Bitcoin Cash (BCH)
As an introduction, tell you that bitcoins are, in essence, digital money. Money used to make payments cheaply and very quickly throughout the planet without the need for banks or credit cards. These currencies are managed by software called Bitcoin in the same way.
Programmable money, open source money, distributed payment protocol, … there are many terms that are related to it, and during the following chapters you will understand in detail why.
Bitcoin completely separates money and politics, and is global. This means that, for the first time in history, money that is easy to use and that gives people absolute freedom by not depending on a currency managed by economic policies decided by pseudo-private organizations or central banks can be really used.
Bitcoin is upsetting the global financial system.
Bitcoin is free, open and its currencies are not issued by any bank, government or company, having clear advantages over money issued by central banks and even gold. It works thanks to a network of thousands of computers, being today the most powerful and secure computer network on earth.
Known as the Internet currency, born in 2009 by the hand of Satoshi Nakamoto being a completely decentralized and digital system.
Its clear advantages as money and technology have generated that, in just 8 years, millions of people and companies already use it every day, resulting in the revaluation of their currencies by 10,000%: a single bitcoin has gone from being worth $ 0 (January of 2009) to be worth $ 20000 (December 2017).
Bitcoin is still an experiment. It has revolutionized the entire planet without even existing version 1.0 of the software. That generates a high expectation wrapped in speculation of all types where even large groups of power and communication try to position themselves through news that can raise or lower the price influencing the markets. In its day-to-day speculative facet, although its tendency is bullish, it is the wild west: beware of what the big media tell you about it, the news may be “sponsored” and with the intention of manipulating you.
Internally, Bitcoin, manages a database, the well-known Blockchain. This database is an accounting book that is replicated by each installation of the software, which has already allowed thousands of installations around the world that are able to stay synchronized instantly.
In addition, Blockchain, is serving as inspiration for a huge range of new applications of all kinds, not only financial, with unique features by flag such as decentralization and security: no computer system has been operational 24 hours a day, 365 days of the year for 8 consecutive years.
Every time you talk more about Bitcoin, why do people like Bitcoin so much?
We leave you the 13 keys to understand it:
Sending any amount of money is a matter of minutes. Regardless of the quantity, regardless of the destination.
The cost of making a transfer to any part of the world through your bank can cost you a lot of money. When doing it in bitcoins, the cost is a few cents or free. Micropayments: using a bank, paying € 0.3 to someone from Chile in gratitude for a tweet or similar is UNBEATABLE, in Bitcoin it is reality.
You can send bitcoins to any country in the world. Bitcoin, like the Internet or email, has no borders. This, with the guarantee of respecting the freedom of its users, makes Bitcoin the first global currency that really works.
No government or central bank can control it or interfere in the valuation of bitcoin, neither in its creation nor in its distribution. With Bitcoin, money is depoliticized, made up of people, thus eliminating the control that FIAT’s money exerts on the population.
Your bitcoins are yours, the money belongs to you 100%; it can not be intervened by anyone, there are no corralitos or accounts can be frozen. In Bitcoin you can be your own bank.
Bitcoin is simple to implement and involves a complete programming language, which allows you to create snippets of code that will be executed in the transaction. This, previously unthinkable, allows any programmer to monetize all types of services. Even payments between fully autonomous machines are possible, which simplifies manual, complex and slow processes.
Bitcoin is very safe. It has at its core, and in each of the operations, one of the most powerful cryptographic systems that exist, more than that used by the banks or crucial services of our day to day. Its distributed nature makes it resistant to drops or attacks on the network: NEVER any other computer system has been operational 24 hours a day, 365 days a year for more than 8 years.
Even in the face of a solar storm, Bitcoin, unlike other systems, would resist. This is due to the fact that some of its nodes are in bunkers of the Second World War, protected underground and even with triple perimeter security.
All transactions are public, as they are visible in real time under pseudonyms in the form of Bitcoin address. Anyone can reveal the Bitcoin address that is shown with absolute transparency, where it goes to the last cent. Imagine governments, town halls, NGOs, foundations, associations, companies, … anyone can take advantage of this functionality in seconds.
Bitcoin is a totally open, free and free software. Anyone can see its source code, study it, audit it or improve it. Hundreds of people improve it every day: some of the smartest brains on the planet do it better every day in a democratic consensus environment.
In Github you can see how hundreds of people from all over the planet are collaborating without receiving anything in return. Even if you want, you can copy it and start a new cryptocurrency (there are thousands of clones with interesting changes, but also copies without any innovation).
From the development of the code to the form of its blockchain, consensus operates as a fundamental axis. In its development, the ideas and improvements of the most voted codes for the rest are those that are finally implemented: Bitcoin changes if the majority accepts this change. The same applies to the accounting book that manages, blockchain: only if most of the nodes consider that a new transaction is valid, it is accepted and recorded in the account book.
Bitcoin can not generate thousands of bitcoins in the morning because suddenly you want a politician or a banker. There will never be more than 21 million and all are appearing for mining, always under rules that are totally public.
In Bitcoin, you are your own bank. But by doing so, you do not pay an account opening fee, monthly maintenance fees or false charges as if it were a bank. You do not pay for having credit cards (in fact, you do not need them, it’s an outdated technology) … Having a bag is free and with it you can save all the bitcoins you want, as well as send bitcoins to any part of the planet without nobody prevents it.
Nobody is going to charge you a subscription, no contracts, no stays, no withholdings, or your data in exchange for a cutlery … These things in Bitcoin sound “Chinese”!
In times of constant theft of information, industrial espionage and society by governments and computer criminals and, even more, with the emergence of advanced Big Data techniques, it is more important than ever to take care of our privacy, managing to maintain it in a very high grade.
Bitcoin has this concept very internalized. Bitcoin is not completely anonymous, but it works to be. We have written a chapter of our very complete guide on the privacy of Bitcoin and the necessary importance of it being anonymous: Bitcoin is not anonymous