WHAT IS BITCOIN?

BITCOIN IS A PAYMENT SYSTEM INTRODUCED AS OPEN-SOURCE SOFTWARE IN 2009 BY DEVELOPER SATOSHI NAKAMOTO. THE PAYMENTS IN THE SYSTEM ARE RECORDED IN A PUBLIC LEDGER USING ITS OWN UNIT OF ACCOUNT, WHICH IS ALSO CALLED BITCOIN. PAYMENTS WORK PEER-TO-PEER WITHOUT A CENTRAL REPOSITORY OR SINGLE ADMINISTRATOR, WHICH HAS LED THE US TREASURY TO CALL BITCOIN A DECENTRALIZED VIRTUAL CURRENCY. ALTHOUGH ITS STATUS AS A CURRENCY IS DISPUTED, MEDIA REPORTS OFTEN REFER TO BITCOIN AS A CRYPTOCURRENCY OR DIGITAL CURRENCY.

SO THAT BITCOIN IS USED?

BITCOIN AS A FORM OF PAYMENT FOR PRODUCTS AND SERVICES HAS SEEN GROWTH,AND MERCHANTS HAVE AN INCENTIVE TO ACCEPT THE DIGITAL CURRENCY BECAUSE FEES ARE LOWER THAN THE 2-3% TYPICALLY IMPOSED BY CREDIT CARD PROCESSORS. THE EUROPEAN BANKING AUTHORITY HAS WARNED THAT BITCOIN LACKS CONSUMER PROTECTIONS. UNLIKE CREDIT CARDS, ANY FEES ARE PAID BY THE PURCHASER NOT THE VENDOR. BITCOINS CAN BE STOLEN AND CHARGEBACKS ARE IMPOSSIBLE. COMMERCIAL USE OF BITCOIN IS CURRENTLY SMALL COMPARED TO ITS USE BY SPECULATORS, WHICH HAS FUELED PRICE VOLATILITY.

What is faucet?

Bitcoin faucets are a reward system, in the form of a website or app, that dispenses rewards in the form of a satoshi, which is a hundredth of a millionth BTC, for visitors to claim in exchange for completing a captcha or task as described by the website.

There are also faucets that dispense alternative cryptocurrencies. It is typical for faucets to have a referral system, where existing users referring new ones are rewarded with a pro rata portion of new users' earnings from the faucet.

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Bitcoin faucets are a reward system, in the form of a website or app, that dispenses rewards in the form of a satoshi, which is a hundredth of a millionth BTC, for visitors to claim in exchange for completing a captcha or task as described by the website. There are also faucets that dispense alternative cryptocurrencies.

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Criptocoins, Digital currency, virtual currency, virtual money, online money. With these names we refer to a new concept of money or value exchange system. Digital money is exchanged only electronically.

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Who created Bitcoin?

The first Bitcoin specification and proof of concept was published in 2009 by an unknown individual under the pseudonym Satoshi Nakamoto who revealed little about himself and left the project in late 2010. The Bitcoin community has since grown exponentially. Satoshi's anonymity often raises unjustified concerns because of a misunderstanding of Bitcoin's open-source nature.

Everyone has access to all of the source code all of the time and any developer can review or modify the software code. As such, the identity of Bitcoin's inventor is probably as relevant today as the identity of the person who invented paper.