What is BitCoin?

What is BitCoin?

With the popularity of bitcoin and crypto currency, people are starting to ask themselves a question, and what is bitcoin? Bitcoin is a new generation of digital currency, the essence of which is that it is not regulated by any bank or computer, it works on blocking technology that gives it this independence. You can not withdraw this currency financially, it works only on the Internet. Bitcoin does not care what country you live in and what your national currency is, with him you can make purchases from any part of the world. It can not be controlled, the emission of this currency operates on the principle of millions of computers that compute complex mathematical algorithms.

What are the differences?

As I wrote above, with Bitcoin you can buy everything you want on the Internet as well as with the help of electronic money, for example such as qiwi or paypal. But what is their difference? The most important difference between the crypto currency and other types of money will be decentralization. Another important difference is that no bank or financial institution can control bitcoin.

Who created bitcoin?

In 2008 an unknown person calling himself Satoshi Nakamoto offered a new kind of electronic payment system. It was based on the principles of mathematical calculations. The meaning of the idea is in the exchange of coins which will not be regulated by anyone.

Where do the bitcoins come from?

Bitcoin is not as unconnected with any banks and can not obey their rules, the state can print any amount of money, thereby making its currency cheaper.
Bitcoin is produced during the issue in digital form and every interested person can start to extract it at any time, but people call this process a mining. Mining is the process of using the computing power of your computer in a distribution network.

How much bitcoin can I get?

You will not get 100 000 000 bitcoins, the fact is that in the bitcoin code its maximum number is programmed. The maximum amount that can be extracted is at the level of 21,000,000 bitcoins. But bitcoin can be divided into an infinite number of smaller parts.

What is secured by bitcoin?

The national currency of any country was provided by any noble metal, such as: gold, platinum, silver. But that was many years ago, now it provides the currency of GDP. Bitcoin does not need to be provided, because it’s just math.
Anyone who wants to get bitcoin, can easily run a script to extract bitcoins on his computer. You can find the script on the Internet, it is in the public domain.

What are the pros?

– Decentralization. Absence of a central control body, each person engaged in bitcoin mining is a part of the system.
– Ease of use. If you want to open your company, then I recommend that you use a bitcoin purse, its creation will take 5 minutes. Anonymity. All your payments and transfers will be completely anonymous.
– No commission. With transfers by bitcoin, you will not be charged a commission.

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