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What is Bitcoin?

Bitcoin is a network of global consensus that creates a new payment system and fully digital money. This is the first decentralized p2p payment network that is serviced by its own users, without central governing authorities or intermediaries. From the users' point of view, Bitcoin is very similar to cash for the Internet.

Nobody owns the Bitcoin network, just as nobody owns the technology behind the email. Bitcoin is controlled by users around the world. Although developers can improve the software, they can't override the protocol because users are free to choose what software and what version they use. In order to maintain compatibility, all users must use the software that obeys the same rules. Bitcoin can work properly only upon the full agreement between all users. That's why all users and developers have an incentive to protect this consensus.

The heart of the Bitcoin network is the public register called Blockchain, or "chain of blocks". This register contains a history of all transactions ever made, letting the user computers validate each of them. The authenticity of each transaction is protected by electronic signatures that match the addresses used in the transaction, which allows users to have complete control over the transfer of bitcoins from their addresses. In addition, anyone can process transactions by using specialized equipment and computer power to earn bitcoins for these services. This is called "mining".

Your bank may charge $50 fee for international money transfer.Bitcoin — no