Bitcoin is a consensus network that enables a new payment system and a fully digital currency. It is the first peer-to-peer decentralized payment network powered by its users without a central authority or intermediaries. From a user point of view, Bitcoin is like money for the Internet. Bitcoin may be the only existing triple ledger system.

1. "How To Get Rich With Bitcoin Even If You Have No
Clue About Technology"
General
What is Bitcoin?
Bitcoin is a consensus network that enables a new payment system and a fully digital
currency. It is the first peer-to-peer decentralized payment network powered by its
users without a central authority or intermediaries. From a user point of view, Bitcoin
is like money for the Internet. Bitcoin may be the only existing triple ledger system.
Who created Bitcoin?
Bitcoin is the first implementation of a concept known as "crypto currency", which
was first described in 1998 by Wei Dai on the "cypherpunks" email list, where he
proposed the idea of ​
​
a new type of money using the cryptography to control their
creation and transactions, instead of being done by a centralized authority. The first
Bitcoin protocol specification and proof of concept was published by Satoshi
Nakamoto in 2009 on an email list. Satoshi left the project at the end of 2010 without

2. revealing much about himself. Since then, the community has grown exponentially
and has numerous developers working on the Bitcoin protocol.
Satoshi's anonymity has sometimes raised unwarranted suspicion, much of it caused
by a lack of understanding of the open source code Bitcoin is based on. The Bitcoin
protocol and its software are published openly and any programmer anywhere in the
world can review it or create their own modified version of the software. Like today's
programmers, Satoshi's influence has been limited to the fact that the changes he made
were adopted by others and, therefore, he did not control Bitcoin. Thus, knowing the
identity of the inventor of Bitcoin is just as relevant as knowing who invented paper.
Who controls the Bitcoin network?
In the same way that no one controls the technology behind email, Bitcoin also has no
owners. Bitcoin is controlled by all Bitcoin users in the world. Although the
programmers improve the software, they cannot force a change in the Bitcoin protocol
because all other users are free to choose the software and version they want. In order
to remain compatible with each other, all users need to use software that adheres to the
same rules. Bitcoin can only function properly if there is consensus among all users.

3. Therefore, all users and programmers have a strong incentive to protect this
consensus.
How does Bitcoin work?
From the user's perspective, Bitcoin is nothing more than a mobile or desktop
application that provides a personal Bitcoin wallet and allows the user to send and
receive bitcoins with it. This is how Bitcoin works for most users.
Behind the scenes, the Bitcoin network shares a public ledger called a "block chain."
This accounting contains each transaction processed, allowing the validity of each
transaction to be verified. The authenticity of each transaction is protected by digital
signatures corresponding to the sending addresses, allowing all users to have full
control when sending Bitcoins from their Bitcoin addresses. Furthermore, anyone can
process a transaction using the computing power of specialized hardware and get a
reward in Bitcoins for this service. This is commonly called "mining" or mining. To
learn more about Bitcoin, you can refer to the dedicated page and the original
document .
Do people really use it?
Yes. There is a growing number of businesses and individuals using Bitcoin. This
includes traditional businesses like restaurants, homes, law firms, and popular internet
services like Namecheap, Wordpress, Reddit, and Flattr. Although Bitcoin is still a
relatively new phenomenon, it is growing fast. The value of all bitcoins in circulation
exceeded trillion dollars and the equivalent of millions of dollars in bitcoins were
exchanged every day.
How are bitcoins acquired?
● As payment for goods or services.

4. ● Buy bitcoins at a Bitcoin exchange .
● Trade bitcoins with someone in your area .
● Earn bitcoins through competitive mining .
Although it is possible to find individuals who want to sell bitcoins in exchange for
payment by PayPal or credit card, most exchanges do not allow these payment
methods. This is due to cases where someone buys bitcoins with PayPal and then
reverses half of the transaction. This is commonly referred to as a refund.
How difficult is it to make a payment with Bitcoin?
Bitcoin payments are easier to make than credit or debit card purchases and can be
received without the need for a merchant account. Payments are made from the wallet
application, both with your computer or smartphone, by entering the recipient's
address, the amount to be paid and pressing send. To make entering the address easier,
many wallets can obtain it by scanning a QR code or by bringing two NFC-enabled
phones together.
What are the advantages of Bitcoin?

