{"id":1937,"date":"2018-02-21T14:28:31","date_gmt":"2018-02-21T13:28:31","guid":{"rendered":"http:\/\/www.alvantia.com\/?p=1937"},"modified":"2018-04-02T09:25:56","modified_gmt":"2018-04-02T08:25:56","slug":"changing-ecommerce-with-bitcoin","status":"publish","type":"post","link":"https:\/\/www.alvantia.com\/en\/changing-ecommerce-with-bitcoin\/","title":{"rendered":"Changing e-commerce with Bitcoin"},"content":{"rendered":"<p><span style=\"font-size: 12pt; font-family: Arial, Helvetica, sans-serif;\">\u2018The money of the future\u2019, \u2018the currency in fashion\u2019&#8230; In a constant fight to change e-commerce, this concept has many peculiarities and has been given just as many names. How can this currency achieve it?\u00a0In this\u00a0post, we will analize the &#8220;Bitcoin revolution&#8221;\u00a0and why this\u00a0\u2018cryptocurrency\u2019 is in the public eye.<\/span><\/p>\n<p><!--more--><\/p>\n<h2><span style=\"font-size: 14pt; font-family: Arial, Helvetica, sans-serif;\">What is it and how does it work? <\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: Arial, Helvetica, sans-serif;\">Bitcoin is the first, <strong>most important and well-known decentralised virtual currency<\/strong> that allows value to be stored, money to be transferred and payments to be made in an exclusive way. <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: Arial, Helvetica, sans-serif;\">It is not owned by any central bank, savings bank or investment bank, as all other world currencies, such as the euro, dollar or pound, and is therefore decentralised. It is known more specifically as a \u2018cryptocurrency\u2019 as it is secured by powerful cryptography, allowing it to be marked with a unique digital fingerprint, making it unrepeatable and immutable.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: Arial, Helvetica, sans-serif;\">In comparison with other alternatives, Bitcoin has <strong>many advantages<\/strong>: <\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: Arial, Helvetica, sans-serif;\">It is transferred online directly from person to person, without going through a bank or any other intermediary.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: Arial, Helvetica, sans-serif;\">This means that fees are much less.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: Arial, Helvetica, sans-serif;\">It can be used anywhere in the world.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: Arial, Helvetica, sans-serif;\">Accounts cannot be frozen.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: Arial, Helvetica, sans-serif;\">There are no arbitrary limits.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: Arial, Helvetica, sans-serif;\">The days for money as we have known it until now are numbered. For\u00a0experts like the financial services entrepreneur\u00a0<strong>Meyer \u2018Micky\u2019 Malka<\/strong>, this is a reason to be optimistic. He is convinced that money, as we know it today \u2013that is notes, coins and even credit cards\u2013 will be replaced by entirely electronic and virtual payment methods. He does not only believe this; he is one of the main drivers of this change and promises to transform, together with virtual banks, money into something virtual. <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: Arial, Helvetica, sans-serif;\">The dynamics are straightforward, here&#8217;s a simple example: A wants to pay B in Bitcoin. The community of users must validate the transaction, provided that A has enough money. All users then note that A has one less Bitcoin and B has one more. <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: Arial, Helvetica, sans-serif;\">The accounts are maintained by the community and <strong>the currency value depends on people trusting the system<\/strong>. It is completely anonymous; it is not someone&#8217;s identity that is validated but rather their password. The Bitcoin community knows how much money there is in A\u2019s account but does not know who it belongs to. This communication is carried out between computers, not the users themselves. <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: Arial, Helvetica, sans-serif;\">For a user, sending a Bitcoin is as easy as sending an email, but for computers it is a more complex process as in this system, absolutely <strong>everything is secured by cryptography, algorithms and mathematical functions<\/strong> that prevent any attempt to modify the information.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: Arial, Helvetica, sans-serif;\">Let\u2019s go back to the transaction between A and B. <\/span><\/p>\n<h2 style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: Arial, Helvetica, sans-serif;\">What does it contain?