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What is Bitcoin?

Bitcoin is a digital technology that allows to reproduce in electronic payments the efficiency of payment with bills. Payments with bitcoins are fast, cheap and without intermediaries. In addition, they can be made for anyone who is anywhere on the planet with no minimum or maximum value limit.

When we make a payment with a 50 Reais note, we are making a payment that is fast, cheap, and does not require intermediaries. Quick, because the time for the transaction to be finalized is the time to deliver the ballot to the seller. Cheap because because there are no fees in this transaction. Without intermediaries because it is not necessary for any other company to participate in this process, neither on the side of the buyer nor on the side of the seller.

With the rise of e-commerce, there is a major shift in the relationship between buyers and sellers. If we take as an example a payment with a ticket, it ceases to be fast, since in addition to the buyer having to make to go to the bank to make the payment, the seller will only receive the money a few days later. This payment also has a higher cost, since in addition to the cost of the ticket, the seller needs to have a bank account and the buyer sometimes has to travel to pay for it. Finally, there is always the bank intermediating the transaction, and sometimes other companies like Paypal, for example.

History of Bitcoin

Bitcoin was created in 2008 by a user of an obscure e-mail list called Satoshi Nakamoto. He published an article called "Bitcoin: a peer-to-peer electronic cash system" in August, detailing how the cryptomoeda works, and on January 3, 2009 the system was first aired. He created the system soon after the 2008 crisis, and the intention was precisely to create money that did not depend on the banks. A lot of people have lost money with the crisis, and Nakamoto's intention has always been to give power over money to users in a system of public rules and defined by code that can only be modified by consensus.

To this day his identity remains a mystery.

The basics of Bitcoin

The Bitcoin system is made up of a few elements. The first is called the Bitcoin address. Your address has a public key and a private key. Think of the public key as your bank account: with this number you can send and receive Bitcoins from the network. The private key is like your password - it is the one that allows the use of the public key.

When we enter the Bitcoin network, what we are creating is a private key. From it, a public key is created - which can only be accessed by that private key. So the analogy with the password. From this public key, we have our unique and unique Bitcoin address.

How does the network maintain its balance?

When we use the bank, the institution monitors for you how much money you have in the account. Because it is centralized in an institution, they have security mechanisms that prevent people from lying about how much balance they have. This control is done in a decentralized way in Bitcoin.

Suppose you use 1 Bitcoin to buy a car. The transfer of this money will be transmitted to the network, so that they validate if you actually have that balance and if you actually did that transaction. The transfer will be linked to other transactions that occurred in a near period, and added to a block. The block chain of Bitcoin records all the transactions already carried out in the history of the criptomoeda - the union of these blocks is the blockchain.

By knowing the history of all Bitcoins, it is possible to know the balance of each address at a given moment.

Bitcoin Features

Decentralized

Perhaps Bitcoin's biggest differential is the fact that it is decentralized. There is no single institution that controls it. Your code is public, and updated by a group of volunteer programmers, to which anyone can join. No changes are made without network agreement. If a group of people wants to follow a different path, they are free, as happened with Litecoin.

Security of transactions is guaranteed by encryption. Spending twice the same money is impossible because the validators do not have the economic incentive to approve fraudulent transactions. If any of them say that a fake transaction is true, what rest of the network will detect this inconsistency and prevent the creation of a block with fraud.

 Code Management

The money we traditionally use is managed by the government, especially in the figure of the Central Bank. It controls how much money circulates in the economy, using different mechanisms, such as the interest rate. When the economy is warmer, more money is put into circulation to finance growth. When the economy is retracted, the money is withdrawn so that inflation does not occur.

In the Bitcoin system, the money supply is increased in a predictable way. A block with