Bitcoin is an existing currency form only in the digital world. The technology was created by an individual hiding place under an identity named Satoshi Nakamoto. To date, creators / creators of the system are never materialized, maintaining an anonymous status.
Bitcoins are not printed as traditional currencies because there are no physical representations for cryptocurrence; It is produced by users and many companies through a process called Mining. This is where dedicated software solves mathematical problems in exchange for virtual currency.
A user takes control of it using electronic devices, which also serves multimedia transactions to complement with the help of many platforms. It is also kept and secure with the use of virtual portfolios.
Features of Bitcoin
Bitcoin has the characteristics of traditional currencies such as purchasing power and investment applications using online trading instruments. It works like conventional money, it is only in the sense that it can only exist in the digital world.
One of its unique attributes that can not be equaled by Fiat Currency is that it is decentralized. The currency does not work under a governing body or an institution, which means that it can not be controlled by these entities, offering users the full ownership of their Bitcoins.
In addition, transactions occur with the use of Bitcoin addresses, which are not linked to any name, addresses or any personal information requested by traditional payment systems.
Each Bitcoin transaction is stored in a great book that everyone can access is called the blockchain. If a user has a publicly used address, his information is shared so that everyone can see, without the information of his user of course.
The accounts are easy to create, unlike conventional banks that require countless information, which can put its users at risk due to fraud and schemes surrounding the system.
In addition, Bitcoin transaction fees will always be small in number. In addition to the completion of the almost instantaneous transformation, no fees are known to be important enough to put a tooth on his account.
Uses of bitcoin
In addition to its purchasing capabilities of goods and services, one of its known applications is useful for a number of investment vehicles. This includes Forex platforms, Bitcoins trading and binary options. In addition, the brands offer services that revolve around Bitcoin as a currency.