What is BitCoin?

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Cryptocurrencies, especially bitcoin, are relatively new coins, they were created in 2009 by an unknown person under the pseudonym Satoshi Nakamoto. The idea behind this entire project was to develop a new medium of exchange that would operate independently of any central authority, such as banks. It can be transferred electronically, in a safe way, and is easily verifiable.

Just like any other currency, bitcoin is used to pay for goods or services. In this sense, it is similar to the euro, dollars, or traditional mechanisms that can be traded online as well.

It can be used to book a hotel room in Expedia, deposit money into your Microsoft account, or shop on Overstock. However, what distinguishes it from traditional currencies is the fact that there is no government behind the creation or circulation, which means that it derives its value from the number of users who buy it.

Bitcoin Trading Features:

Decentralization

There is no institution that controls the Bitcoin network, in particular, it is maintained by volunteer programmers and managed by an open network of dedicated computers around the world. This is exactly what makes many users uncomfortable with the government institutions and banks that control their money.

Anonymity of the user

Privacy protection has become synonymous with bitcoin. And the way it works makes sense - all information related to the user is generally stored anonymously.

Personal Bitcoin Keys

Each Bitcoin trader needs to have their own private key, usually this one in the form of a password. These keys are used to confirm the identity of the owner and to assist them in completing the transactions. Now, special keys can be saved in so-called wallet files.

Bitcoin Governor

A form of storage for a decentralized digital currency, used to identify its users. Although their primary goal is to prevent bitcoin theft, they are still not well organized and are vulnerable to hacking.

Miners Bitcoin Miners

They are the users who make Bitcoin more reliable. Their goal is to do very challenging mathematical tasks in order to make a new bitcoin.
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