Bitcoin is a payment system invented by Satoshi Nakamoto, who published the invention in 2008 and released it as open-source software in 2009. The system is peer-to-peer; users can transact directly without needing an intermediary. Transactions are verified by network nodes and recorded in a public distributed ledger called the block chain. The ledger uses its own unit of account, also called bitcoin. The system works without a central repository or single administrator, which has led the US Treasury to categorize it as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed.[note 8] Bitcoin is more correctly described as the first decentralized digital currency. It is the largest of its kind in terms of total market value.
1 BTC = 1 XBT = 1 bitcoin
1 BTC = 1,000 mBTC (millibitcoin) (1/1000 bitcoins = 0,001 BTC)
1 BTC = 1,000,000 μBTC (microbitcoin) (1/1.000.000 bitcoins = 0,000001BTC)
1 BTC = 100,000,000 satoshis
1 mBTC = 100,000 satoshis = 1.000 μBTC
1 μBTC (microbitcoin) = 100 satoshis = 1 bit (1/1.000.000 bitcoins = 0,000001 BTC)
1 satoshi = 1/100.000.000 (0,00000001 BTC)
Bitcoin is the first implementation of a concept called "cryptocurrency", which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing much about himself. The community has since grown exponentially with many developers working on Bitcoin. Satoshi's anonymity often raised unjustified concerns, many of which are linked to misunderstanding of the open-source nature of Bitcoin. The Bitcoin protocol and software are published openly and any developer around the world can review the code or make their own modified version of the Bitcoin software. Just like current developers, Satoshi's influence was limited to the changes he made being adopted by others and therefore he did not control Bitcoin. As such, the identity of Bitcoin's inventor is probably as relevant today as the identity of the person who invented paper.
The first Bitcoin specification and proof of concept was published in 2009 by an unknown individual under the pseudonym Satoshi Nakamoto who revealed little about himself and left the project in late 2010. The Bitcoin community has since grown exponentially. Satoshi's anonymity often raises unjustified concerns because of a misunderstanding of the open-source nature of Bitcoin. Everyone has access to all of the source code all of the time and any developer can review or modify the software code. As such, the identity of Bitcoin's inventor is probably as relevant today as the identity of the person who invented paper.
Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the software, they can't force a change in the Bitcoin protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Bitcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus.
Bitcoins have value because they are useful as a form of money. Bitcoin has the characteristics of money (durability, portability, fungibility, scarcity, divisibility, and recognizability) based on the properties of mathematics rather than relying on physical properties (like gold and silver) or trust in central authorities (like fiat currencies). In short, Bitcoin is backed by mathematics. With these attributes, all that is required for a form of money to hold value is trust and adoption. In the case of Bitcoin, this can be measured by its growing base of users, merchants, and startups. As with all currency, bitcoin's value comes only and directly from people willing to accept them as payment.
1. Robots (bots). 2. Multi- accounts (maintaining multiple accounts). 3. Anonymous proxies, VPN, or VPS. 4. Referral claims made with the same IP address. 5. Trying to bypass the Captcha. 6. Fake/anonymous/disposable/temporary email address. By using or accessing bitcoland.net, you agree with rules. These terms and conditions of use may be changed at any time without further notice.
2. Multi- accounts (maintaining multiple accounts).
3. Anonymous proxies, VPN, or VPS.
4. Referral claims made with the same IP address.
5. Trying to bypass the Captcha.
6. Fake/anonymous/disposable/temporary email address. By using or accessing bitcoland.net, you agree with rules.
These terms and conditions of use may be changed at any time without further notice.
Refer everyone to Bitcoland.net and receive 25% lifetime commission on all their faucet claims!
Your referral link: