Bitcoin

What are the "Bitcoin"?

Simplistic, the "Bitcoin" is an electronic money can be compared to other currencies such as the dollar or the euro, but with several important differences, including that this currency is an entirely electronic money circulated on the Internet only without the presence a physicist them. also differ from traditional currencies there is no central regulatory body behind her, but can be used like any other currency to buy online or even converted to traditional currencies.
The organizers of the "Bitcoin" said the purpose of this piece which was set up to trading for the first time in 2009 is changing the global economy in the same way that changed their publishing methods Web, these are the foundations of this piece and how do they work?

Decentralized currency

Unlearn "Bitcoin" for the first time as paging negotiation who called himself the code name "Satoshi Nakamoto" and described as a monetary system letter depends on financial transactions on the principle of peer-to-peer, which is a technical term that means directly between the user and the latest agreement without any intermediary.
Described as "Bitcoin" as digital currency of anonymity, which means they do not have a sequential recording or other means of any kind will keep track of what has been spent for the seller or the buyer, making them a popular idea among the defenders of privacy, or sellers of illegal goods (such as drugs) online as well.
The "Bitcoin" on financial transactions between the two people directly without an intermediate body governing these transactions, where you go money from one user account to another in real time and without charge converter and bypassing banks or intermediaries of any kind.

Currency generated by users themselves

Unlike traditional currencies that are generally supported by some assets such as gold or other currencies, the "Bitcoin" supports and produced by users themselves, users for any user who wants to deal with the "Bitcoin" and with a computer and an Internet connection. This is done through a process called "prospecting", which is a special application that the user to install it on a computer so that the production of coins of the application process "Bitcoin" new and slowly. The user can through the process to get the default cut "Bitcoin" money in exchange for the use of the computing capacity of the application provided by the user's computer processor in the generation of new amounts of currency.

When generating a new series of coins each user, the distribution of these amounts on certain algorithm so it can not reach the total value of currencies "Bitcoin" on the market for over 21 million Bitcoin users get the owners of the Supreme Court of processing a force proportional largest share with a range of currencies on production systems.Spending "Bitcoin" or converted into real currencyAlthough there are a relatively limited group of sites that accept to receive payments "Bitcoin" Meet their products, compared to sites dealing with traditional currencies, but that "Bitcoin" supported by a growing group of sites, including large enterprises and various places, such as the sale of hosting and domain names book sites, social networks and video sites, music and various sites that sell different types of products.In addition to the purchase of products, the user can switch cut cash "Bitcoin" in other currencies has a true, this switch takes place between the users themselves, who want to sell too expensive "Bitcoin" and purchase of foreign currency against which the real, or vice versa. Accordingly, it has "Bitcoin" its own exchange rate, and that price is heading to the escalation of the day, where up to $ 120 after being equivalent to only a few dollars there two years ago.

Technically

Technically, all the pieces "Bitcoin" cash is a code generated in accordance with the famous and powerful SHA-256 encryption algorithm hexadecimal format. The pieces are stored user "Bitcoin" is in a special file called portfolio also retains the title of the file with all the user has to send payments to or receive. There is a user called "Bitcoin" can be compared to the e-mail address, but it is not, it is a code to distinguish each user, but can not see his true identity. The "Bitcoin" on open source technologies and therefore totally nothing is hidden or unknown in how they work.

Is Quinn decide legal?

To our knowledge, decide Quinn is not criminalized by legislators in most countries. However, some countries (such as Argentina and Russia) are to restrict or prohibit the foreign currency. Other countries (such as Thailand) can restrict certain licenses Kmpadlat decide Quinn.
Legislators in different countries to take measures to provide individuals and business rules on how to integrate this new technology with the rules of customary formal financial system. For example, the Financial Crimes Enforcement Network (FinCEN), an official US Department of the Ministry of Finance issued a non-binding general guidance on how to do the characterization and discrimination of certain activities include ghost currency.

Each piece Quinn bit can be divided up to 8 boxes (0.000 000 01 BTC) is also likely to be divided into smaller units if required in the future. As the average size of transactions decreases, transactions can be made in the form of units derived deciding Quinn, Kalmlli bit Queen "millibitcoins" or (1 MBTC or equal to 0.001 BTC.)