Bitcoin's high cryptographic security allows it to process transactions in a very efficient and inexpensive way. You can make and receive payments using the Bitcoin network with zero fees in most cases. You can pay a very small voluntary fee if you want to increase a transaction's priority.
Protection against payment and chargeback fraud
-Any business that accepts credit card or PayPal payments knows the problem of payments that are later reversed because the sender's account was hacked or they fraudulently claim non-delivery. The only way businesses can defend themselves against this kind of fraud is with complex risk analysis and increased prices to cover the losses. Bitcoin payments are irreversible and wallets can be kept highly secure, meaning that the cost of theft is no longer pushed onto the shoulders of merchants.
+Any business that accepts credit card or PayPal payments knows the problem of payments that are later reversed because the sender's account was hacked or they fraudulently claimed non-delivery. The only way businesses can defend themselves against this kind of fraud is with complex risk analysis and increased prices to cover the losses. Bitcoin payments are irreversible and wallets can be kept highly secure, meaning that the cost of theft is no longer pushed onto the shoulders of the merchants.
Fast international payments
-Bitcoins can be transferred from Africa to Canada in 10 minutes. In fact, bitcoins never have any real physical location. So it is possible to transfer as many of them anywhere with no limits, delays or excessive fees. There are no intermediate banks to make you wait three business days.
+Bitcoins can be transferred from Africa to Canada in 10 minutes. In fact, bitcoins never have any real physical location, so it is possible to transfer as many of them anywhere with no limits, delays, or excessive fees. There are no intermediate banks to make you wait three business days.
No PCI compliance required
Accepting credit cards online typically requires extensive security checks in order to comply with the PCI standard. While it is a good thing to protect credit cards, Bitcoin security is built in such a way that makes this approach obsolete. Your payments are secured by the network, not at your expense.
Instant transactions for points-of-sale
-A Bitcoin transaction is usually deployed within a few seconds and confirmed within 10 minutes. Before that, the transaction can be considered authentic but reversible. If you really require instant transactions, it is recommended to ask for a small transaction fee and use a double-spend detection system.
+A Bitcoin transaction is usually deployed within a few seconds and confirmed within 10 minutes. Before that, the transaction can be considered authentic but reversible. If you really require instant transactions, it is recommended that you ask for a small transaction fee and use a double-spend detection system.
Get some free visibility
-Bitcoin is an emerging market of new customers who are searching ways to spend their coins. Accepting them is a good way to get new customers and give your business some new visibility. Accepting a new payment method has always shown to be a clever practice for online businesses.
+Bitcoin is an emerging market of new customers who are searching for ways to spend their coins. Accepting them is a good way to get new customers and give your business some new visibility. Accepting a new payment method has always shown to be a clever practice for online businesses.
Multi-signature
-Bitcoin also includes a feature that is not yet well known, allowing coins to be spent only if a subset of a group of people sign the transaction (so-called "n of m" transactions). This is the equivalent of the good old multi-signature cheque system that you might still use with banks today.
+Bitcoin also includes a feature, not yet well known, which allows coins to be spent only if a subset of a group of people sign the transaction (so-called "n of m" transactions). This is the equivalent of the good old multi-signature cheque system that you might still use with banks today.
Accounting transparency
-Many organizations are required to produce accounting documents about their activity and to adopt good transparency practices. Using Bitcoin offers the highest level of transparency since your balance and your transactions are public for your members if you keep them aware of your Bitcoin addresses.
+Many organizations are required to produce accounting documents about their activity and to adopt good transparency practices. Using Bitcoin offers the highest level of transparency since your balance and your transactions are public for your members so long as you keep them aware of your Bitcoin addresses.
diff --git a/en/bitcoin-for-developers.html b/en/bitcoin-for-developers.html old mode 100644 new mode 100755 index 0a15ddf6..1357f542 --- a/en/bitcoin-for-developers.html +++ b/en/bitcoin-for-developers.html @@ -4,7 +4,7 @@ id: bitcoin-for-developers title: Bitcoin for Developers - Bitcoin ---Bitcoin for Developers
-Bitcoin can be used to build amazing things, or just answer common needs.
+Bitcoin can be used to build amazing things or just answer common needs.
The simplest of all payment systems
Unless payment needs to be associated with automatic invoices, accepting money is as simple as adding a Bitcoin address to a website as a bitcoin: link or QR code. This very simple setup is within reach of any user and can fulfill the needs of a good range of clients. It's especially suitable for donations.
@@ -13,16 +13,16 @@ title: Bitcoin for Developers - BitcoinThere are many third party payment processing services that provide APIs; you don't need to store bitcoins on your server and handle the security that this implies. At the same time, most of these APIs allow you to exchange your bitcoins into your local currency at competitive costs.
You can be your own financial system
-If you don't use any third party APIs, you can integrate a Bitcoin server directly in your applications, allowing you to become your own bank and payment processor. With all responsibilities that this implies, you can build amazing systems that process Bitcoin transactions with almost no fees.
+If you don't use any third party APIs, you can integrate a Bitcoin server directly in your applications, allowing you to become your own bank and payment processor. With all the responsibilities that this implies, you can build amazing systems that process Bitcoin transactions with almost no fees.
Bitcoin addresses to track invoices
Bitcoin can create as many Bitcoin addresses as you want. So if you were to build a payment system associated with an invoice, you simply need to generate and monitor a Bitcoin address for each payment. You can also use the same addresses once the payment is done.
Most of the security is on client side
-Most parts of security are handled by the protocol on the client and Bitcoin network side. Authenticity is verified through private keys and double-spends are prevented through the Bitcoin network. That means, no PCI compliance or fraud detection. We love things that just work, don't we?
+Most parts of the security are handled by the protocol on the client and Bitcoin network side. Authenticity is verified through private keys, and double-spends are prevented through the Bitcoin network. That means no PCI compliance nor fraud detection. We love things that just work, don't we?
Instant transactions and confirmations
-A Bitcoin transaction is usually received within a few seconds and confirmed within 10 minutes. Before that, the transaction can be considered authentic but reversible. If you really require instant transaction, it is recommended to ask for a small transaction fee and use a double-spend detection system.
+A Bitcoin transaction is usually received within a few seconds and confirmed within 10 minutes. Before that, the transaction can be considered authentic but reversible. If you really require instant transactions, it is recommended that you ask for a small transaction fee and use a double-spend detection system.
Cheap micro payments
-Bitcoin offers the lowest payment processing fees for any type of transaction, including micro-payments. Which means that it can also be used to design and implement new creative online services that could not exist before only because of financial limitations.
+Bitcoin offers the lowest payment processing fees for any type of transaction, including micro-payments. This means that it can also be used to design and implement new creative online services that could not exist before only because of financial limitations.
diff --git a/en/bitcoin-for-enthusiasts.html b/en/bitcoin-for-enthusiasts.html old mode 100644 new mode 100755 index 93ab4df6..6a19238c --- a/en/bitcoin-for-enthusiasts.html +++ b/en/bitcoin-for-enthusiasts.html @@ -7,19 +7,19 @@ title: Bitcoin for EnthusiastsBitcoin is changing the world of finance, by giving you control over your money.
Bitcoin is a worldwide consensus
-By its decentralized open-source nature, Bitcoin is the first payment network that is powered by its users with no central authority. Even Bitcoin developers have no power to force updates in the protocol if enough users, developers, or miners disagree. You have exclusive control over your Bitcoin wallet.
