In the first article we were talking about What is bitcoin and Blockchain technology
Bitcoin value is given only by the confidence of users and also based on supply and demand in the markets. At the time of its creation had Bitcoin value of almost zero. In November 2013, 1 BTC traded for an amount exceeding 1000 USD.
This first technological project was so impressive that about him were also interested investors, for purely speculative reasons. However, its value also grows with the confidence of tho se who use Bitcoin for payment and transactions on the Internet.
Thanks that, (skeptics) argue that it is only a bubble that will soon burst. Bitcoin is also often mistakenly equated to the plane. All this information, however, have similar resources and we can assume that this is a targeted disinformation campaign that has the propose to damage Bitcoin.
However, it is important to realize that neither the national currency (or international if the euro) are nothing more than virtual currencies, are also based on the trust of users. And their value is often artificially created / modified by interventions of governments or central banks.
Bitcoin value chart
|1 BTC =||1 Bitcoin|
|0.01 BTC =
||1 CBTC = 1 Bitcent (Centi–Bitcoin)|
|0.001 BTC =
||1 MBTC = 1 mbit / em-bit / millibit (Milli–Bitcoin)
|0.000001 BTC =
||1 μBTC = 1 u–bit / yu–bit / microbit (Micro–Bitcoin)
|0.00000001 BTC =
Bitcoin USD price
For processing the transactions is used distributed database peer-to-peer network . Transactions are cryptographically secured, so user can only use resources that he owns and that prevents re-use of already used Bitcoin.
Transactions are confirmed by mining. That carry the miners who use their devices searching for the block of data called a cryptographic nonce.
Each new block also refers to the previous block, which also confirms previous transactions. Each transaction is confirmed so many times, how many was created in total blocks (including the very first one).
This method also prevents fraud. Any attacker would have to change the entire payment history and would have to have more computing power than the rest of the computing power of the network.