Bitcoin

Innovative payment network and a new kind of money

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Web http://bitcoin.org/en/
Maturity

Mature

About the project Edit

should however take note that some effort can be required to protect your privacy Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could n.ot be covered by any previous payment system.

Bitcoin is mined electronically with an ever depleting total stock - much like non-renewable natural resources.

Mobile payments made easy

Bitcoin on mobiles allows you to pay with a simple two step scan-and-pay. No need to sign up, swipe your card, type a PIN, or sign anything. All you need to receive Bitcoin payments is to display the QR code in your Bitcoin wallet app and let your friend scan your mobile, or touch the two phones together (using NFC radio technology).

Security and control over your money

Bitcoin transactions are secured by military grade cryptography. Nobody can charge you money or make a payment on your behalf. So long as you take the required steps to protect your wallet, Bitcoin can give you control over your money and a strong level of protection against many types of fraud.

Works everywhere, anytime

Just like with email, you don't need to ask your family to use the same software or the same service providers. Just let them stick to their own favorites. No problem there; they are all compatible as they use the same open technology. The Bitcoin network never sleeps, even on holidays!

Fast international payments

Bitcoins can be transferred from Africa to Canada in 10 minutes. There is no bank to slow down the process, level outrageous fees, or freeze the transfer. You can pay your neighbors the same way as you can pay a member of your family in another country.

Zero or low fees

Bitcoin allows you to send and receive payments at very low cost. Except for special cases like very small payments, there is no enforced fee. It is however recommended to pay a higher voluntary fee for faster confirmation of your transaction and to remunerate the people who operate the Bitcoin network.

Protect your identity

With Bitcoin, there is no credit card number that some malicious actor can collect in order to impersonate you. In fact, it is even possible to send a payment without revealing your identity, almost just like with physical money. You

In what ways is this project unique and creative? Edit

Bitcoin offers an international alternative to location-based traditional currencies. It helps control against fraud, eliminates the need for a costly middleman, makes making donations easy, allows for micro payments to be made and more. Check out a full list of the innovations Bitcoin is creating at www.bitcoin.org/en/innovation

What is the social value of this project? Edit

Bitcoin is not bound to an institution or country. It is in a sense, international, and it is not subject to authorities like banks or governments that are typically associated with other currencies.

Despite being manufactured around complex technology, Bitcoin actually springs from a simple concept: that people all over the world, from any class or country, can exchange products, services and credits freely, instantly and easily – without the need for intermediary bodies like banks, merchant accounts or payment gateways. In a way it is a throwback to a purer form of trade, and it is for this reason that the potential and future of digital currencies has generated a lot of interest and investment. In today’s free, global and digital market, Bitcoin is standing up as a robust and recognised form of payment.

What is the potential of this project to expand and develop? Edit

Bitcoin is a global project but alternative currencies exist on local scales as well.

What was the triggering factor of this project? Edit

Bitcoin was started in 2009 though the circumstances surrounding its beginnings are a bit of a mystery

What is the business model of this project? Edit


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