+Because of its decentralized, open-source nature, Bitcoin is the first payment network that is powered by its users with no central authority. Even Bitcoin developers have no power to force updates in the protocol if enough users, developers, or miners disagree. You have exclusive control over your wallet.
Digital money made for the Internet
-Bitcoin is born from the Internet, bringing the freedom of physical money to the virtual world while making payments easier and more secure in both worlds. Bitcoin can offer an alternative to previous cumbersome and costly systems, and it can increase online business access to developing countries.
+Bitcoin was born from the Internet, bringing the freedom of physical money to the virtual world while making payments easier and more secure in both worlds. Bitcoin can offer an alternative to previous cumbersome and costly systems, and it can increase online business access to developing countries.
Protecting individual rights and freedom
-Bitcoin allows people to securely store and exchange value on a network that cannot be seized, manipulated or stopped by any organization or individual. It gives many powerful tools to the people so that it is easier to protect individual rights against various levels of corruption.
+Bitcoin allows people to securely store and exchange value on a network that cannot be seized, manipulated, or stopped by any organization or individual. It gives many powerful tools to the people so that it is easier to protect individual rights against various levels of corruption.
-The first global neutral currency
-Not often in our history has money been disconnected from any political influence or national economy. Could Bitcoin be the first global currency to cross all barriers between nations, politics and cultures for the benefit of the common good? It certainly looks like it might happen. One for all and all for one!
+The first neutral global currency
+Not often in our history has money been disconnected from any political influence or national economy. Could Bitcoin be the first global currency to cross all barriers between nations, politics, and cultures for the benefit of the common good? It certainly looks like it might happen. One for all and all for one!
Promoting transparency
-All Bitcoin transactions are public, but the owner or recipients of these transactions are not. Organizations can choose to reveal their ownership of some Bitcoin addresses to their members, allowing them to implement high levels of transparency.
+All Bitcoin transactions are public, but the owners or recipients of these transactions are not. Organizations can choose to reveal their ownership of some Bitcoin addresses to their members, allowing them to implement high levels of transparency.
Making money more secure
Thanks to a clever use of strict cryptographic rules, Bitcoin provides an amazing list of security features. Not only are bitcoins impossible to counterfeit or spoof, but the protocol is also built to be very resistant against an impressive list of attacks, including distributed denial of service.
diff --git a/en/bitcoin-for-individuals.html b/en/bitcoin-for-individuals.html old mode 100644 new mode 100755 index 3091bf9a..acda101e --- a/en/bitcoin-for-individuals.html +++ b/en/bitcoin-for-individuals.html @@ -7,19 +7,19 @@ title: Bitcoin for Individuals - BitcoinBitcoin is the simplest way to exchange money at very low cost.
Mobile payments made easy
-Bitcoin on mobiles allows you to pay with a simple two step scan-and-pay. No need to swipe your card, type a PIN or sign anything. And all you need to receive Bitcoin payments is to display the QR code in your Bitcoin wallet app and let your friend scan your mobile, or touch the two phones together (using NFC radio technology).
+Bitcoin on mobiles allows you to pay with a simple two step scan-and-pay. No need to swipe your card, type a PIN, or sign anything. And all you need to do to receive Bitcoin payments is to display the QR code in your Bitcoin wallet app and let your friend scan your mobile, or touch the two phones together (using NFC radio technology).
Fast international payments
-Bitcoins can be transferred from Africa to Canada in 10 minutes. There is no bank to slow down the process, level outrageous fees or freeze the transfer. You can pay your neighbors the same way as you can pay a member of your family in another country.
+Bitcoins can be transferred from Africa to Canada in 10 minutes. There is no bank to slow down the process, level outrageous fees, or freeze the transfer. You can pay your neighbors the same way as you can pay a member of your family in another country.
Works everywhere, anytime
-Just like with email, you don't need to force your family to use the same software or the same service providers. Just let them stick to their own favorites. No problem there, they are all compatible as they use the same open technology. The Bitcoin network never sleeps, even on holidays!
+Just like with email, you don't need to force your family to use the same software or the same service providers. Just let them stick to their own favorites. No problem there; they are all compatible as they use the same open technology. The Bitcoin network never sleeps, even on holidays!
Secure transactions
-Bitcoin transactions are secured by military grade cryptography. Nobody can make a payment on your behalf or charge you money without having a copy of your wallet. So as long as you take required steps to protect your wallet, Bitcoin provides a nice level of protection against many types of fraud.
+Bitcoin transactions are secured by military grade cryptography. Nobody can make a payment on your behalf or charge you money without having a copy of your wallet. So as long as you take the required steps to protect your wallet, Bitcoin provides a nice level of protection against many types of fraud.
Almost free to use
-Bitcoin allows to send and receive payments for free. Except for special cases like very tiny micro-payments, there is no enforced fee. You can however choose to pay a small voluntary fee to increase your transaction priority and to remunerate people who operate the Bitcoin network.
+Bitcoin allows you to send and receive payments for free. Except for special cases like very tiny micro-payments, there is no enforced fee. You can, however, choose to pay a small voluntary fee to increase your transaction priority and to remunerate the people who operate the Bitcoin network.
Pseudo-anonymous online payments
-Anonymous payments are a part of our everyday lives as most of real life purchases are done without the requirement to provide a proper identification. Bitcoin now introduces the same freedom to the online world. It allows you to buy services or make donations without the hassle of being passed under x-ray. However, you should note that full anonymity requires special efforts.
+Anonymous payments are a part of our everyday lives - most real life purchases are done without the requirement to provide proper identification. Bitcoin now introduces the same freedom to the online world. It allows you to buy services or make donations without the hassle of being passed under x-ray. However, you should note that full anonymity requires special efforts.
diff --git a/en/bitcoin-for-press.html b/en/bitcoin-for-press.html old mode 100644 new mode 100755 index 20e8eb86..f31b23b9 --- a/en/bitcoin-for-press.html +++ b/en/bitcoin-for-press.html @@ -111,11 +111,11 @@ mode: wide -You can contact the press mailing list : 
You can contact the press mailing list:
Bitcoin has neither an official organization, individuals with authority nor spokespeople. Read more
+Bitcoin has no official organization, individuals with authority, nor spokespeople. Read more
-The Bitcoin project is open-source and likewise noone can speak with authority for Bitcoin. The Bitcoin community has individuals who hold a wide spectrum of business experience or involvement, political ideas, personal opinions, technical competency and style. This list of potential interviewees has been curated by Bitcoin community members with an intent to include individuals possessing a wide spectrum of experience, ideas and geography. Individuals listed have been involved in the Bitcoin community for a significant period with tangible contributions, demonstrated competence and professionalism when discussing Bitcoin, are flexible and willing to assist members of the press in both objective and persuasive ways and are generally respected by other members of the Bitcoin community. However, an individual's appearance here should not be misconstrued to be a general endorsement by either the Bitcoin community or any particular individuals with regards to potential interviewees and any business the may operate, political or personal ideas they may expound, prognostications about Bitcoin or the price or any other topic.
+The Bitcoin project is open-source and, likewise, no one can speak with authority for Bitcoin. The Bitcoin community contains individuals who hold a wide spectrum of business experience or involvement, political ideas, personal opinions, technical competency, and style. This list of potential interviewees has been curated by Bitcoin community members with the intent to include individuals possessing a wide spectrum of experience, ideas, and geography. The individuals listed have been involved in the Bitcoin community for a significant period making tangible contributions, have demonstrated competence and professionalism when discussing Bitcoin, are flexible and willing to assist members of the press in both objective and persuasive ways, and are generally respected by other members of the Bitcoin community. However, an individual's appearance here should not be misconstrued as a general endorsement, either by the Bitcoin community or any particular individuals with, regards to potential interviewees and any businesses they may operate, nor any political or personal ideas they may expound, including prognostications about Bitcoin or the price or any other topic.
