What is Bitcoin? – INDODAX

In non-technical language, Bitcoin is a crypto asset in which transactions can be performed without the need for a credit card or central bank. It’s designed to enable users to send money over the Internet in a very simple and efficient way.

Bitcoin was developed in 2009 by someone under the pseudonym Satoshi Nakamoto. This crypto asset is like gold, but is only available in the digital world. The concept might sound like eGold, although it’s actually a lot different.

Bitcoin as a cryptol asset has the following features :

PEER TO PEER INSTANT TRANSFER

Peer-to-peer itself means 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 ANYWHERE

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

VERY SMALL TRANSFER FEES

Transfer fees can be removed for free, but to speed up transactions, usually your Bitcoin wallet will cut costs around 500 – 3,000 rupiah, no matter how much bitcoin is sent.

IRREVERSIBLE TRANSACTIONS

Bitcoin sent to another person, the transaction cannot be canceled unless the person is willing to send the Bitcoin back.

PSEUDONYMOUS TRANSACTIONS

All transactions that have been done at the same time as a Bitcoin balance that someone has can we see, but we do not know who the owner of the Bitcoin address is if the owner does not tell him.

Every Bitcoin user can actually choose whether his name wants to appear or not, but even if the user wants to keep his identity confidential, all transactions are still recorded and can be monitored by the public.

BITCOIN IS NOT CONTROLLED BY ANY INSTITUTION OR GOVERNMENT

Bitcoins that use the Blockchain database are not controlled by one party, but are very open to the public, making it impossible for someone to fake transactions on the Blockchain.

All transactions are recorded live, transparent and spread to millions of servers. Those who want to change or fake the Bitcoin transaction data, must hack millions of servers at the same time.

THE AMOUNT IS LIMITED

Bitcoin supply will only have 21 million Bitcoins worldwide. The creation of the Bitcoin system which 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 to anywhere in the world as long as it’s connected to the internet. Bitcoin will be saved into the Bitcoin Wallet. This wallet must be installed on both sides, you can use a PC / laptop, tablet or smartphone.

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