What do you know about the BITCOIN?

Bitcoin (BTC) is a cryptocurrency first described in a 2008 paper by pseudonymous developer Satoshi Nakamoto. Bitcoin is a currency like Dollar or Euro valid on exchange goods and services. It is a simple idea, based on the fact that the coin does not exist physically, it does not also belong to any country and it is almost impossible to forge since it has a complicated system of cryptography. The currency is rated upon Euro, dollar, etc… and one can change dollars and euros into bitcoins easily.

One interesting point about this coin is that there are not intermediaries in their usage transactions are done between users, one to one. And the most important thing, it preserves privacy of the users. Money belongs to the user and cannot be intervened. So after reading this paragraph, you might not be sure whether this coin is created by social movements or non scruples bankers. It must be clear that Bitcoin should be considered as a high risk asset, and one should never store money that cannot afford to lose with Bitcoin.

Let us clarify, bitcoin is intended to be used in internet transaction, based on the system peer to peer, giving a secure way of paying on the websites, alternative to the credit cards. Another possible usage of it, it is for sending money to other countries without commission (in case for example of immigrants to their home lands). There are already applications that allow you to have a “digital wallet” like i.e. Blockchain. On every transaction new bitcoins in the market are created (this will end in the year 2140). This is the way the bitcoins also are fueled into the market.

But what makes this coin safe ? The bitcoin is mathematically almost impossible to duplicate, forge  or manipulate. On the other side it is also not anonymous, transactions are public and avalaible (associated to a transaction number, which everyone can see openly). Even that is obviously that this coin is not yet a real alternative to the “paper” currencies world-wide. I think we should keep an eye on its promising evolution.

For further info about the coin, please check official web


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s