@@ -126,7 +126,7 @@ mode: wideBitcoin is an Internet protocol and open-source software platform that enables a new completely digital and decentralized currency called bitcoins (BTC).
+Bitcoin is an Internet protocol and open-source software platform that enables a new, completely digital and decentralized currency called bitcoins (BTC).
Bitcoin is a triple entry bookkeeping system where a public ledger of every Bitcoin transaction is validated and distributed in real-time through the peer-to-peer Bitcoin network. The whole network is secured and regulated through cryptography. Anyone can process transactions using computer processing power, often with specialized hardware, and potentially earn a reward in bitcoins for this service which is often called 'bitcoin mining'.
+Bitcoin is a triple entry bookkeeping system where a public ledger of every Bitcoin transaction is validated and distributed in real-time through the peer-to-peer Bitcoin network. The whole network is secured and regulated through cryptography. Anyone can process transactions using computer processing power, often with specialized hardware, and potentially earn a reward in bitcoins for this service. This is often called "bitcoin mining".
Bitcoin miners perform a function that is analogous to gold mining, but very different. While gold miners deal with rocks, Bitcoin miners deal with data.
-Bitcoin mining is the mechanism that keeps everyone in the system synchronized together. To mine, computers that take part listen for transactions (ledger transfer announcements) broadcasted through the peer-to-peer network. The miners process and confirm these transactions by including them in a block and adding it to the block chain.
+Bitcoin mining is the mechanism that keeps everyone in the system synchronized together. To mine, computers that take part listen for transactions (ledger transfer announcements) broadcast through the peer-to-peer network. The miners process and confirm these transactions by including them in a block and adding the block to the block chain.
Bitcoin miners perform this labor because miners that solve a block earn (1) any transaction fees paid by customers for faster transaction processing and (2) newly created coins, issued into existence according to a fixed formula.
Bitcoin mining is a very competitive market. Bitcoin miners are neither able to increase their own block reward beyond the rules in the protocol nor process fraudulent transactions that could corrupt the Bitcoin network. Because anyone can become a Bitcoin miner and the Bitcoin network is the largest distributed computer network in the world, it is extremely improbable that a malicious Bitcoin miner could compromise the block chain. Thus, Bitcoin mining is used to protect the neutrality and the consensus of the network, even if not all Bitcoin miners can be trusted.
Bitcoin payments are easier to make than any existing banking or credit card process. Payments are made from a wallet application, either from your computer or smartphone by entering the recipients address either by scanning a QR code, touching two phones together with NFC technology or copying and pasting, entering the amount, and pressing send.
+Bitcoin payments are easier to make than any existing banking or credit card process. Payments are made from a wallet application, either on your computer or smartphone, by entering the recipient's address. This can be done by scanning a QR code, touching two phones together with NFC technology, or copying and pasting, entering the amount, and pressing send.
- Unrestrained payments - It is possible to send and receive any amount of money anywhere in the world at any time. No bank holidays. No borders. No imposed limits. -
- Low or zero fees - Bitcoin payments currently process with either no fees or extremely small fees. Users may include fees with transactions to receive priority processing which results in faster validating and authenticating of transactions by the network. Additionally, merchant processors exist to assist merchants in processing transactions, converting bitcoins to fiat currencies with daily direct deposits to bank accounts and provide these services for much lower fees and less risk than with Paypal or credit card networks. -
- Less fees and risks for merchants - Bitcoin transactions are secure, irreversible and do not contain customer’s sensitive or personal information. This protects merchants from losses caused by fraud or fraudulent chargebacks and there is no need for PCI compliance. This allows merchants to easily expand to new markets where either credit cards are not available or fraud rates are unacceptably high. The net results are lower fees, larger markets and less administrative costs. -
- More protection for consumers - Bitcoin payments are made without needing personal information tied to the transaction. This offers strong protections against identity theft. Users are in full control of their transactions therefore it is impossible for merchants to force unwanted or unnoticed charges which can happen with either ACH debits, debit cards, Paypal or credit cards. +
- Low or zero fees - Bitcoin payments are currently processed with either no fees or extremely small fees. Users may include fees with transactions to receive priority processing, which results in faster validating and authenticating of transactions by the network. Additionally, merchant processors exist to assist merchants in processing transactions, converting bitcoins to fiat currencies with daily direct deposits to bank accounts, and to provide these services for much lower fees and less risk than with PayPal or credit card networks. +
- Fewer fees and risks for merchants - Bitcoin transactions are secure, irreversible, and do not contain customers’ sensitive or personal information. This protects merchants from losses caused by fraud or fraudulent chargebacks and there is no need for PCI compliance. Consequently, merchants can easily expand to new markets where either credit cards are not available or fraud rates are unacceptably high. The net results are lower fees, larger markets, and fewer administrative costs. +
- More protection for consumers - Bitcoin payments are made without needing the personal information tied to the transaction. This offers strong protection against identity theft. Users are in full control of their transactions, therefore it is impossible for merchants to force unwanted or unnoticed charges - this can happen with ACH debits, debit cards, PayPal, and credit cards.
- Transparency - All information concerning the Bitcoin money supply is readily available on the block chain for anybody to see, verify, measure, and use in real-time. -
- Distributed - The Bitcoin ledger, commonly called the block chain, is distributed throughout the world and stored by Bitcoin miners. This adds a level of resiliency and redundancy that is unmatched in the payments space and a payment processing network. For example, the Federal Reserve does all their payment processing at 100 Orchard Street, East Rutherford, New Jersey and have back-up systems that can be brought online within 60-90 minutes at the Federal Reserve Banks of Richmond and Dallas. If those three centers were compromised or destroyed then the entire monetary system of the Federal Reserve would be greatly impaired and probably completely nonfunctional. +
- Distributed - The Bitcoin ledger, commonly called the block chain, is distributed throughout the world and stored by Bitcoin miners. This adds a level of resiliency and redundancy that is unmatched in the payments space and a payment processing network. For example, the Federal Reserve does all their payment processing at 100 Orchard Street, East Rutherford, New Jersey and it has back-up systems that can be brought online within 60-90 minutes at the Federal Reserve Banks of Richmond and Dallas. If those three centers were compromised or destroyed then the entire monetary system of the Federal Reserve would be greatly impaired and probably completely non-functional.
