What Is Bitcoin? And How Does Bitcoin Work? What Is Bitcoin Trading? What Is Bitcoin Mining? What Is Bitcoin Worth Today? What Is Bitcoin Cash? And What Is Bitcoin Gold? All Answer is here.
What Is Bitcoin
Bitcoin is an electronic currency that enables you to buy online or at the performance of restaurants and shops that accept payment by Bitcoin and the difference between them and the regular currency is that it is not centralized and there is no financial center anywhere in the world controlled or monitored. The idea was to create a currency independent of the influence of central banks, providing flexibility in dealing with very low transaction fees.
What is Bitcoin Simply?
The currency of the Bitcoin Code is not like the other currencies printed by the central banks, the more they want to cover their national debts, the more they are printed, and the less they are devalued. In contrast, it is digitally produced by people and anyone who can participate in the production process. Bitcoin Code is produced in a process called Bitcoin mining by powerful computers connected to the Internet.
The Bitcoin Code system allows only 21 million units to be produced around the world, but at the same time the protocol allows the production of hundreds of millions of split units and these small units called Satoshi.
According to Bitcoin Code algorithms, there are two production plans:
Short-term: The algorithms will allow the production of large numbers of Bitcoin from 2009 and production will be gradually reduced each year until about 20 million Bitcoin are produced by the end of 2024.
Long term: Production will be very slow to complete the production of 21 million units by the end of the year 2140.
This process is helping Bitcoin to rise against the rest of the currencies with the diaper on its value in accordance with mathematical controls and in this way avoids the financial collapse that occurs to the traditional currency of the central banks.
Conventional currencies are based on gold or silver. In theory, if you have a thousand dollars in the bank, you can recover a bank owner from gold or silver worth 1000 dollars (practically you can not)
Bitcoin is based on mathematical calculations and people around the world use programs that follow the mathematical formula for the production of Bitcoin. This mathematical formula is available free of charge and the program is also open source.
Features of Bitcoin Code
Peer-to-Peer is a peer-to-peer P2P and no central bank that controls or monitors it. Every machine that mines a home is part of a global network that works together, simply because there is no financial center that can freeze anyone’s money. the world.
Get an account in minutes: Traditional banks make you sign on many papers when you open a bank account or make a financial transfer, even if you want to open an account for trade or remittances is another thing where they make you go through bureaucratic steps. For Bitcoin you can open your account in a few minutes from your computer, no questions or fees.
Confidentiality: You can own many Bitcoin Code accounts and portfolios without being connected to your name, address or any information about you.
Transparency: Bitcoin Code stores any process you have done, even if you have the title of Bitcoin. Anyone can know how many houses you have in this address and the number of transactions made with this address. At the same time, you will not know that you are the owner of the address (confidentiality and transparency).
Deprecated graphics: A conventional bank may cost you twenty dollars in an external conversion process.
Speed: You can send and receive your home at the same time and this speed due to the lack of a center watching the transfers.