnng mrkt awareness and

acceptance. A business m dd t tr Btn to v n credit rd and bank f,
a customer convenience, r t see if t hl r hinders sales nd rftblt.

Are u thinking but tng Btn? D u already use it? Shr your thught nd
xrn wth u.

htt://znrtl.m/?Btn:-Wht-I-It,-nd-I-It-Rght-fr-YurBun?&d=8408097

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