-
-
- Not widely accepted - Many people are still unaware of Bitcoin. Everyday more businesses accept bitcoins because they have advantages of doing so, but the list remains small and still needs to grow in order to gain improved usefulness through networking effects. -
- Volatile - The total value of bitcoins in circulation and the number of businesses using Bitcoin is still very small compared to what it can be. Therefore relatively small movements in the market can significantly affect the price. In theory, volatility will persist as the market scrambles to determine a bitcoin’s price as this nascent currency matures. Never before has the world seen a startup currency, so it is truly difficult (and exciting) to imagine how it will play out. -
- For geeks - Many user tools are still not ready for everyone and users still need to protect their money by themselves, or trust young online wallet services that still don’t offer any insurance against theft or other bad events. New tools and services are constantly being developed to make Bitcoin more accessible to the masses. But from now, Bitcoin is a bright new invention that starts to meet the real world. +
- Not widely accepted - Many people are still unaware of Bitcoin. Every day more businesses accept bitcoins because they want the advantages of doing so, but the list remains small and still needs to grow in order to gain improved usefulness through networking effects. +
- Volatile - The total value of bitcoins in circulation and the number of businesses using Bitcoin are still very small compared to what they could be. Therefore, relatively small movements in the market can significantly affect the price. In theory, this volatility will persist as the market scrambles to determine a bitcoin’s price and as this new currency matures. Never before has the world seen a start-up currency, so it is truly difficult (and exciting) to imagine how it will play out. +
- For geeks - Many of the user tools are still not ready for everyone and users still need to protect their money by themselves, or trust young online wallet services that still don’t offer any insurance against theft or other bad events. New tools and services are constantly being developed to make Bitcoin more accessible to the masses. From now, Bitcoin is a bright new invention that starts to meet the real world.
The Bitcoin technology - the protocol and the cryptography - has a strong security track record. Bitcoin’s vulnerability is in user error. Bitcoin wallet files that store the necessary private keys can be accidentally deleted, lost, stolen or compromised. Consequently, users need to employ security practices to protect their money or use service providers that offer good levels of security and insurance. As Bitcoin has grown in adoption, more service providers have appeared to make it easier, safer, and more convenient to use and safely secure bitcoins. Bitcoins are not covered by insurance schemes or depositor insurance like the FDIC, but could be with a service provider that offered that service.
+The Bitcoin technology - the protocol and the cryptography - has a strong security track record. Bitcoin’s vulnerability is in user error. Bitcoin wallet files that store the necessary private keys can be accidentally deleted, lost, stolen, or compromised. Consequently, users need to employ security practices to protect their money or use service providers that offer good levels of security and insurance. As more people have adopted Bitcoin, more service providers have appeared to make it easier, safer, and more convenient to use and safely secure bitcoins. Bitcoins are not covered by insurance schemes or depositor insurance like the FDIC, but users' wallets could be with a service provider that offers that provision.
Bitcoin is not a fiat currency with legal tender status in any jurisdiction. But often tax liability accrues regardless of the medium used. There is a wide variety of legislation in many different jurisdictions which could cause income, sales, payroll, capital gains or some other form of tax liability to arise with Bitcoin. Because all transactions are public record and stored permanently therefore it is a bad idea to attempt to use Bitcoin to evade taxes.
+Bitcoin is not a fiat currency with legal tender status in any jurisdiction, but often tax liability accrues regardless of the medium used. There is a wide variety of legislation in many different jurisdictions which could cause income, sales, payroll, capital gains, or some other form of tax liability to arise with Bitcoin. Because all transactions are public record and stored permanently, it is a bad idea to attempt to use Bitcoin to evade taxes.
Bitcoin is a censorship-resistant technology. This means transactions cannot be stopped. However, it is not anonymous and the use of Bitcoin leaves extensive and permanent public records.
+Bitcoin is a censorship-resistant technology. This means transactions cannot be stopped. However, it is not anonymous, and the use of Bitcoin leaves extensive and permanent public records.
The Federal Bureau of Investigation concluded on page two of the report Bitcoin Virtual Currency: Unique Features Present Distinct Challenges for Deterring Illicit Activity that ‘The FBI assesses with low confidence, based on current user and vendor acceptance, that malicious actors will exploit Bitcoin to launder money.’
-Bitcoin prevents many criminals from being able to engage in illegal behavior. Because of the way Bitcoin works customers do not need to reveal personal information to merchants. This decreases the amount of data available to illegal actors and acts as significant protection against identity theft, credit card fraud and several other attack vectors. Bitcoin transactions are irreversible which prevents chargebacks or frauds and transaction traceability means it is impossible to counterfeit bitcoins.
+Bitcoin prevents many criminals from being able to engage in illegal behavior. Because of the way Bitcoin works, customers do not need to reveal personal information to merchants. This decreases the amount of data available to illegal actors and acts as significant protection against identity theft, credit card fraud, and several other attack vectors. Bitcoin transactions are irreversible which prevents chargebacks or frauds, and transaction traceability means it is impossible to counterfeit bitcoins.
Additionally, law enforcement authorities have already begun using sophisticated techniques to analyze Bitcoin transactions in their criminal investigations. So it may be that the Bitcoin software is not very attractive for criminal enterprises.
BA fast rise in price does not constitute a bubble. An artificial over-valuation that will suddenly downward correct constitutes a bubble.
-Choices based on individual human action by hundreds of thousands of market participants is the cause for bitcoin's price to fluctuate as the market seeks price discovery. Some reasons for this change in sentiment may be a loss of confidence in the currency, a large difference between value and price not based on the fundamentals of the Bitcoin economy, excessive press coverage stimulating speculative demand, fear of uncertainty and just old-fashioned irrational exuberance and greed.
+A fast rise in price does not constitute a bubble. An artificial over-valuation that will suddenly downward correct constitutes a bubble.
+Choices based on individual human action by hundreds of thousands of market participants is the cause for Bitcoin's price to fluctuate as the market seeks price discovery. Some reasons for this change in sentiment may be a loss of confidence in the currency, a large difference between value and price not based on the fundamentals of the Bitcoin economy, excessive press coverage stimulating speculative demand, fear of uncertainty, and just old-fashioned irrational exuberance and greed.
Choices based on individual human action by hundreds of thousands of market participants is the cause for bitcoin's price crash in June 2011. Some reasons for this change in sentiment may be a loss of confidence in the currency, the largest exchange, MtGox, having a security incident, a large difference between value and price from the large amount of press coverage which stimulated speculative demand which was not based on fundamentals of the Bitcoin economy and just old fashioned irrational exuberance and greed.
+Choices based on individual human action by hundreds of thousands of market participants was the cause for Bitcoin's price crash in June 2011. Some reasons for this change in sentiment may be a loss of confidence in the currency, the largest exchange, MtGox, having a security incident, a large difference between value and price from the large amount of press coverage which stimulated speculative demand not based on the fundamentals of the Bitcoin economy, and just old fashioned irrational exuberance and greed.
The price of bitcoins is determined by supply and demand and the supply is fixed at 21 million because of the rules of the Bitcoin protocol. There are two main types of demand: speculative and transactional. As more people use bitcoins to transact economic activities this increases demand and the price of bitcoins. So likewise as more people speculate on the future of Bitcoin by saving or hoarding bitcoins then this increases demand for bitcoins and the price. The result is an increase of network effects and increased adoption.
+The price of bitcoins is determined by supply and demand. The supply is fixed at 21 million because of the rules of the Bitcoin protocol. There are two main types of demand: speculative and transactional. As more people use bitcoins for transactions, demand will increase and so will the price of bitcoins. Likewise, as more people speculate on the future of Bitcoin by saving or hoarding bitcoins, this increases the demand for bitcoins and the price. The result is an increase of network effects and increased adoption.
A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors instead of from profit earned by the individual or organization running the operation.
-Bitcoin is an open source software project with no central authority and consequently no one is in a position to make fraudulent representations about investment returns. Like other major currencies like gold, United States dollars, Euros, Yen, etc. there is no guaranteed purchasing power and the exchange rate freely floats which can lead to volatility where owners of bitcoins can make or lose value.
-Bitcoin is an innovative currency and payment system and not a Ponzi Scheme. However, since Bitcoin transactions are irreversible it can be attractive for a Ponzi scam operator and there have been several notable Ponzi scams which have failed and did use Bitcoin.
