WHO PUBLISHED BITCOIN

WHO PUBLISHED BITCOIN

SOURCE : https://blog.indodax.com/apa-itu-bitcoin/

Bitcoin is a digital asset developed in 2009 by someone under the pseudonym Satoshi Nakamoto. This digital asset is like gold, but only available in the digital world. The concept might sound like eGold, even though it is actually far different.

Bitcoin as a digital asset has the following features:

Peer to peer instant transfer.

Peer-to-peer itself means that Bitcoin runs without having a central server. The storage server is decentralized and distributed — divided into various servers run by each user connected to the network.

Transfer to anywhere

Unlike gold, Bitcoin can be sent anywhere in seconds, whenever and from wherever you want. Shipping with Bitcoin can only occur with a capital of a smartphone and internet connection.

Very small transfer fee.

Shipping costs can be removed for free, but to speed up the transaction, usually your Bitcoin wallet will cut costs around 500 - 3,000 rupiah, no matter how much bitcoin is sent.

Transactions are irreversible, meaning that once transferred cannot be canceled.

Bitcoin is given into someone else's hands, the transaction cannot be canceled unless the person is willing to send the Bitcoin back;

Bitcoin transactions are pseudonymous.

We can see all the transactions that have been carried out at once the balance of a Bitcoin owned by someone, but we do not know who owns the Bitcoin address if the owner does not tell it. Each Bitcoin user can actually choose whether his name wants to appear or not, but even if the user wants to keep his identity a secret, all of his transactions are still recorded and can be monitored by the public.

Bitcoin is not controlled by any institution or government.

Bitcoin that uses a Blockchain database is not controlled by a party, but is very open to the public so that it is impossible for someone to falsify transactions on the Blockchain. All transactions are recorded live, transparent, and spread to millions of servers. Those who want to change or falsify Bitcoin transaction data, must hack millions of servers at the same time.

The amount is limited

The Bitcoin supply will only be 21 million Bitcoin in the whole world. The creation of a Bitcoin system that continues to decrease every 4 years resembles an economic system based on deflation and with the increasingly limited supply of bitcoin, the price of bitcoin tends to rise.

You can transfer bitcoin anywhere in the world as long as it is connected to the internet. Bitcoin will be saved into Bitcoin Wallet. This wallet must be installed on both sides, either with a PC / laptop, tablet or smartphone. After installing the wallet, you will get a Bitcoin Address. For bitcoin transfer it's very easy, open the wallet application, enter the Bitcoin Address of the opposite transaction and the number of bitcoin you want to transfer, then send.

Then you might ask, if there is no bank or company that manages like Paypal or EGold, then where is the financial data stored? The answer, on your own computer (in the wallet) and peer to peer networks around the world. Bitcoin is stored on your computer in a wallet. If the computer is damaged just the same as your lost bitcoin, so the bitcoin wallet must be backed up periodically to several devices. When making a transaction, tens of thousands of computers in the bitcoin network will verify the data you input so there is no cheating.

Why do people start flocking to buy and use bitcoin?

Bitcoin was developed with the idealism that good digital assets are not controlled by the government or the central bank. The financial crisis some time ago confirmed that the government was always negligent in maintaining economic stability. The government is believed to always be controlled by corrupt people and only works for personal gain, so that financial decisions always side with mere tycoons.

This concept is attractive to many people, especially geeks in the IT world. They began to invest their assets in the form of bitcoin, while the world economy was increasingly unstable as evidenced by the American and European banking crises. Bitcoin is believed to be a digital asset and universal commodity so prices will continue to soar. Evidently, see in January 2013, 1 BTC (bitcoin unit) was traded with a price range of 13 USD. Whereas in May 2013, 1 BTC was appreciated with a value of 120 USD, this means that in 5 months the value of bitcoin has soared nearly 10 times. Then in December 2013, 1 BTC was appreciated with a value of 860 USD. That means bitcoin has jumped 66 times in one year. If 2 years ago (early 2011) you were fun to buy bitcoin for 0.3 USD, I congratulate you for being a millionaire 😀

Bitcoin also has two very interesting features, which are anonymous and very low transaction costs (almost 0). You can do transactions without giving any identity at all, this can maintain your privacy to the highest level.

Who published Bitcoin?

The new Bitcoin was created with a process called "mining". Miners use sophisticated computers to decipher complex mathematics to find new blocks of Bitcoin, as a prize the inventor will be rewarded with a number of bitcoins. Prizes per the discovery of 1 block initially had 50 BTC, now 25 BTC / block, then will continue to decrease accompanied by the addition of circulation Bitcoin. The system has ensured that the maximum bitcoin in circulation in the world is 21 Million BTC so that inflation will not occur.