About BTCLife Project

In general, about the project

The BTCLife project was created to popularize bitcoins, to familiarize as many citizens of different countries with bitcoin information as possible and to attract them to the practical use of bitcoins in their daily lives.

The Bitcoin cryptocurrency has a number of very useful properties and advantages, unlike ordinary national currencies, even those that have the status of reserve world currencies. At the same time, each participant of the BTCLife project takes part in helping sick children in dire need of medical care. Learn more at the Help Children section of the website.

Unfortunately, modern technologies are developing faster than state and interstate institutions: both political, social, and economic. It is blockchain technologies that allow us to effectively overcome the imperfection of the state bureaucracy and international relations in the financial sphere.

Consider that all the money in your bank account is a liability, in other words, the bank owes you. Users are accustomed to trusting financial institutions and do not really think about it, because they can receive cash at an ATM at any time. However, in fact, because the balance of your account on the screen essentially shows the amount of debt, if the “debtor” organization has problems, you are very likely to lose your funds. For this reason, there is no deposit insurance system, but:

  • Firstly: each system has a coverage limit
  • Secondly: the financial stability of such systems is not infinite

In addition, any bank has withdrawal limits. For example, it may be difficult to instantly receive a large amount at a bank branch, significant amounts usually need to be ordered in advance.

At the moment when you cannot get your money from the bank when you want, it comes to understanding that the money in your account is not your money, but the bank’s debt to you. That, as it were, two big differences. A completely different situation is with bitcoin. You own it 100% and you can spend your money at any time and in any amounts.

Bitcoin does not depend on the state of the financial system, and even if all the banks in the world go bankrupt massively, your money will still be available if the Internet is still functioning across the globe.

Bitcoin is a modern product and a convenient financial instrument of the latest global world order!

About cryptocurrency

What is bitcoin?

The concept of electronic currency was first introduced in 1983 by David Chaum. In 1990 he founded the DigiCash company, which was to bring his ideas to life. Those years electronic money were not widely used, the company went bankrupt in 1998. For the next ten years the idea of cryptocurrencies remained in the background. But in 2008, someone, under the pseudonym Satoshi Nakamoto, published a file with a description of the protocol and the principle of the payment system. In 2009 the Bitcoin network began to operate.

Bitcoin is a new decentralized medium of exchange, a digital currency that is created and stored electronically in the Blockchain. It uses encryption methods to control the creation of monetary units and confirm the transfer of funds.

What is blockchain?

Blockchain technology is a mechanism that provides the highest degree of accounting and identification. Information stored in the blockchain exists as a common, constantly verified database. There is no centralized version of this information, copies are simultaneously stored on millions of computers, and its data is available to everyone on the Internet.

What is bitcoin emission?

Anyone can issue bitcoins. Everyone can start raising or, as they say, mining bitcoins. Bitcoin mining occurs through the use of computing power in a distributed network, only in a digital form. Bitcoin transactions are processed by the same network, so the Bitcoin network is an independent digital payment system.

There is a limitation in the code of bitcoin, only 21 million bitcoins can be “mined”.

Unlike our usual currency, bitcoin is divided into smaller parts, 1 satoshi is 0.00000001 btc.

What is provided with bitcoin?

Bitcoin is not provided with anything, it is pure mathematics.

Decentralization and ease of use of bitcoin

The network is distributed to all participants, the central network control body does not exist, no authority has the ability to dictate rules to the owners of bitcoins. And even if some part of the network goes offline, the payment system will continue to work stably.

It will take 5 minutes to create a Bitcoin wallet and immediately start using it.

Bitcoin anonymity and transparency

Bitcoin is completely anonymous and at the same time completely transparent. You can create an infinite number of bitcoin addresses without reference to a name, address, or any other personal information. However, one must understand that anonymity in the modern world, including information technology and digital world, is relative.

Bitcoin stores the entire history of transactions that have ever taken place. This is called a sequential blockchain. The blockchain knows everything. Therefore, if you have a publicly used bitcoin address, then anyone can see how many bitcoins you have on your account. If you have not reported that this is your address, then no one will ever know that it belongs to you.

What is the transfer speed and commission?

Transfer, sending bitcoins anywhere and to anyone, is carried out in a matter of minutes after the bitcoin network processes the payment. The transfer fee is negligible.

Bitcoin irrevocable transactions

It is impossible to return bitcoins after sending them to the recipient!