+A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money, or the money paid by subsequent investors, instead of from profit earned by the individual or organization running the operation.
+Bitcoin is an open-source software project with no central authority and consequently no one is in a position to make fraudulent representations about investment returns. Like other major currencies such as gold, United States dollars, Euros, Yen, etc. there is no guaranteed purchasing power and the exchange rate freely floats. This can lead to volatility where owners of bitcoins can make or lose value.
+Bitcoin is an innovative currency and payment system and not a Ponzi scheme. However, since Bitcoin transactions are irreversible it can be attractive for a Ponzi scam operator, and there have been several notable Ponzi scams which have failed and did use Bitcoin.
The creator of Bitcoin never revealed his real identity and simply left his invention to the world. Satoshi created the first Bitcoin implementation and remained active in the development for a few years before choosing to leave the project. Meanwhile, a strong community of developers, miners, users and supporters have spontaneously emerged to continue the project.
+The creator of Bitcoin never revealed his real identity and simply left his invention to the world. Satoshi created the first Bitcoin implementation and remained active in the development for a few years before choosing to leave the project. Meanwhile, a strong community of developers, miners, users, and supporters have spontaneously emerged to continue the project.
Yes. There are thousands of currencies in the fiat currency graveyard as a result of hyperinflation such as the German Mark, United States gold and silver certificates, Argentine Peso and more recently the Zimbabwe Dollar. Unlike a physical currency like gold Bitcoin is a completely virtual currency. While Bitcoin was designed to be censorship-resistant to enable it to continue existing if there were to be some type of technological problem of significant severity, it is still possible, while more unlikely every day, that Bitcoin could stop working as intended and then all bitcoins could become worthless.
-Being an open-source project allows anyone to contribute software code so those with value stored in bitcoins have a strong financial incentive in making sure Bitcoin continues to exist. For example, there has been only one major security incident in the protocol and it was fixed in August 2010. While there has been no major incidents since that does not preclude the possibility that there could be others. There was an unanticipated ‘hard fork’ on 12 March 2013 which was quickly resolved with minimal impact on Bitcoin users. But the longer Bitcoin exists without a major security incident or other unanticipated software bugs then the more likely market participants will gain greater confidence in Bitcoin.
-As a payment tool, bitcoins are like gold because bitcoins are no-one’s liability and Bitcoin transactions are not subject to the same counterparty risk like traditional banks engaged in fractional reserve banking. Thus, using Bitcoin can help protects merchants and users from bank failures and Cyprus-style problems. Bitcoin empowers its users to have exclusive control of their funds.
+Yes. There are thousands of currencies in the fiat currency graveyard as a result of hyperinflation, such as the German Mark, United States gold and silver certificates, Argentine Peso, and, more recently, the Zimbabwe Dollar. Unlike a physical currency, such as gold, Bitcoin is a completely virtual currency. While Bitcoin was designed to be censorship-resistant, to enable it to continue existing if there were to be some type of technological problem of significant severity, it is still possible, although more unlikely every day, that Bitcoin could stop working as intended. Then all bitcoins could become worthless.
+Being an open-source project allows anyone to contribute software code and those with value stored in bitcoins have a strong financial incentive in making sure Bitcoin continues to exist. For example, there has been only one major security incident in the protocol and it was fixed in August 2010. While there have been no major incidents since that does not preclude the possibility that there could be others. There was an unanticipated "hard fork" on 12 March 2013 which was quickly resolved with minimal impact on Bitcoin users. But the longer Bitcoin exists without a major security incident, or other unanticipated software bugs, then the more likely market participants will gain greater confidence in Bitcoin.
+As a payment tool bitcoins are like gold because bitcoins are no-one’s liability, and Bitcoin transactions are not subject to the same counterparty risk like traditional banks engaged in fractional reserve banking. Thus, using Bitcoin can help protect merchants and users from bank failures and Cyprus-style problems. Bitcoin empowers its users to have exclusive control of their funds.
Bitcoin is as virtual as the credit cards and online banking networks that people are using everyday. They are a balance stored in a network.
-While Bitcoin is particularly well suited for use on the Internet unlike other payment systems, Bitcoin can also be used to pay in physical stores using simple mobile applications just like real money.
-Bitcoin users have exclusive control of their funds and Bitcoin balances are stored in an extremely large decentralized distributed computer network and cannot be fraudulently altered by anybody. In other terms, bitcoins cannot vanish or be seized by any means. They can be stolen or lost per users mistakes.
+Bitcoin is as virtual as the credit cards and online banking networks that people are using every day. They are both a balance stored in a network.
+While Bitcoin is better suited for use on the Internet than other payment systems, Bitcoin can also be used to pay in physical stores, just like real money.
+Bitcoin users have exclusive control over their funds. Bitcoin balances are stored in an extremely large, decentralized distributed computer network and they cannot be fraudulently altered by anybody. In other terms, bitcoins cannot vanish or be seized by any means. But they can be stolen or lost due to users' mistakes.
Bitcoin is open-source software which means that everyone has access to all of the source code all of the time. The rules of the system are embedded into the source code and the participants all impose those rules on each other simultaneously. To change the system would require everyone to switch to a new version of the software that used different rules, and because Bitcoin users are spread across the world it is outside the power of any single jurisdictional authority to mandate such a change.
-Cryptography is well established and a fundamental technology used in online banking. But unlike fiat currency with central banks and online banking with heavily peer reviewed cryptographic ciphers Bitcoin has been able to construct a currency and payment network that removes the need to trust a central authority.
+Bitcoin is open-source software, which means that everyone has access to all of the source code all of the time. The rules of the system are embedded into the source code and the participants all impose those rules on each other simultaneously. To change the system would require everyone to switch to a new version of the software that used different rules, and because Bitcoin users are spread across the world, it is outside the power of any single jurisdictional authority to mandate such a change.
+Cryptography is well established and a fundamental technology used in online banking. But unlike fiat currency with central banks and online banking with heavily peer-reviewed cryptographic ciphers, Bitcoin has been able to construct a currency and payment network that removes the need to trust a central authority.
Consequently, many people trust Bitcoin because it requires absolutely no trust at all.
Bitcoin is a censorship-resistant technology. However, it is not anonymous but pseudo-anonymous. The use of Bitcoin leaves extensive and permanent public records for each transaction. All transactions can be traced since their origin and IP addresses are permanently logged by organizations listening on the network. All of these informations can easily be accessed by competitors, law enforcement or anyone else.
-However, there are a few technically difficult and costly methods that enable users to interact with Bitcoin in very private ways. The Federal Bureau of Investigation concluded on page two of the report Bitcoin Virtual Currency: Unique Features Present Distinct Challenges for Deterring Illicit Activity that ‘The FBI assesses with low confidence, based on current user and vendor acceptance, that malicious actors will exploit Bitcoin to launder money.’
-Transactions are difficult to conceal from best practices in network data analysis, data mining and forensic accounting techniques. In most transaction, personal information must be revealed to receive the goods or services from an order. This makes keeping full anonymity with Bitcoin transactions very difficult or impossible.
+Bitcoin is a censorship-resistant technology. It is not anonymous but it is pseudo-anonymous. The use of Bitcoin leaves extensive and permanent public records for each transaction. All transactions can be traced since their origin and IP addresses are permanently logged by organizations listening on the network. All of this information can easily be accessed by competitors, law enforcement, or anyone else.
