This article was developed for users who want to get acquainted with the world of cyber-money and understand how it works and understand what are the advantages of using these tools. It is very important to know about Bitcoin, since it is accepted for payment by the most large-scale companies around the world. The popularity of the coin has reached such a point that it can be even used to pay for goods or services, and often the price on the Internet will be below the market price.
The Creation of Bitcoin
Bitcoin is a cryptocurrency, which appeared in 2008. The impetus for the project made need that the Occupy Wall Street movement accused large banks of systematically stealing their users. The ideology of creating Bitcoin was that investor’s transactions become more transparent and decentralized. In other words, everyone could control all their means and understand what is happening to them.
So, to put it simply, Bitcoin can be interpreted as a virtual currency or the technology on which cyber money is based. With the help of these currencies, you can buy goods or pay for any services. Transactions are made through a special address, which is encrypted into a 16-digit code.
Of course, the Internet space is full of risks, since you can never exclude hacker attacks on the server or the sudden failure of individual programs. However, today’s market is very serious about Bitcoin and other cryptocurrencies, so the security system for user assets is raised to a very high level.
Bitcoin transactions differ in a number of features that you need to know before you start working with cryptocurrencies.
First, the transactions performed are not reversible. In other words, if you transferred money, they have gone from the account in the specified direction and can not be returned. This process has one more advantage – anonymity.
Buying Bitcoin, the exchange carries out the transfer of coins to the so-called address, consisting of 30 random numbers. In the process of exchanging a virtual currency for money or payment of any accounts using cyber currency, the user is not required to enter any personal data.
And the last, but very important feature is that the Bitcoin balance is fixed in the cryptographic system. The investor is the sole owner of the public key, which, thanks to the magic of large numbers, becomes virtually invulnerable to hacker attacks.