Bitcoin is a form of currency that exists only in the digital world. The technology was created by a person hiding under an identity named Satoshi Nakamoto. To this day, the creator (s) of the system have never materialized, maintaining an anonymous status.
Bitcoins are not printed like traditional currencies because there is no physical representation of the cryptocurrency; it is produced by consumers and many companies through a process called digging. This is where special software solves math problems in exchange for virtual currency.
The user takes control of it with the help of electronic devices, which also serve as an environment for transactions using multiple platforms. It is also stored and secured using virtual wallets.
Bitcoin has the characteristics of traditional currencies such as purchasing power and investment applications using online trading tools. It works just like conventional money, only in the sense that it can only exist in the digital world.
One of its unique attributes, which cannot be compared to the fiat currency, is that it is decentralized. The currency is not managed by a governing body or institution, which means that it cannot be controlled by these entities, which gives users full ownership of their bitcoins.
In addition, transactions are made using bitcoin addresses that are not associated with any names, addresses or any personal information requested by traditional payment systems.
Each individual bitcoin transaction is stored in a register that anyone can access, this is called a blockchain. If the user has a publicly used address, his information is shared so that everyone can see it, without the user’s information, of course.
Accounts are easy to set up, unlike conventional banks, which require a myriad of information, which can put your customers at risk due to fraud and schemes around the system.
In addition, the fees for bitcoin transactions will always be low. Apart from the almost immediate completion of the processing, it is not known that the fees are significant enough to make a dent in someone’s account.
In addition to the ability to purchase goods and services, one of its well-known applications includes its use for a number of investment instruments. This includes Forex, bitcoin trading and binary options platforms. In addition, brands offer services that revolve around bitcoin as a currency.
Obviously, bitcoin is just as flexible as traditional legal tender. Its introduction provides each person with new useful opportunities with its ease of use and opportunities for profit.