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Bitcoins : New currency reflecting developments

19 March 2020
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Bitcoins : New currency reflecting developments

Bitcoins : New currency reflecting developments

Bitcoins? Crypto currency? Words that really call out, especially since they are starting to be talked about. Although a perfect neophyte you can associate bitcoins with the dark web, the deep, secret web, the dubious business world, the universe of evil. Simple received ideas? Perhaps ! Bitcoins, the new currency reflecting technological developments

How to define bitcoin? Etymologically, this word comes from the English bit: binary information unit and coin corner.

It is a new digital currency, virtual cryptographic type and a means of payment which was set up in 2009 by a man under the false name of Satoshi Nakamoto. He brought this idea to the world as an open-source design, or “open source code” in French



Understand the difference between Bitcoin and traditional money

Bitcoin would be radically the opposite of conventional currencies, which is why it is necessary to know the key qualities of Bitcoin, including, among other things, total decentralization. In fact, there is no middleman, bank or government that can intercede and influence money in any way. It is therefore completely impossible, and it is not even possible to falsify the currency, to block the accounts, to manage the movement of money or even to cause inflation. In the world of cryptocurrency, there is only one bank, and it takes care of everything: it is both it which governs all operations and it which acts as central bank by regularly paying money.

This bank nicknamed “the network” is decentralized, that is to say, in clearer jargon, it is not controlled by humans but by open source software, distributed on machines around the world. All human intermediaries are eliminated, which is said to reduce the margin of error, or even eradicate it completely. An important advantage

You can send and receive any amount of money regardless of places and people. So there are no geographic boundaries that can hinder these transactions. A total relocation, in a way. To carry out the transactions, we use the database through what are called peer-to-peer network nodes.



More about Bitcoin

This new currency is issued at a regular but always decreasing rate. Finally, we could predict that the number of coins in circulation would reach 21 million around 2140.

Payment transaction fees are almost non-existent



You can store your bitcoins on your personal PC or your smartphone thanks to adequate software, such as “Bitcoin Core” which will allow you to receive, keep and spend bitcoins, but not only, since it will transform your computer in Bitcoin knot, impossible to smash, an inviolable safe.

You can also use what are called hardware wallets which will safeguard your loot in bitcoins jealously, ideally. Or you can keep them on a USB key, or by using the service of a third party. But you can keep them, also on a completely disconnected support, for example on a sheet of paper

Let’s determine the value of Bitcoin money

Let’s try to do a little math to find out the value of bitcoin. It’s a bit complicated, but let’s try anyway. Each bitcoin can be split up to 8 decimal places, and therefore it can be split into a large amount of currency units. The smallest unit, therefore, is 0,000,000 01 BTC, called a Satoshi. And the advantage of bitcoin is that you cannot duplicate it, even through software, in any way. How do you get it then? You can acquire Bitcoin by mining, or from someone who owns it. A real revolution in this payment system which has left all the banks behind.



What is Bitcoin mining?

The process frequently used to earn bitcoins is their new creation. This is called “Bitcoin mining”. In fact, it is nothing more than confirmation of the operations of the buyers who exchange bitcoins with each other. But what is original, even exceptional, is that those who “mine” ignore everything, about the recipients and the receivers. The whole process is done entirely in the most perfect anonymity. On the network, there are only users and those who mine bitcoins, which are called miners.

The acquisition of Bitcoin on the stock exchange

You can also acquire bitcoins first-hand on one of the Bitcoin exchanges, which is more beneficial since you will have price advantages. However, these scholarships will verify your identity, which would take a long time. We should be patient.

Bitcoins : New currency reflecting developments

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