Bavaria, Germany -- (SBWIRE) -- 10/17/2013 -- The introduction of the internet has changed how business, communications, publishing of information is done; the internet has been able to remove many boundaries and limitations and revolutionized how things were done. Bitcoin is another step in the evolution process that the internet has brought on, Bitcoin is a form of digital currency that works as a consensus network that enables a new payment system using all digital money. In 2008, Satoshi Nakamoto gave the Bitcoin specification and proof of the concept of Bitcoins and in 2009, the concept came in existence. The major unique differentiating feature of the concept of Bitcoins that sets it apart from all other forms on currency is that it is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.
Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the software, they can't force a change in the Bitcoin protocol because all users are free to choose what software and version they use; the only important factor is the maintenance of consensus among the users and developers which bounds them to follow the same underlying rules. The Bitcoin network shares a public ledger called the "block chain". This ledger contains every transaction ever processed, allowing a user's computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending Bitcoins from their own Bitcoin addresses, while for a regular Bitcoin user, Bitcoin is nothing more than a mobile app or computer program that provides a personal Bitcoin wallet and allows a user to send and receive Bitcoins with them, anyone can process transactions using the computing power of specialized hardware and earn a reward in Bitcoins for this service. This is often called "mining".
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