5. Payment Freedom - With Bitcoin, you can instantly send and receive any amount of
money to and from anywhere in the world, at any time. No banks with schedules.
Without Borders. No imposed limits. Bitcoin users always have complete control over
their money.
Very low fees - Bitcoin payments are currently processed with low or no fees. Users
can include a fee in their transactions to receive priority processing, resulting in faster
confirmation of transactions by the network. In addition, merchant processors are
there to assist merchants with transaction processes, converting bitcoins to fiat
currency and depositing funds directly into the merchant's bank account on a daily
basis. As these services are based on Bitcoin, they are offered at much lower charges
than those offered by PayPal or credit card networks.
Lower risks for merchants - Bitcoin transactions are secure, irreversible, and do not
contain personal and private customer data. This protects merchants against losses due
to fraud or fraudulent chargeback, and PCI compliance is not required. Also,
merchants may operate in new markets where credit cards are not available or fraud
levels are too high. This leads to better commissions, larger markets and less
administrative costs.
Security and control - Bitcoin users have complete control over their transactions; It
is impossible for merchants to force unwanted or detected charges, as can happen with
other payment methods. Bitcoin payments can be made without being associated with
personal information. This offers a high level of protection against identity theft.
Bitcoin users can also protect their money with backup and encryption.
Neutral and transparent - All information about the Bitcoin supply is available on
the blockchain for anyone who wants to verify and use it. No individual or
organization can control or manipulate the Bitcoin protocol because it is
cryptographically secure. Bitcoin can be trusted to be completely neutral, transparent,
and trustworthy.
What are the disadvantages of Bitcoin?
Degree of acceptance - Many people do not know about Bitcoin yet. Every day, more
businesses accept Bitcoin to take advantage of its advantages, but the list is still small
and needs to grow so that they can benefit from its network effect .
Volatility - The total value of bitcoins in circulation and the number of businesses
using Bitcoin are very small compared to what it could be. Therefore, relatively small
events, exchanges or business activities significantly affect the price. In theory, this
volatility will decrease as the market and Bitcoin technology mature. A nascent
currency has never been seen before, so it is very difficult (and exciting) to imagine
what will happen.

6. Ongoing Development - The Bitcoin software is still in beta with many incomplete
features in development. New tools, features and services are being developed to
make Bitcoin more secure and accessible to the masses. Many are not yet ready for the
public. Most Bitcoin businesses are new and do not offer security. In general, Bitcoin
is still in the process of maturing.
Why do people trust Bitcoin?
Much of the trust in Bitcoin comes from the fact that it does not require trust. Bitcoin
is completely open source and decentralized. This means that anyone has access to the
full code at any time. Any developer in the world can verify how it works. All
transactions and bitcoins created during its existence can be clearly viewed in real
time by anyone. All payments can be made without relying on third parties and the
entire system is protected by user-reviewed cryptographic algorithms, similar to what
is used in electronic banking. No organization or individual can control Bitcoin and
the network remains secure even if not all of its users can be trusted.
Can I make money with Bitcoin?
You should never expect to get rich from Bitcoin or any emerging technology. It is
always important to be on the lookout for anything that sounds too good to be true or
disobeys the basic rules of economics.
Security
Is Bitcoin safe?
Bitcoin technology - the protocol and the cryptography - has a strong security record
and the Bitcoin network is probably the largest distributed computing project in the
world. The most common vulnerability is user error. Bitcoin wallet files that store the
necessary private keys can be accidentally deleted, lost or stolen. This is very similar
to physical money stored digitally. Fortunately, users can employ prudent security
practices to protect their money or use service providers that offer good levels of
security and guarantee against theft or loss.
Transactions
Why do I have to wait 10 minutes?
Receiving a payment is almost instant with Bitcoin. However, there is an average 10
minute delay before the network starts confirming that transaction by including it in a
block and before the received bitcoins can be spent. A confirmation means that there
is a consensus in the network that the received bitcoins have not been sent to someone

