Know About Your Digital Bitcoin

Bitcoin (“Bitcoin” from the English words “Bit” – bit, “Coin” – coin) – the first cryptocurrency in the world that uses the same digital currency using P2P technology

Bitcoin sticker – BTC (in common “cue ball”). In the future, the option of renaming to “XBT” is being considered. The mark is approved for inclusion in the planned Unicode standard version 9.0. His number is U + 20BF.

If you read the definition on Wikipedia, then there it is quite complicated. It is unlikely that an ordinary user will be able to understand this wording, not to mention all the subtleties. From Wikipedia: “Bitcoin is a peer-to-peer electronic cash system using the digital currency of the same name, which is often called cryptocurrency or virtual currency.”

In simple terms, what is Bitcoin?

This money exists only in the network, but it can be easily exchanged for the usual money (rubles, dollars, Euros). The main “chip” of Bitcoin is that it is both a currency and a payment system. 

Who created Bitcoin?

Its creator and developer is Japanese Satoshi Nakamoto, who in 2008-2009 first told the world about cryptocurrency based on Blockchain (see the history of the creation of Bitcoin). No information about Satoshi’s identity was found on the network, so everyone suggests that he is just a legend. Most likely, this is simply the name of a group of programmers (as in Yandex there is Plato Schukin, which actually does not exist).

The principle and technology of bitcoin to many users is still not fully open. So, most people at a subconscious level consider cryptocurrency a continuation of the “financial pyramid” and automatically attribute it to risky events.

Bitcoin is a tool that traders skillfully use. Of course, this greatly affects the course of the electronic coin. Such leaps and the use of coins in this direction do not allow Bitcoin to be presented as a reliable means of payment. You can open account here for bitcoin transaction:

the bitcoin code

Taking into account both sides of the experts, each user of the system and just a person must decide for himself whether to believe him in the future of cryptocurrency or not. Today its price is too inflated, but there are no settings that determine the maximum possible cost for one coin.

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Pros of Bitcoin cryptocurrency

  1. Bitcoin anonymity

Since the network is decentralized, all transfers occur absolutely anonymously. Wallet addresses are also anonymous. You can only track the latest transactions, but to whom and for what Bitcoins were transferred it is impossible to determine even special services. However, this plus has the opposite minus, which will be described in the minus section a little lower.

  1. Bitcoin – an alternative to existing money

Bitcoin is an alternative and fairly convenient method of payment in the world. Now there are already many places, both on the Internet and in real life, that accept Bitcoins for payment. See where Bitcoins are taken. In the very center of Vienna there is already a Bitcoin Store.

  1. No taxes

When paying with Bitcoins, no taxes are levied, since officially it is not a currency. This makes it possible to purchase goods a little cheaper.

  1. International currency

Bitcoin is truly an international currency. For example, it is possible in Russia and in other countries to pay all from one wallet without thinking about currency exchange.

  1. Lack of control

Bitcoin is not controlled by anyone. They belong only to the public, which means it is politically difficult to influence them. Although, of course, it is impossible to speak of a complete lack of control.

  1. Minimum commission

Minimum commission for the transfer (and it does not depend on the amount). However, if the transfer needs to be done instantly, you will have to pay a commission that you decide to pay (the more you pay, the faster the transfer will be).

  1. Bitcoin Reliability

Bitcoin cannot be faked because it is very difficult. It is much easier to get new coins. Over the entire existence of the network, it has never been hacked.

  1. Limited issue emissions

More than 21 million Bitcoins will definitely not be. This limits inflation and makes money more valuable.

James Woods

Tech Geek and avid developer.

Published by
James Woods
Tags: bitcoinbtc

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