Bitcoin currency

Bitcoin currency

What is Bitcoin currency?

Bitcoin is a currency used for the sale or purchase, as is the case for known banknotes such as dollar and euro. However, it is different from banknotes, as it does not have any physical form (intangible). In addition, Bitcoin is encrypted in a way that does not allow its owner to be identified, nor does it allow transactions to be traced.

Bitcoin is one of the first digital currencies that emerged worldwide in 2009 by "Satoshi Nakamoto". The purpose of Bitcoin was to facilitate and accelerate online financial transactions, as well as to break the rules of Ebanks which impose complicated procedures.

Bitcoin has been a great success, as there has been a great international interest. This interest reflects the rise in Bitcoin rates to record levels considering its unprecedented rise. At the beginning of 2017 the price of Bitcoin had not exceeded 1000 dollars, soaring to 19000 dollars mid-year. This surge is due to the adoption of Bitcoin currency by the most famous companies and websites as well as the heavy demand. Moreover, the recognition by Britain, Netherlands, South Korea, Canada and some other developed countries has had a significant impact on this rise.

How Bitcoin Works:

Bitcoin works within a Blockchain where money is stored on millions of devices around the world. For example, if you want to send money to your friend in another country, it requires your friend to have a bank account, not to mention the time it takes to make the transaction. Unlike the procedures Bitcoin uses, which only require one click to send money to your friend so that this transaction is registered in a Blockchain for storing.

The Advantages of Bitcoin:

Bitcoin has many advantages summarized in 3 points:

1- Confidentiality: The carrying out of Bitcoin transactions is anonymous. This is preferred by many people who appreciate privacy when making transactions. These transactions cannot be monitored or intervened with.
2- Speed and Low Fees: Bitcoin is a decentralized currency. The transaction is carried out between the buyer and the seller via peer-to-peer networking by transferring the private key of a Bitcoin from one wallet to another without a medium deducting fees from the transaction, thus ensuring high speed and low fees.
3- Popularity: Being a decentralized currency, Bitcoin is not bound to a certain geographical location, you may consider it as your local currency. It is also immune to inflation according to the plan of its founder. The plan is to generate approximately 21 million Bitcoins by the year of 2040, to maintain its high value in the market.

Methods of Earning Bitcoin:

1- Bitcoin Trading: The currency can be traded like any other financial asset through contracts for difference via brokerage companies. These companies are already providing margin trading and leverage to increase the investment capacity of the trader compared to the size of the initial investment to increase profit.
2- How to Purchase Bitcoin: Bitcoin may be purchased from the official site, sellers from around the world, or exchange sites in exchange to your local currency.
3- Mining: In general, digital currency - especially Bitcoin - is earned using mining hardware or graphics cards. This is a complicated process, but ultimately profitable.

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