Bitcoin: The most popular cryptocurrency

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Bitcoin is a cryptocurrency (there are now more than 800 cryptocurrencies) that are not subject to any central authority such as the government or the bank.

Bitcoin is a one-to-one currency and works on a system that enables you to send and receive bitcoin without a third party. The price fluctuates depending on what people want to pay for it. This coin was traded for Vsat (during the start-up phase) and reached $ 1,200 at the top of 2013.

The digital currency is electronic and is held in the Bitcoin Portfolio. There are many types of bitcoin wallets: wallets for desktop computers, mobile phones, online wallets, hardware wallets, and even paper wallets.

The bitcoin idea was conceived by the anonymous “Satoshi Nakamoto”. In May 2008, he shared a white paper (PDF file) on bitcoin, the cryptocurrency from person to person. Without revealing his identity, Satoshi explained how this currency works: Bitcoin will be “explored” through computer programs, transferred directly between users and recorded in a registry that cannot be tampered with without the need for a third party. Satoshi then disappeared.

Part of the bitcoin is considered the secrecy of Satoshi Nakamoto himself, who is considered by many to be a selfless act towards the new era of the financial revolution. Online investigators have identified some candidates to be Satoshi Nakamoto, including an ordinary Japanese person with the same name. Some have said that Satoshi Nakamoto is an alias for a group.

As a new user, you can start with Configuration without understanding the technical details. When you download the Bitcoin wallet to your computer or smartphone, you will create the first address with your own configuration and you can create more whenever you need to. You can disclose the address to your friends so they can pay you and vice versa. In fact, this is a lot like email, except that the bitcoin address should only be used once.

What is Cryptocurrency?

Cryptocurrencies are a subset of cryptocurrencies. Unlike other digital currencies that can be issued from a central authority, trade within a group or geographical location, or linked to paper currency or organization that issues these currencies, the cryptocurrency has completely different characteristics.

Cryptocurrencies have become one of the most pressing issues in the financial field.

What’s so special about Bitcoin?

Simply put, paper currency depends on external parties, such as banks or payment processors such as Visa, in order to verify a transaction. This is how we can confirm that the payment sent was actually received.

Bitcoin is also a decentralized currency, as no government, person, or group has power over it. This makes Bitcoin tradable anywhere in the world as long as the recipient accepts it as a method of payment.

Decentralized currencies contain a unique principle. As with the Internet, it is not subject to geographical boundaries, and for this Bitcoin is also called “the Internet currency.”

Bitcoin can be used to spend on things, like money. Also, some people accept it for investment purposes, while others prefer to use it as a way to transfer money internationally.

According to the 2016 Coin Desk Status Report for Bitcoin and Blockchain, Bitcoin wallets doubled to 12.77 million in one year from the end of 2014 to the end of 2015. Although many Bitcoin users have more than one wallet (it’s common to own more than one wallet), This is an indication that bitcoin users around the year are increasing.

Another way to estimate bitcoin usage is through bitcoin coefficients, which have been constantly increasing. Although this may mean that the same people do more bitcoin transactions, it can be assumed that there are users with new configs in the mixture.

You can buy bitcoins from any stock exchange on the Internet via Bitcoin trading platforms. There are a lot of additional options now compared to the past – there are global and county-specific exchanges as well.

 

By Community member: Ner Meen