Bitcoin is a currency that exists only in the digital world. The technology was created by an individual hiding under the name of Satoshi Nakamoto. To date, the creator / creator of the system has not been implemented, maintaining an anonymous status.
Bitcoins are not issued like traditional currencies, as there is no physical understanding of cryptocurrency. It is produced by users և many enterprises through a process called mining. This is where special software solves math problems for virtual currency.
The user takes control through electronic devices, which also serve as a means of transactions across multiple platforms. It is stored and secured through the use of virtual wallets.
Characteristics of Bitcoin:
Bitcoin has the characteristics of traditional currencies, such as purchasing power and investment applications using online trading tools. It works like ordinary money, only in the sense that it can only exist in the digital world.
One of its unique features, which can not be matched by the fiat currency, is that it is decentralized. The currency does not operate under a governing body or institution, which means that it cannot be controlled by these entities, giving users full ownership of their bitcoins.
Moreover, transactions are made using bitcoin addresses that are not linked to any name, address or any personal information required by traditional payment systems.
Each bitcoin transaction is stored in a log that can be accessed by anyone called a blockchain. If the user has a publicly used address, his / her information is spread to everyone, of course, without the user’s information.
Accounts are easy to set up, unlike regular banks, which require a lot of information, which can endanger its users due to system fraud schemes.
Moreover, Bitcoin transaction fees will always be small. Aside from the fact that the processing is almost instantaneous, it is known that no fee is significant enough to cause damage to anyone.
Use of Bitcoin
In addition to its ability to acquire goods and services, one of its most popular applications is its use for a number of investment vehicles. This includes Forex, trading bitcoins, and binary options platforms. Moreover, brands offer services that revolve around Bitcoin as a currency.
It is clear that Bitcoin is as flexible as traditional legal payments. Its introduction gives each individual new profitable opportunities with ease of use հնարավոր profit opportunities.