+However, there are a few technically difficult and costly methods that can enable users to interact with Bitcoin in very private ways. The Federal Bureau of Investigation concluded on page two of the report Bitcoin Virtual Currency: Unique Features Present Distinct Challenges for Deterring Illicit Activity that ‘The FBI assesses with low confidence, based on current user and vendor acceptance, that malicious actors will exploit Bitcoin to launder money.’
+Transactions are difficult to conceal from best practices in network data analysis, data mining, and forensic accounting techniques. In most transactions, personal information must be revealed to receive the goods or services from an order. This makes keeping full anonymity with Bitcoin transactions very difficult or impossible.
For more FAQ on Bitcoin, please visit the Bitcoin Wiki.
diff --git a/en/choose-your-wallet.html b/en/choose-your-wallet.html old mode 100644 new mode 100755 index ac926c51..3f19bca5 --- a/en/choose-your-wallet.html +++ b/en/choose-your-wallet.html @@ -5,16 +5,16 @@ title: Choose your wallet - Bitcoin ---Choose your wallet
-Your Bitcoin wallet is what allows you to transact with the world. It gives you ownership of Bitcoin addresses that you can use to receive coins from other users, and then lets you send those coins onwards. Just like email, you can receive Bitcoins when you are offline and all wallets are compatible with each other. Before you start with Bitcoin, be sure to read what you need to know first.
+Your Bitcoin wallet is what allows you to transact with the world. It gives you ownership of Bitcoin addresses that you can use to receive coins from other users and then lets you send those coins onwards. Just like email, you can receive bitcoins when you are offline, and all wallets are compatible with each other. Before you start with Bitcoin, be sure to read what you need to know first.
Get started fast and easy
If you are new to Bitcoin, these wallets are a good place to begin.
-
-
- Bitcoin-Qt is an app you can download for Windows, Mac and Linux. +
- Bitcoin-Qt is an app you can download for Windows, Mac, and Linux.
- Bitcoin Wallet for Android runs on your phone or tablet.
Be the Bitcoin network
-
Do you have a computer that you keep switched on all the time, that's connected to the internet? You can help the community by simply running the original Bitcoin client on it. The original client is more resource intensive and will take a complete day to synchronize. After that your computer will contribute to the network by checking and relaying transactions.
Be part of the Bitcoin network
+Do you have a computer that you keep switched on all the time, that's connected to the Internet? You can help the community by simply running the original Bitcoin client on it. The original client is more resource intensive and will take a complete day to synchronize. After that your computer will contribute to the network by checking and relaying transactions.
Software wallets
- Software wallets are installed on your computer. They give you complete control of your wallet. You are responsible for doing backups and protecting your money.
+Software wallets are installed on your computer. They give you complete control over your wallet. You are responsible for doing backups and protecting your money.
Mobile wallets
@@ -44,7 +44,7 @@ title: Choose your wallet - Bitcoin
Bitcoin-Qt
- Bitcoin-Qt is the original Bitcoin client and it builds the backbone of the network. It offers the highest levels of security, privacy and stability. However it has fewer features and it takes a lot of space and memory.
+Bitcoin-Qt is the original Bitcoin client and it builds the backbone of the network. It offers the highest levels of security, privacy, and stability. However it has fewer features and it takes a lot of space and memory.
Bitcoin development
Specification
-If you are interested in learning more about the technical details of Bitcoin it is recommended you start with these documents.
+If you are interested in learning more about the technical details of Bitcoin, it is recommended you start with these documents.
- Bitcoin: A Peer-to-Peer Electronic Cash System
- Protocol rules @@ -25,7 +25,7 @@ title: Development - Bitcoin
Get involved
-Bitcoin development is open source and anyone can contribute to the project. Everything you need is in the Github repository. Please make sure to read and follow the development process described in the README as well as to provide good quality code and respect all guidelines.
+Bitcoin development is open-source and any developer can contribute to the project. Everything you need is in the Github repository. Please make sure to read and follow the development process described in the README, as well as to provide good quality code and respect all guidelines.
Development discussion takes place on github and the bitcoin-development mailing list at sourceforge. Less formal development discussion happens on irc.freenode.net #bitcoin-dev (→web interface; logs).
diff --git a/en/download.html b/en/download.html old mode 100644 new mode 100755 index 98dcca34..2360f1a4 --- a/en/download.html +++ b/en/download.html @@ -15,6 +15,6 @@ title: Download - Bitcoin-
Bitcoin-Qt is a community-driven free open source project, released under the MIT license.
+Bitcoin-Qt is a community-driven free open-source project, released under the MIT license.
Note : Bitcoin-Qt initial sync can take a day to complete. You should make sure that you have enough bandwidth and storage for the full blockchain size.
diff --git a/en/foundation.html b/en/foundation.html old mode 100644 new mode 100755 index ee5a7a9d..dd02b8b1 --- a/en/foundation.html +++ b/en/foundation.html @@ -7,6 +7,6 @@ title: Bitcoin Foundation
Bitcoin Foundation
-Bitcoin Foundation standardizes, protects and promotes the use of Bitcoin cryptographic money for the benefit of users worldwide.
+Bitcoin Foundation standardizes, protects, and promotes the use of Bitcoin cryptographic money for the benefit of users worldwide.
Visit Bitcoin Foundation Website
The block chain is a shared public transaction log on which the entire Bitcoin network relies. All confirmed transactions are included in the block chain with no exception. This way, new transactions can be verified to be spending bitcoins that are actually owned by the spender. The integrity and the chronological order of the block chain are enforced with cryptography.
Transactions - private keys
-A transaction is a transfer of value between Bitcoin addresses that gets included in the block chain. Bitcoin wallets keep a secret piece of data called a private key for each Bitcoin address. Private keys are used to sign transactions, providing a mathematical proof that they come from the owner of the addresses. The signature also prevents the transaction from being altered by anybody once it has been issued. All transactions are broadcast between users and confirmed by the network in the following minutes, through a process called mining.
+A transaction is a transfer of value between Bitcoin addresses that gets included in the block chain. Bitcoin wallets keep a secret piece of data called a private key for each Bitcoin address. Private keys are used to sign transactions, providing a mathematical proof that they have come from the owner of the addresses. The signature also prevents the transaction from being altered by anybody once it has been issued. All transactions are broadcast between users and confirmed by the network in the following minutes, through a process called mining.
Processing - mining
-Mining is a distributed consensus system that is used to confirm waiting transactions by including them in the block chain. It enforces a chronological order in the block chain, protects the neutrality of the network, and allows different computers to agree on the state of the system. To be confirmed, transactions must be packed in a block that fits very strict cryptographic rules that will be verified by the network. These rules prevent previous block from being modified because doing so would invalidate all following blocks. Mining also creates the equivalent of a competitive lottery that prevents any individual from easily adding new blocks consecutively in the block chain. This way, no individuals can control what is included in the block chain or replace parts of the block chain to roll back their own spends.
+Mining is a distributed consensus system that is used to confirm waiting transactions by including them in the block chain. It enforces a chronological order in the block chain, protects the neutrality of the network, and allows different computers to agree on the state of the system. To be confirmed, transactions must be packed in a block that fits very strict cryptographic rules that will be verified by the network. These rules prevent previous blocks from being modified because doing so would invalidate all following blocks. Mining also creates the equivalent of a competitive lottery that prevents any individual from easily adding new blocks consecutively in the block chain. This way, no individuals can control what is included in the block chain or replace parts of the block chain to roll back their own spends.
