What is Bitcoin;A  digital) Currency Invented by Satoshi Nakamoto

Bitcoin (also known by the acronym BTC) is a virtual (or digital) currency created by Satoshi Nakamoto in 2009. It means bit currency (where coin is currency in English, and bit corresponds to the binary digit, term that expresses the smallest unit of information in the computing context).Bitcoin is not just a currency but is also a protocol and software that enables instant peer-to-peer transactions (not involving intermediaries) and payments on a worldwide basis. Bitcoin also has low or zero processing rates.

The great difference of Bitcoin is that since it is not dependent on a central administrator body, it is not possible for one of these organisms to manipulate its value. Through the Bitcoin website, it is possible to acquire and transfer certain currency anonymously. This decentralization and anonymity seem to differentiate strategies from other existing virtual currencies. Bitcoins are stored by their respective owners on their computers, which is seen by many as a disadvantage, as they become more vulnerable to a possible attack by a hacker.

Although Bitcoin does not have a physical format, economically speaking, it is still considered as an asset. As of 2011, several organizations began to accept donations in the form of Bitcoin. In 2012, several stores already accepted Bitcoin as a form of payment.

The production of bitcoins is known as bitcoin mining or bitcoin mining, in Portuguese. This is an area of ​​extreme competitiveness, where specific equipment that meets this mining task is sold on the market.

On April 11, 2013, the newspaper “O Globo” announced that a bitcoin reached a high value of 266 dollars (approximately 533 reais). In spite of this, the next day he lost half the value, rising again shortly afterwards. This fluctuation denotes some instability, which raises the suspicion of many people about BitCoin.Several newspapers have been trying to find the creator of Bitcoin, Satoshi Nakamoto, but to no avail. Apparently this is the pseudonym of the creator (or group of creators) of the coin.

by Abdullah Sam
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