A peer-to-peer payment system that uses the unit of the same name to record transactions.
To ensure the functioning and protection of the system, cryptographic methods are used, but at the same time, all information about transactions between system addresses is available in clear text.
The minimum value transferred (the smallest amount of splitting) - 10 parts of bitcoin - was called "satoshi" in honor of the creator Satoshi Nakamoto, although he himself used the word "cent" in such cases
An electronic payment between two parties occurs without intermediaries and is irreversible - there is no mechanism to cancel a confirmed transaction (including cases where the payment was sent to an erroneous or non-existent address, or when the transaction was signed with a private key that became known to others).
No one can block (arrest) the funds, even temporarily, except for the owner of the private key (or the person to whom it has become known). But the envisaged multi-signature technology allows you to involve a third party (arbiter) and implement "reversible transactions".
Bitcoins can be used to exchange goods or services with merchants who are willing to accept them. Exchange for conventional currencies occurs through an online digital currency exchange service, other payment systems, exchange offices or directly between interested parties.
The commission for conducting transactions is assigned by the sender voluntarily, the size of the commission affects the priority in processing the transaction. Usually, the client program suggests the recommended commission amount. Fee-free transactions are possible and also processed, but not recommended as their processing time is unknown and can be quite long.
One of the main features of the system is complete decentralization: there is no central administrator or any equivalent.
A necessary and sufficient element of this payment system is the basic client program (it has an open source code). Client programs running on multiple computers are connected to each other in a peer-to-peer network, each node of which is equal and self-sufficient. It is impossible for public or private management of the system, including changing the total number of bitcoins.