7. else and are now your property. Once your transaction has been included in a block, it
will be "buried" with more confirmations by the following blocks that are added to the
chain, which will consolidate this consensus and reduce the risk of revoking the
transaction. Each user is free to determine at what point a transaction can be
considered as confirmed,
How much will the commission cost for a transaction?
Most transactions can be executed without fees, but users are encouraged to pay a
small voluntary fee for faster confirmations and to remunerate miners. When fees are
required, they are generally no more than a few cents. Your Bitcoin client will
normally try to estimate a suitable commission whenever it is required.
Fees are used as protection against users trying to send a large number of transactions
with the intention of overloading the network. The exact way commissions work is
still developing and will evolve over time. As the amount of the commission is not
related to the amount of bitcoins that are sent, it can be extremely low (0.0005 BTC
for a transfer of 1000 BTC) or unfairly high (0.004 BTC for a payment of 0.02 BTC).
The commission is calculated in relation to properties such as the amount of data in
the transaction and its recurrence. For example, if you are receiving a large number of
small amounts, the shipping fees will be higher. These types of payments can be
compared to paying in a restaurant using only cents. Spending small fractions of your
bitcoins quickly will also require a fee. If your activities follow the usual pattern of
normal transactions, the commissions should be very low.
What happens if I receive a bitcoin when my computer is turned off?
Works correctly. The bitcoins will appear the next time you open your wallet. The
bitcoins are not actually received by this software, but are added to a public ledger
shared with all devices on the network. If you sent bitcoins when your wallet program
was off and you open it later, it will download the blocks and catch up on any
transactions it didn't know about, and the bitcoins will appear as if they were received
at that time. Your wallet is only useful when you want to spend your bitcoins.
What does "syncing" mean and why is it taking so long?
The long sync time is only required with full node clients like Bitcoin Core.
Technically speaking, syncing is the process of downloading and verifying all
previous transactions on the Bitcoin network. For some Bitcoin clients they need to be
aware of previous transactions to calculate the spendable balance of your Bitcoin
wallet and make new transactions. This step is resource intensive and needs enough
connection and storage to accommodate the full size of the blockchain. For Bitcoin to

8. remain secure, enough people must continue to use full node clients because they
perform the task of validating and relaying transactions.
Mining
What is bitcoin mining?
Bitcoin mining is the process of investing computing power to process transactions,
ensure network security, and ensure that all participants are in sync. It could be
described as the data center of Bitcoin, except that it has been designed to be
completely decentralized with miners operating in all countries and with no one
having absolute control over the network. This process is called "mining", as an
analogy to gold mining, as it is also a temporary mechanism used to issue new
bitcoins. However, unlike gold mining, Bitcoin mining offers a reward in exchange for
useful services that are necessary for the payment network to function securely.
How does bitcoin mining work?
Anyone can become a Bitcoin miner using specialized software and hardware. The
mining software listens for transactions that are announced through a peer-to-peer
network and performs the appropriate tasks to process and confirm those transactions.
Bitcoin miners do this work because they can get fees paid by users who want their
transactions to be processed faster, as well as bitcoins created based on a fixed
formula.
For new transactions to be confirmed, they need to be included in a block with a
mathematical proof of work. Such tests are very difficult to calculate since the only
way to pass them is by trying to do billions of calculations per second. Miners must do
these calculations before their blocks are accepted by the network and before they are
rewarded. As more people start mining, the difficulty of finding valid blocks is
automatically increased by the network to ensure that the average time to find a block
is always 10 minutes. As a result, mining is a very competitive task where no single
miner can control what is included in the blockchain.
How does mining benefit the security of Bitcoin?
Mining creates the equivalent of a competitive lottery that makes it very difficult for
anyone to add consecutive new blocks to the blockchain. This protects net neutrality
by preventing any individual from gaining the power to block certain transactions.
This also prevents any individual from replacing parts of the blockchain to reverse
their own spending, which could be used to defraud other users. Mining makes
reversing a transaction exponentially more difficult by requiring all blocks following
that transaction to be overwritten.