BITCOIN
Currency Power of Digital Is the value of electronic currency created in the year 2009. Who created it named Satoshi Nakamoto. the electronic currency is also associated with open source software in its design system. Unlike other common currencies created through paper, bitcoin does not depend on trusting major publishers. Bitcoin uses a database that is distributed and spreads to the nodes of a P2P network to a transaction journal, and uses cryptography to provide basic security functions, such as ensuring that bitcoins can only be spent by people who have them, and never be more than one time. bitcoin also uses a peer-to-peer network with no centralized storage space or a single administrator where the US Treasury calls it the bitcoin of a decentralized currency.
Bitcoin is one of the first electronic currencies called cryptocurrency, bitcoin was first described by Wei Dai in 1998 in the cypherpunks mailing list.
Bitcoin is designed in such a way that allows for anonymous ownership and transfer of wealth. Bitcoin can be stored on a personal computer in a private wallet file format or other trust account. or can also be saved by a third party wallet service, and apart from all that Bitcoin can be sent via the internet to anyone with a wallet address. The peer-to-peer bitcoin topology and the lack of a single administration make it impossible for any governmental authority to manipulate the value of bitcoin or cause inflation by producing more bitcoin.
ECONOMY
In the economic development of Bitcoin is still small compared to a long established economy and software is still in beta development stage. But goods and services, such as used cars and freelance software development contracts, are now tradable. Currency exchangers exchange commonly used currencies (including American dollars, Russian rubles, and Japanese yen and other currencies) to bitcoin through bitcoin exchange sites. Anyone can see chain-blocks and observe transactions in real time. A wide range of service facilities to observe has been available about bitcoin. Bitcoin is accepted for both things, both virtual services and real goods Electronic Frontier Foundation and Singularity Institute receive donations through bitcoin.
RESULTS
The possibility of scenario failure for Bitcoin is very minus because internet users in the world are like the staple of a daily work including currency devaluation, declining user base, or all-government crackdown to stop software operations. However, it may not be possible for "crypto-money such as bitcoin, so in 2011 february, there is coverage in Slashdot and whose effect affects the value of bitcoin and its availability from some related sites." It looks like decentralization and anonymity are contained in Bitcoin is a reaction to the United States government that memprosekusi cyber-currency companies such as e-gold and Liberty Dollar.
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