It was enough to invest a small sum in him in 2009 to become a millionaire today. Bitcoin, the most popular virtual currency in the world, will soon be five years old. Its supporters argue that it is the future. Opponents that there is no chance with the dollar or zloty

From fun to billions

What exactly is the Bitcoin in dispute? This is the first virtual currency that has gained global recognition and significant value. Its beginnings are 2008 when on the forums gathering fans of cryptography and advanced mathematics began to circulate a document describing theoretically the basics of the operation of the virtual currency called Bitcoin. The author was an individual hidden His identity was never established.

In January 2009, the network was launched, which is the basis of Bitcoin’s operation. This is the so-called Peer to Peer (P2P) network, i.e. one where there is no central server. All users have the same permissions and connect directly to each other. Most Internet users have already dealt with this, because similar networks are the basis for file sharing, from Napster to modern networks with torrents

To start using bitcoin converter just download and install the free program that will connect us to the network and create our virtual wallet. Then you need to buy currency in online auction houses, earn as a “miner” or receive from someone you know. The “miners” who have little in common with the pickaxe are of great importance in the Bitcoin network. These are people who, to put it very simply, deal with administrative work. Their computers perform a significant part of the complicated encryption and recording of transactions carried out in the Bitcoin network. In return, “miners” receive a predetermined amount of bitcoins. This is the only source of new money. When “miners” “dig” 21 million bitcoins, further generation will be blocked. This restriction is to counteract inflation. It is not possible, as it happens with real currencies, to print money by central banks.