Bitcoins: Digital gold

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Hey guys, today I want to teach you many interesting things about cryptocurrencies, specially Bitcoin.

Do you know what a dolar, a pound or a euro is? It's just a piece of paper or metal where is written a amount. All right, now I'm sure that you have wondered about why we give that importance to that simple thing.


Bitcoin's value isn't fixed because the amount of coins that can exist is limited. Now a days, the limit is at 21 000 000 Bitcoins. Now, when I'm writing this post the price of a bitcoin is about 7000€ and it will probably rise in the future.
How Bitcoins works? That's a complex process because a bitcoin is created by an algorithm. It's a mathematic formula. And when more bitcoins are generated, the next bitcoins are a bit harder to calculate. So, when more bitcoins are generated, the remainings are harder and more expensive to earn.

When someone does a transaction, the data is registered on a global server. This system is called Blockchain. Is very important to keep all saved because if It's not, the data could be manipulated. This type of organisation is based on a network Peer-to-Peer (P2P).
This networks are very popular to download files. It consist on maintain all the data saved on many servers called seeds or leechers. A seed shares his file to other seed. The file is complete, but a leecher hasn't got the full file, it only has a part. So, if a file has 0 seeds, doesnt matter the amount of leecheers that exist, nobody has the full file. 

This system is vital to many programs such as uTorrent. The file is saved in many servers and then it's shared to the user who wants to download it.

Finally, I want to give a important advice. There are faucet webs that are fake. So when you are going to withdraw your earned bitcoins or whaterver coin, you won't receive the payment. This type of pages are called scam. You can avoid this pages by searching opinions of people that use that web.

See you soon!
James.

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