Going down the rabbit hole
This is only a very short and concise summary of the system. If you want to get into the details, you can read the original paper that describes the system's design, and explore the Bitcoin wiki.
diff --git a/en/index.html b/en/index.html old mode 100644 new mode 100755 index 918bd7bd..c4329cca --- a/en/index.html +++ b/en/index.html @@ -6,10 +6,10 @@ title: Bitcoin - Open source P2P digital currencyAn open source P2P digital currency
Bitcoin is a digital currency, a protocol, and a software that enables
-
-
- Instant peer to peer transactions +
- Instant peer-to-peer transactions
- Worldwide payments
- Low or zero processing fees
- And much more!
Bitcoin uses peer to peer technology to operate with no central authority; managing transactions and issuing Bitcoins are carried out collectively by the network. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment systems.
-The software is a community-driven free open source project, released under the MIT license.
+Bitcoin uses peer-to-peer technology to operate with no central authority; managing transactions and the issuing of bitcoins is carried out collectively by the network. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment systems.
+The software is a community-driven, free, open-source project released under the MIT license.
diff --git a/en/secure-your-wallet.html b/en/secure-your-wallet.html old mode 100644 new mode 100755 index 32d068b8..194afe5d --- a/en/secure-your-wallet.html +++ b/en/secure-your-wallet.html @@ -4,7 +4,7 @@ id: secure-your-wallet title: Securing your wallet - Bitcoin ---Securing your wallet
-Like in real life, your wallet must be secured. Bitcoin allows to transfer value worldwide easier than ever. Such great features also come with great security concerns. At the same time, Bitcoin can provide very high levels of security if used correctly. Always remember that it is your responsibility to adopt good practices in order to protect your money. Here are some things you should consider.
+Like in real life, your wallet must be secured. Bitcoin allows the transfer of value worldwide easier than ever. Such great features also come with great security concerns. At the same time, Bitcoin can provide very high levels of security if used correctly. Always remember that it is your responsibility to adopt good practices in order to protect your money. Here are some things you should consider.
Be careful with online wallets
Online wallets look like online banks. You are trusting someone to store and protect your bitcoins while you have to remember your password. However, you should always choose such services carefully. As of today, no online wallet provides enough insurance and security to be used to store value like a bank. Using security features like two-factor authentication can also increase the security of your acccounts.
diff --git a/en/support-bitcoin.html b/en/support-bitcoin.html old mode 100644 new mode 100755 index adf69586..677e6af4 --- a/en/support-bitcoin.html +++ b/en/support-bitcoin.html @@ -7,16 +7,16 @@ title: Support Bitcoin - BitcoinBitcoin is a protocol that was born from a small community and has grown fast since. There are a lot of things you can do to help Bitcoin to spread and improve over time.
Using Bitcoin
-Obviously, using Bitcoin is the first thing you can do to help its development. There are most probably many cases where it can make your life easier. And you can accept payment in Bitcoin yourself.
+Obviously, using Bitcoin is the first thing you can do to help its development. There are probably many cases where it can make your life easier. And you can accept payment in Bitcoin yourself.
Be the network
You can join the Bitcoin network by keeping the original software running on your computer. You can also do some Bitcoin mining to make the network more secure by helping to process transactions.
Development
-Bitcoin is open source. So if you are a developer, you can use your super-powers to do good and improve Bitcoin. Or you can also build amazing new services or software that use Bitcoin.
+Bitcoin is open-source. So if you are a developer, you can use your super-powers to do good and improve Bitcoin. Or you can build amazing new services or software that can use Bitcoin.
Donation
-The easiest way to help is to donate a few bitcoins or join the Bitcoin Foundation. The Foundation funds a salary for the maintainer of the core Bitcoin software, organizes conferences, and provides other important resources.
+The easiest way to help is to donate a few bitcoins or to join the Bitcoin Foundation. The Foundation funds the salary for the maintainers of the core Bitcoin software, organizes conferences, and provides other important resources.
Spread
Speak about Bitcoin to interested people. Write about it on your blog. Tell your favorite shops you would like to pay with Bitcoin. Or be creative and make yourself a nice Bitcoin T-shirt.
@@ -25,7 +25,7 @@ title: Support Bitcoin - BitcoinThe Bitcoin wiki is full of useful and detailed information and we are constantly improving the information it contains - just like Wikipedia. You can help keep the wiki accurate and up-to-date.
Translate
-Bitcoin is already translated in many languages. However you can translate it in new languages as well as improving existing translations. Translations in the Bitcoin wiki would be very welcome!
+Bitcoin has already been translated into many languages. However, you can translate it into new languages as well as improving existing translations. Translations in the Bitcoin wiki would be very welcome!
Help
-You can join Bitcoin communities to give help to new users. And you can talk about Bitcoin with other people and learn more about it every day.
+You can join Bitcoin communities to give help to new users. You can talk about Bitcoin with other people, and you can learn more about it every day.
diff --git a/en/vocabulary.html b/en/vocabulary.html old mode 100644 new mode 100755 index 947135da..ca1eb755 --- a/en/vocabulary.html +++ b/en/vocabulary.html @@ -4,7 +4,7 @@ id: vocabulary title: Vocabulary - Bitcoin ---Some Bitcoin words you might hear
-Bitcoin provides a new approach to payments and as such, there are some new words that might become a part of your vocabulary. Don't worry, even the humble television created new words!
+Bitcoin provides a new approach to payments and, as such, there are some new words that might become a part of your vocabulary. Don't worry, even the humble television created new words!
Table of contents
The block chain is a public record of all Bitcoin transactions, in chronological order. The block chain is shared between all Bitcoin users. It is used to verify the balance of Bitcoin addresses and to prevent double spending.
Block
-A block is a record in the block chain that contains and confirms many waiting transactions. Roughly every 10 minutes on average, a new block including transactions is appended to the block chain through mining.
+A block is a record in the block chain that contains and confirms many waiting transactions. Roughly every 10 minutes, on average, a new block including transactions is appended to the block chain through mining.
BTC
-BTC is the common unit of Bitcoin currency. It can be used similar to USD for US dollar instead of B⃦ or $.
+BTC is the common unit of Bitcoin currency. It can be used in a similar way to USD for US dollar instead of B⃦ or $.
Confirmation
-Confirmation means that a transaction has been verified by the network and is highly unlikely to be reversed. One confirmation is pretty secure. Though for larger amounts ( ex. 1000 $USD and above ), one can wait for a transaction to have more confirmations - 6 is a frequently chosen number. Each new confirmation decreases the risk of a reversal exponentially.
+Confirmation means that a transaction has been verified by the network and is highly unlikely to be reversed. One confirmation is pretty secure. Although for larger amounts (e.g. 1000 $USD and above), one can wait for a transaction to have more confirmations - six is a frequently chosen number. Each new confirmation decreases the risk of a reversal exponentially.
Cryptography
Cryptography is the branch of mathematics that lets us create mathematical proofs that provide high levels of security. Online commerce and banking already uses cryptography. In the case of Bitcoin, cryptography is used to make it impossible for anybody to spend funds from another user's wallet or to corrupt the block chain. It can also be used to encrypt a wallet, so that it cannot be used without a password.
@@ -45,19 +45,19 @@ title: Vocabulary - BitcoinHash Rate
-The hash rate is the measuring unit of the processing power of the Bitcoin network. The Bitcoin network must make intensive mathematical operations for security purposes. When the network reaches a hash rate of 10 TH/s, it means it can make ten trillion calculations per second.
