Bitcoin is a peer-to-peer payment system using the same unit for accounting transactions and the same data transfer protocol. To ensure the functioning and protection of the system, cryptographic methods are used. All inletting oor transaxles tossed stelsel adresse is beskikbaar in guideline vorm.
The minimum transmitted value (the smallest amount of fragmentation) — 10-8 bitokoina — was called «satoshi» in honor of the creator Satoshi Nakamoto, although he himself used in such cases the word «cent».
The electronic payment between the two parties takes place without intermediaries and is irreversible — there is no mechanism for canceling the confirmed transaction (including cases when the payment was sent to an incorrect or nonexistent address, or when the transaction was signed with a private key that became known to others). No one can block the funds (arrest), even temporarily, except for the owner of the private key (or the person to whom he became known). But the technology of multi-signature allows attracting a third party (arbitrator) and realizing «reversible transactions». With the help of a special scripting language, it is possible to implement other variants of smart contracts, but it is not available from the GUI and is not complete in Turing, unlike newer block systems (see Ethereal).
Bit-coins can be used to exchange for goods or services from sellers who agree to accept them. Exchange for ordinary currencies occurs through the online exchange of digital currencies, other payment systems, and exchange points or directly between interested parties.
Commission for the conduct of operations is appointed by the sender voluntarily, the size of the commission affects the priority in processing the transaction. Typically, the client program prompts the recommended amount of commission. Transactions without commission are possible and also processed, but are not recommended, since the processing time is unknown and can be quite large.
One of the main features of the system is full decentralization: there is no central administrator or any of its analogues. A necessary and sufficient element of this payment system is the basic client program (it has open source code). Running on multiple computers, client programs connect to each other in a peer-to-peer network, each node of which is equal and self-sufficient. It is impossible to manage the system publicly or privately, including changing the total number of betokens. The volume and time of release of new bit coins are known in advance, but they are distributed relatively randomly among those who use their equipment for calculations, the results of which are a mechanism for regulating and confirming the legitimacy of operations in the Bit coin system.