What is Bilcoin?

Bilcoin is a consensus network that enables a new payment system and completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bilcoin is pretty much like cash for the Internet. Bilcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

Who controls the Bilcoin network?

Nobody owns the Bilcoin network much like no one owns the technology behind email. Bilcoin is controlled by all Bilcoin users around the world. While developers are improving the software, they can’t force a change in the Bilcoin protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Bilcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to
protect this consensus.

How does Bilcoin work?

From a user perspective, Bilcoin is nothing more than a mobile app or computer program that provides a personal Bilcoin wallet and allows a user to send and receive bilcoins with them. This is how Bilcoin works for most users. Behind the scenes, the Bilcoin network is sharing a public ledger called the “block chain”. This ledger contains every transaction ever processed, allowing a user’s computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending bitcoins from their own Bitcoin addresses. In addition, anyone can process transactions using the computing power of specialized hardware and earn a reward in bilcoins for this service. This is often called “mining”.

Is Bilcoin really used by people?

Yes. There are a growing number of businesses and individuals using Bilcoin. This includes brick-and-mortar businesses like restaurants, apartments, and law firms, as well as popular online services. While Bilcoin remains a relatively new phenomenon, it is growing fast.

Why do people trust Bilcoin?

Much of the trust in Bilcoin comes from the fact that it requires no trust
at all. Bilcoin is fully open-source and decentralized. This means that anyone has access to the entire source code at any time. Any developer in the world can therefore verify exactly how Bilcoin works. All transactions and bilcoins issued into existence can be transparently consulted in real-time by anyone. All payments can be made without reliance on a third party and the whole system is protected by heavily peer-reviewed cryptographic algorithms like those used for online banking. No organization or individual can control Bilcoin, and the network remains secure even if not all of its users can be trusted.