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Information not known about Bitcoin

2018-02-09 05:20 pm | Resource: Learn Crypto Section | No Views : 238

Information not known about Bitcoin "Bitcoin" .. Word has become prevalent in the currency market, but we have to understand well what the meaning of Bitcoin, and is it worthy of risk your money dear reader to invest in it, or is just a bubble will explode over time, especially in light of the collapse of this currency At present.

What is Bitcoin?

Bitcoin
Bitcoin is an electronic currency that is traded via the Internet only. It has no physical presence, like other currencies such as the dollar or the euro, which is the oldest electronic currency.
It is a decentralized currency that can not be controlled by any body or knows what has been disbursed. It went out on January 3, 2009, to begin the process of changing the economic world in a way similar to that of publishing methods Online and online.

The invention of Bitcoin

Despite the knowledge of who invented this coin, a person who called himself "Satoshi Nakamoto" claimed that he invented the currency, based on the principle of peer to peer, which means direct dealing between one user and another without a broker Between them.
In 2016, Australian businessman Craig Wright revealed to the BBC that he was the inventor of the digital currency " Bitcoin ", which was popularly invented by a person named Satoshi Nakamoto.
And published the first trading price between this currency and the dollar, and the 1 Bitcoin $ 0.001.
Bitcoin 's applications, sometimes referred to as the Bitcoin client, allow users to interact with the Bitcoin network. In its basic form, the application allows generation and preservation of user-specific keys and connection to the peer-to-peer network of the currency.

Uses of Bitcoin

Electronic currency Bitcoin
Bitcoin is like any other currency that can be used for buying or investing. Betting is easier than regular credit cards and can be accepted without the need for a bank account.
Bitcoin payments are made through a program for the KFH portfolio, which we will explain in detail on other topics, either through the PC or smartphone, by entering the recipient's address and the amount paid and sending it.
The Espresso Coffee Shop in Vancouver, British Columbia, Canada, hosted the world's first ATM machine for the Petit Coin on 30/10/2013.

The Bitcoin Positives

1- Low fees and speed

As mentioned in the previous paragraphs, this currency does not need an intermediary, it operates the principle of peer to peer, it means that you will not pay the amount of a broker, this process does not exist with Bitcoin, because the currency did not move but the currency code is removed from your portfolio and entered the portfolio of the merchant who Dealing with it, and it is characterized by the speed of the transfer of this code, making the currency a huge market in the electronic currency.

2- Confidentiality

Buying and selling through the currency of the Bitcoin is characterized by a lack of a watchdog or anyone who interferes with it, which makes it a positive point for those who like privacy. It also reduces the control of the government and banks on the currency, but this is a negative point that we will mention in the negatives next paragraph.

3- Globalization

The currency is not linked to a specific geographical location, it can be treated as your local currency, and the most important thing in this currency is that it has no officer or link, there is no control of central banks on the printing of funds.

4- Number

This coin is designed in a type of craft. Currency production is 21 million by 2140, and then one can not produce one. This is the advantage of eliminating the idea of ​​inflation of the currency, and its limited number gave it great value in the market. Only 6 cents, rose to more than $ 1,000 and then reached about $ 600, until it is now trading at the level of $ 8000, because of sudden large changes.

Disadvantages of Bitcoin

Bitcoin

1- Currency encryption and confidentiality

One of the main disadvantages of the currency is the process of encryption and concealment of the method of generating Bitcoin through complex equations, may be an easy path to pass suspicious transactions since they are not subject to any control, and this is why the currency is fighting from many governments of the world, because they see that they are used in money laundering and weapons and smuggling Drugs and terrorism, and the governments of the world are now trying to control the currency and impose strong control on it to continue trading.

2- Unfair assessments

The currency is not based on any fair assets or valuations that can be used to predict the rise or fall of this currency. This is what we saw last January, when the currency succeeded in reaching the level of $ 20,000, and then it dropped significantly until it reached now to trade At levels of $ 8,000.

3- Mining

Doubts have arisen about the mining process. No one knows what equations the machine is solving. Some have questioned the existence of an organization working in hiding to solve equations that may need hundreds of years in a short time to divide equations on servers, but remain doubts.

4- The identity of the inventor

The unknown identity of Satoshi Nakamoto, no one knows if he is a man or a woman, or a group of people, and we do not know how much of this coinage is owned. If a country hides behind this figure and owns the largest share.

Get the Bitcoin

It is not difficult but needs more patience. Only dear reader needs a place where you can save the currency. This is called "electronic wallet", which is similar to the bank account, and we will discuss in detail the other topics of this matter.
The wallet can be obtained through a free program that can be downloaded from the official website of Baytunween, or by opening a portfolio through companies specializing in the services of Bitcoin. This method is best to ensure that your wallet is not lost and protected from piracy.
After obtaining the wallet, you can start collecting "Bitcoin" through many ways, most notably: buy Bitcoin from a company that provides that service, or someone wants to sell, or through mining or what is known as Bal "Mining".
The mining, which uses special software handles generate important "title" is used to send and receive remittances, the most successful means of getting Bitcoin during the first years to put up the currency, but it requires a computer and certain devices very powerful enjoy a superhero card, so this method is no longer currently deployed.
It can be obtained through exchange in traditional currencies, such as the dollar and others, or in the process of accepting payments for thousands of goods and services provided through the Internet and in restaurants, cafes and others.

The value of the Bitcoin

When asked in the default market in 2009, the Bitcoin value is estimated at 6 cents US, but rose over the past years continuously that amounted to about $ 1,200 early in 2016 due to demand heavy on them, and continued to rise during 2017, until it reached in December to 20 thousand Dollars, to reach a record, and then at the beginning of this year and with a lot of criticism directed at it, that currency to settle at the level of $ 8,000

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