+The hash rate is the measuring unit of the processing power of the Bitcoin network. The Bitcoin network must make intensive mathematical operations for security purposes. When the network reaches a hash rate of 10 TH/s, it means it can make 10 trillion calculations per second.
Mining
-Bitcoin mining is the process of making computer hardware do mathematical calculations for the Bitcoin network to confirm transactions and increase security. As a reward for their services, Bitcoin miners can collect transaction fees for the transactions they confirm along with newly created bitcoins. Mining is a specialized and competitive market where the rewards are divided up according to how much calculation is done. Not all Bitcoin users do Bitcoin mining and it is not an easy way to make money.
+Bitcoin mining is the process of making computer hardware do mathematical calculations for the Bitcoin network to confirm transactions and increase security. As a reward for their services, Bitcoin miners can collect transaction fees for the transactions they confirm, along with newly created bitcoins. Mining is a specialized and competitive market where the rewards are divided up according to how much calculation is done. Not all Bitcoin users do Bitcoin mining, and it is not an easy way to make money.
P2P
-Peer to peer refers to systems that work like an organized collective by allowing each individual to interact directly with the others. In the case of Bitcoin, the network is built in such a way that each user is broadcasting transactions of other users. And crucially, no bank is required as a third party.
+Peer-to-peer refers to systems that work like an organized collective by allowing each individual to interact directly with the others. In the case of Bitcoin, the network is built in such a way that each user is broadcasting the transactions of other users. And, crucially, no bank is required as a third party.
Private Key
-A private key is a secret piece of data that proves your right to spends Bitcoin from a specific Bitcoin address through a cryptographic signature. Each Bitcoin address has its own unique private key. Your private keys are stored in your computer if you use a software wallet while they are stored on some remote servers if you use a web wallet. Private keys must never be revealed as they allow you to spend bitcoins for their respective Bitcoin addresses.
+A private key is a secret piece of data that proves your right to spend bitcoins from a specific Bitcoin address through a cryptographic signature. Each Bitcoin address has its own unique private key. Your private keys are stored in your computer if you use a software wallet; they are stored on some remote servers if you use a web wallet. Private keys must never be revealed as they allow you to spend bitcoins for their respective Bitcoin addresses.
Signature
A cryptographic signature is a mathematical mechanism that allows someone to prove ownership. In the case of Bitcoin, a Bitcoin address and its private key are linked by some mathematical magic. When your Bitcoin software signs a transaction with the appropriate private key, the whole network can see that the signature matches the Bitcoin address. However, there is no way for the world to guess your private key to steal your hard-earned bitcoins.
Wallet
-A Bitcoin wallet is loosely the equivalent of a physical wallet on the Bitcoin network. The wallet actually contains your private keys which allow you to spend bitcoins allocated to your Bitcoin addresses in the block chain. Each Bitcoin wallet can show you the total balance of all Bitcoin addresses it contains and lets you pay a specific amount to a specific person, just like a real wallet. This is different to credit cards where you are charged by the merchant.
+A Bitcoin wallet is loosely the equivalent of a physical wallet on the Bitcoin network. The wallet actually contains your private keys which allow you to spend the bitcoins allocated to your Bitcoin addresses in the block chain. Each Bitcoin wallet can show you the total balance of all Bitcoin addresses it contains and lets you pay a specific amount to a specific person, just like a real wallet. This is different to credit cards where you are charged by the merchant.
diff --git a/en/you-need-to-know.html b/en/you-need-to-know.html old mode 100644 new mode 100755 index 55985ff7..87148ed2 --- a/en/you-need-to-know.html +++ b/en/you-need-to-know.html @@ -7,16 +7,16 @@ title: Some things you need to know - BitcoinIf you are about to explore Bitcoin, there are a few things you should know. Bitcoin does not let you send emails or take pictures; it lets you exchange money and value. As such, Bitcoin must be treated with the same care as your regular wallet, or even more in some cases!
Securing your wallet
-Like in real life, your wallet must be secured. Bitcoin allows to transfer value worldwide easier than ever. Such great features also come with great security concerns. At the same time, Bitcoin can provide very high levels of security if used correctly. Always remember that it is your responsibility to adopt good practices in order to protect your money. Read more about securing your wallet.
+Like in real life, your wallet must be secured. Bitcoin allows the transfer of value worldwide easier than ever. Such great features also come with great security concerns. At the same time, Bitcoin can provide very high levels of security if used correctly. Always remember that it is your responsibility to adopt good practices in order to protect your money. Read more about securing your wallet.
Bitcoin price is volatile
The price of a bitcoin can unpredictably increase or decrease over a short period of time due to its young economy, novel nature, and sometimes illiquid markets. Consequently, keeping your savings in bitcoin is not recommended. Bitcoin should be considered as a high risk asset, and you should never store money that you cannot afford to lose with Bitcoin. If you receive payments with Bitcoin, many service providers allow you to convert them instantly to your local currency.
Bitcoin payments are irreversible
-Any transaction you issue with Bitcoin cannot be reversed. It can only be refunded by the person receiving the funds. That means you should take care to do business with people or organizations you know and trust. But don't worry, Bitcoin can detect typos and usually won't let you send money to an invalid address.
+Any transaction you issue with Bitcoin cannot be reversed, it can only be refunded by the person receiving the funds. That means you should take care to do business with people or organizations you know and trust. But don't worry, Bitcoin can detect typos and usually won't let you send money to an invalid address.
Bitcoin is not anonymous
-Some effort is required in order to protect your privacy with Bitcoin. All Bitcoin transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any Bitcoin address. However, the identity of the owner cannot be associated with their Bitcoin address, until personal information is revealed by the owner during an exchange. This is why it is recommended for Bitcoin owners to use many different Bitcoin addresses; in fact, you should create a new one each time you receive money. This is especially important for public uses such as websites. You might also want to consider hiding your computer's IP address with a tool like Tor so that it cannot be logged.
+Some effort is required in order to protect your privacy with Bitcoin. All Bitcoin transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any Bitcoin address. However, the identity of the owner cannot be associated with their Bitcoin address until personal information is revealed by the owner during an exchange. This is why it is recommended for Bitcoin owners to use many different Bitcoin addresses; in fact, you should create a new one each time you receive money. This is especially important for public uses such as websites. You might also want to consider hiding your computer's IP address with a tool like Tor so that it cannot be logged.
Bitcoin is still experimental
Bitcoin is an experimental new currency that is in active development. Although it becomes less experimental as usage grows, you should keep in mind that Bitcoin is a new invention that is exploring ideas that have never been attempted before. As such, its future cannot be predicted by anyone.
diff --git a/index.html b/index.html old mode 100644 new mode 100755 index 8bcf975d..6076d512 --- a/index.html +++ b/index.html @@ -13,11 +13,11 @@ setTimeout(function(){window.location.href='/'+lang+'/';},200);An open source P2P digital currency
Bitcoin is a digital currency, a protocol, and a software that enables -
-
-
- Instant peer to peer transactions +
- Instant peer-to-peer transactions
- Worldwide payments
- Low or zero processing fees
- And much more!
-
+
Bitcoin uses peer to peer technology to operate with no central authority; managing transactions and issuing Bitcoins are carried out collectively by the network. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment systems.
-The software is a community-driven free open source project, released under the MIT license.
+Bitcoin uses peer-to-peer technology to operate with no central authority; managing transactions and the issuing of bitcoins is carried out collectively by the network. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment systems.
+The software is a community-driven, free, open-source project released under the MIT license.