WHAT IT IS?

Bitcoin is a virtual currency or an electronic medium of exchange used to acquire products and services
just like any other currency. A network that enables a new payment system and a fully digital currency.
It is the first decentralized peer-to-peer payment network powered by its users without a central
authority or intermediaries."

ORIGIN

On October 31, 2008 Satoshi Nakamoto sent a message entitled "Bitcoin P2P e-cash paper", to the
Metzger limited company describing "a new electronic cash system" called Bitcoin "that is fully peer-to-
peer and not based on trusted third parties" and on January 3, 2009 this peer-to-peer network works,
and this brought about the creation of the first bitcoins and the start of mining of this, being the first
block of bitcoins, mined by Satoshi Nakamoto himself.

CREATOR
Dorian siendo Satoshi Nakamoto is the pseudonym used by the person who created the Bitcoin protocol
and its reference software.

Funcionamiento

Para ello se requiere de programas que sirvan como clientes y permitan ejecutar

Nodos: para hacer y retransmitir transacciones al igual que minar y validar bloques y transacciones.

Y Carteras ligeras: verificar los pagos

OPERATION
The management of bitcoins requires programs and/or applications that serve as clients and allow
running Nodes, which participate in the network directly and can make and retransmit transactions as
well as mine and validate blocks and transactions. And Lightweight wallets, which allow transactions
without storing the entire blockchain, and use "simplified payment verification" to query the blockchain.

They are generally installed or run on computers or smartphones and usually recognize standards.

IMPORTANCE

Bitcoin solves the "double-spending problem" of electronic currencies (where digital assets can be easily
copied and reused) through an ingenious combination of cryptography and economic incentives. In
traditional currencies, this function is performed by banks, allowing them to control the entire banking
system. With Bitcoin, on the other hand, the integrity of transactions is maintained by a distributed,
open network; owned by no one and protected by advanced cryptography. And users can trade pseudo-
anonymously.

CAUSES
Due to the insecurity of many payment platforms and credit card identity theft, Bitcoin was created to
provide citizens with a means of payment that enables the execution of fast, low-cost value transfers
that cannot be controlled or manipulated by governments, central banks or financial institutions".
IMPACT
Bitcoin has changed the economy since it was presented as an alternative to the conventional system.
Although many distrust its seriousness, as they believe that being in a decentralized system, which is not
regulated by a public body, they can lend themselves to money laundering, to finance illicit activities or
to evade taxes.

However, according to experts, they have a greater impact on the economy because they reduce costs
and bureaucracy in asset transactions and facilitate access to capital through non-centralized channels.

ADVANTAGES

It is decentralized. Any person or entity can mine or trade bitcoins without government control.

It does not allow counterfeiting

It does not allow double transactions

It is digital

USES
1. Pay using bitcoins cryptocurrencies.

2. Get interest for the bitcoins you own: Something similar to the concept of bank deposit.

3. Obtain a loan using your bitcoins as collateral.

4. Hedge your financial exposure with derivatives in regulated markets.

5. Obtain investment returns through the purchase and sale of bitcoins, as it is an asset that
theoretically tends to increase in value in a scenario of constant demand.

If Bitcoin never existed....

We would not have the ability or ability to send and receive value, not just money, between
peers without interference from the government and the banking system.
We would still be paying taxes on all our transactions and subject to the country's inflation that
every year goes higher and higher. No transparency on the part of our economic system.
"Bitcoin enables a future where anyone can have private access to their money."