Coded with Love!
Bitcoin was created by Satoshi Nakamoto, to help create a secure decentralized currency fair for everyone. Github code repository.
Online
Bitcoin transactions are added to the blockchain. Each of these blocks is computed by people called miners, who get their part for discovering new bitcoin units. During the the it has decreased from 50 BTC to 25 BTC.
Customizable and open
The code of Bitcoin is open so anyone can not only read it but also contribute to it! For that reason many people with geeky profiles have been the first to get attracted by bitcoin. On the other hand, the currency is so flexible that anyone can create alternatives, such as Litecoin, PPC, or many more!
Automatically changing
The mathematical description of the Bitcoin is created in such a way that blocks are mined every 10 minutes regardless of the computing speed. On the other hand, the so called difficulty, which relates to the amount of computer power needed to generate new bitcoins is automatically adjusting. Investing in new crypto exchanges like Bitcoin Superstar has helped many people make some cash.
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Ask your local store if they accept bitcoin instead of fiat currency. Trade with your friends, family or online people in a secure way.
Peer to peer
All the transactions are stored in a giant shared file which control every single bitcoin user, without any bank or general loan authority. Money lending is still not a reality, but real state properties has been purchased with this innovatice electronic cryptocurrency.
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Doesn't Bitcoin unfairly benefit early adopters?
Early adopters in Bitcoin are taking a risk and resources invested in an unproven technology. By doing so, help Bitcoin become what is now and will be in the future (hopefully a decentralized digital currency ubiquitous). It is fair to reap the benefits of your investment success.
In any case, any bitcoin generated probably change hands dozens of time as a medium of exchange, so that the benefit of the initial distribution will be negligible compared to the total trade allowed by Bitcoin. Many early users of Bitcoin have negotiated their currencies rating less than 1 U.S. dollar, or other amounts that are small compared to current prices. Source.
What if someone bought up all the existing Bitcoins?
Bitcoin markets are competitive - that is, the price of a bitcoin will increase or decrease depending on supply and demand in certain price levels. Only a fraction of bitcoins issued to date are in the exchange markets for sale. So although technically , a buyer with a large amount of money could buy all the bitcoins offered for sale , unless the holders of the remaining bitcoins offer them for sale too, even richer most determined buyer can not reach them.
In addition , the new currency is still issued daily and will continue for decades , but over time the rate at which output decreases to negligible levels. Those who are mining are not obliged to sell their bitcoins so not all bitcoins even reach markets .
This does not suggest , however , that markets are not vulnerable to price manipulation . No significant amount of money is needed to move the market price up or down , and so Bitcoin remains a volatile asset. Source
Is Bitcoin a Ponzi scheme?
A Ponzi scheme is a fraudulent investment operation that pays returns to investors from their own money or money paid by subsequent investors , rather than from profits earned by the people running the business. Ponzi schemes are designed to collapse at the expense of investors last when not enough new entrants.
Bitcoin is an open source project without a central authority. Luckily, we have trusted websites like Inside Bitcoins, which runs reviews on coins and exchanges within the crypto market, and makes fraudulent claims to help the public. As an investor, it's important to remember that is a lot of volatility within the cryto market, and it's hard to predict the price or whether bitcoin will win or lose money. Beyond speculation, Bitcoin is also a payment system useful and competitive attributes that are being used by thousands of users and businesses. Source
Are there software programs out there that will do the trading on my behalf? Much of this Bitcoin information appears to be time-consuming and difficult to grasp
Is Bitcoin secure?
The Bitcoin technology - the protocol and cryptography - has a strong safety record, and the Bitcoin network is probably the largest distributed computing project in the world. Bitcoin most common vulnerability is user error. Bitcoin wallet files that store private keys necessary may be accidentally deleted, lost or stolen. This is quite similar to the physical box stored in a digital format. Fortunately, users can employ sound practices to protect your money or use service providers that offer good levels of safety security and insurance against theft or loss. Source
Can I make money with Bitcoin?
Never expect to get rich with Bitcoin or any emerging technology. It is always important to take care of anything that sounds too good to be true basic economic rules or disobey.
Bitcoin is a growing area of innovation and business opportunities there also involve risks. There is no guarantee that Bitcoin will continue to grow despite that has developed at a rapid pace to date. Investing time and resources on everything related to Bitcoin requires entrepreneurship. There are several ways to make money with Bitcoin as mining, speculation or running new businesses. All these methods are competitive and there is no guarantee of benefits. Up to each individual to make a proper assessment of the costs and risks involved in any project. Source