Bitcoin – Digitial Currency
What is Bitcoin
Bitcoin – most people on the planet are still struggling with question – what it exactly is. We will try to explain the specifications of this digital asset and the ideas that brought them to life. Your first Bitcoin can be bought on the crypto exchanges and also we will teach you how to earn bitcoin.
Bitcoin is an innovative currency of the information age, also known as internet gold. Bitcoin (BTC) is a decentralized currency, i.e. without a central issuing institution, independent of banks, governments and other intermediaries in its exchange. It is a currency with no borders, available wherever internet is available. Bitcoin is a currency that you can instantly send to anywhere in the world bypassing banks and brokers, and thus:
- expensive commissions,
- time limits,
- technological restrictions.
Bitcoin is a network
BTC is the cryptocurrency and works thanks to the P2P network (one in which all users have equal rights). No one controls or exercises supreme authority over the Bitcoin network. This infrastructure has no general manager or superior owner who would directly benefit from its operation. Bitcoin is a digital currency maintained by a community in which everyone has the same rights and privileges. Thanks to this, despite the anonymity of each member of the network separately, all activities are fully transparent and visible to other participants. Any changes made to the Bitcoin protocol must be approved democratically by the appropriate number of network users.
Bitcoin’s creator himself – Satoshi Nakamoto – would have little to say about protocol changes if the community did not support his ideas. This eliminates the worries that anyone will ever be able to block or appropriate our Bitcoins if we adhere to the basic principles of internet security.
How can we be sure?
Bitcoin is based on mathematics and cryptography. Its code prevents artificial printing, blocking or counterfeiting of cryptocurrencies. While maintaining basic security measures, your bitcoins cannot be confiscate by “force majeure” (eg government, bank, bailiff, spouse on divorce, etc.). Bitcoin provides you with a 100% guarantee of ownership of your money.
Bitcoin is a information
Information that anyone can access and anyone can verify its correctness. In addition, Bitcoin has open source code, so that anyone can see how it works at any time. Of course, this requires knowledge of information technology.
Limited supply of BTC
Bitcoin is a limited currency. There can only be 21 million BTC. Now, its 18,000,000 bitcoins in circulation ~86% of all available inventory. Limited supply makes this asset immune to inflation. BTC is also a currency divisible to 8 decimal places, thanks to which, regardless of the price of bitcoin in a few years, it will still be able to pay with it (for coffee or everyday shopping).
Bitcoin is an anonymous currency and at the same time fully transparent. All transactions in the network are public and can be used to trace the complete path of each bitcoin in circulation. However, the persons making the transactions and the persons receiving them are included in the accounts, only as a series of numbers and characters – so-called public portfolios.
The biggest advantages of bitcoin – earn bitcoin
- Very fast transactions between any two places in the world. No more waiting for several days until the funds reach the recipient, e.g. in China or the USA.
- Very low transaction fees. Especially for transfers of large amounts. In the example, about 400 million USD was sent in 15 minutes, and the commission for the transfer brought as much as a small piece in the cafe.
- A certain degree of transaction anonymity, which, however, you can easily increase by using tools such as VPN.
- The number of BTC is limited. It is not possible to print any more than their maximum predetermined number – 21 million BTC. This makes bitcoin much more resistant to inflation than traditional currencies.
- There is no way to undo the transaction. If someone pays you for the goods, you are 100% sure that they cannot undo the transfer as it is in banks or in known e-payment systems such as PayPal.
- It is not possible for someone to block your account. The system works in a p2p network so there is no owner or manager who could freeze your funds. Unless you use your private key to the left and right and follow the basic rules of secure Internet use, your bitcoins are safe and the risk of losing them is marginal.
- No intermediaries for transfers. The transfer goes directly to the recipient, bypassing banks and other financial institutions.
- Amazing convenience and independence. Right after creating your wallet, you can use bitcoin without any registration, verification or unnecessary bureaucracy. However, sometimes they are necessary when withdrawing BTC to fiat currencies.
Start your journey – earn bitcoin
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