What is Bitcoin? Features

Bitcoin is a digital currency that is managed and stored on computers. However, you need to know a number of features of bitcoin from ordinary money.

Bitcoin and the entire cryptocurrency as a whole is a young market and has just begun to exert its influence on the whole world. Hence the sudden ups and downs. Therefore, for whatever purpose they are purchased, you need to remember this. A price change within 30 % per day is almost normal for bitcoin, although it very often happens to be "flat", that is, the price practically does not change.

Bitcoin allows you to simply keep money in your wallet (bitcoin wallet), make payments for your purchases, transfer money, and play on exchange rates (price changes) in order to make a profit. Well, the main distinguishing feature of bitcoin, or as it is also called "digital gold". By performing all these actions, you remain in the shadows, meaning no one knows your first name, last name, or even the country where any bitcoin transactions originate from.

All movements of bitcoin transactions are recorded in the blockchain, which can be easily tracked online, everything is very transparent and accessible.

The emergence of Bitcoin

There is no official founder of bitcoin. Presumably, this is someone Satoshi Nakamoto, an anonymous programmer, who probably built and launched a completely new digital system, bitcoin, with his team in 2010. This system could be run on any computer and anyone could participate in their distribution system.

The system generates new coins by itself, and the miners receive them. The amount of bitcoin is mathematically strictly limited to 21 million. No one knows exactly when the last one will be mined, but its value will definitely increase dramatically.

Bitcoin Wallet

In order to make purchases, make transfers or other transactions with bitcoin, you need to get a bitcoin wallet, a special program that tracks all the necessary data. The number of companies accepting bitcoin payments is growing every day.

A Bitcoin wallet can be installed on both a personal computer and a mobile phone, all quite securely and anonymously.

Bankers against Bitcoin

The entire bitcoin system can become a worthy rival to all payment banking systems, and indeed to all fiat money in general. The fact is that using Bitcoin, you can make a transfer to anywhere in the world without commission. Bankers, of course, have no need for such rivalry. The US authorities have repeatedly stated about the negative impact of bitcoin on the development of the economy as a whole. There is no official ban, but conditions have been created under which it is simply unprofitable for entrepreneurs to carry out their transactions in bitcoins.

When something completely new appears and is already very popular, many people fear that it could damage the economy. Everyone should understand and recognize that innovations are simply necessary for the further development of mankind. Bitcoin is just such a global innovation, it's just that the global community hasn't figured it out yet.