<\/span><\/h2>\n<ol>\n<li style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: Arial, Helvetica, sans-serif;\">Firstly, it contains A\u2019s digital signature so that everyone can verify that the transaction is being carried out by the owner of the account. <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: Arial, Helvetica, sans-serif;\">It also contains the instruction to transfer a Bitcoin to B, notifying the transfer message so that everyone knows what to do. <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: Arial, Helvetica, sans-serif;\">Finally, it contains the reference to one or more past transactions, showing that A has enough money to make the payment to B.<\/span><\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: Arial, Helvetica, sans-serif;\">If all of these points are met, the message will turn into a possible transaction.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: Arial, Helvetica, sans-serif;\">Why would it be\u00a0a &#8220;possible&#8221; transaction?<\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: Arial, Helvetica, sans-serif;\">This movement will not yet be able to be noted in the ledger due to <strong>a clear problem: disorder<\/strong>. As there is no central administrator, many transactions are being validated in many different places and in a different order. The challenge is for all of these to agree to establish an order and ensure that copies of the ledger are the same.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: Arial, Helvetica, sans-serif;\">This is where the Blockchain concept comes in.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: Arial, Helvetica, sans-serif;\"><strong>Blockchain<\/strong> is the technology behind Bitcoin. It is designed to allow us to experience a new revolution and to process all of the previously-mentioned capital movements, reaching the desired order. Everything moves through this blockchain.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: Arial, Helvetica, sans-serif;\">In basic terms, it is a <strong>unique register which stores all the transactions that are made<\/strong>, somewhat like a ledger that records all capital movements. This database has allowed all the transactions made with Bitcoin since 2009 to be stored, the same year in which it was presented by founder <span style=\"text-decoration: underline;\"><span style=\"color: #0000ff; text-decoration: underline;\"><a style=\"color: #0000ff; text-decoration: underline;\" href=\"https:\/\/bitcoin.org\/en\/faq#who-created-bitcoin\">Satoshi Nakamoto<\/a><\/span><\/span>. Since then,\u00a0it<\/span><span style=\"font-size: 12pt; font-family: Arial, Helvetica, sans-serif;\">\u00a0has reached an estimated total market value of 5.25 billion euros, so it is easy to guess why\u00a0Bitcoin has become the most famous virtual currency in the world.<\/span><\/p>\n<div class=\"clearfix\"><\/div>","protected":false},"excerpt":{"rendered":"<p>\u2018The money of the future\u2019, \u2018the currency in fashion\u2019&#8230; In a constant fight to change e-commerce, this concept has many peculiarities and has been given just as many names. How can this currency achieve it?\u00a0In this\u00a0post, we will analize the &#8220;Bitcoin revolution&#8221;\u00a0and why this\u00a0\u2018cryptocurrency\u2019 is in the public eye.<\/p>\n<p class=\"cv-read-more-button\"><a class=\"cv-button button is-standard color-accent has-icon icon-after\" href=\"https:\/\/www.alvantia.com\/en\/changing-ecommerce-with-bitcoin\/\">Continue Reading<i class=\"button-icon icon-right-open-big\"><\/i><\/a><\/p>\n","protected":false},"author":2,"featured_media":1921,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[211,206],"tags":[266,224,223],"class_list":["post-1937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banca-en","category-tecnologia-en","tag-bitcoin-en","tag-e-commerce","tag-finance","not-single"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.alvantia.com\/en\/wp-json\/wp\/v2\/posts\/1937","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.alvantia.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.alvantia.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.alvantia.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.alvantia.com\/en\/wp-json\/wp\/v2\/comments?post=1937"}],"version-history":[{"count":4,"href":"https:\/\/www.alvantia.com\/en\/wp-json\/wp\/v2\/posts\/1937\/revisions"}],"predecessor-version":[{"id":1961,"href":"https:\/\/www.alvantia.com\/en\/wp-json\/wp\/v2\/posts\/1937\/revisions\/1961"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.alvantia.com\/en\/wp-json\/wp\/v2\/media\/1921"}],"wp:attachment":[{"href":"https:\/\/www.alvantia.com\/en\/wp-json\/wp\/v2\/media?parent=1937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.alvantia.com\/en\/wp-json\/wp\/v2\/categories?post=1937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.alvantia.com\/en\/wp-json\/wp\/v2\/tags?post=1937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}