Crypto News

Know About Your Digital Bitcoin

Bitcoin Price Analysis for May, 12th - BTC Volatility Sweeping Off Scale

Bitcoin (“Bitcoin” from the English words “Bit” – bit, “Coin” – coin) – the first cryptocurrency in the world that uses the same digital currency using P2P technology

Bitcoin sticker – BTC (in common “cue ball”). In the future, the option of renaming to “XBT” is being considered. The mark is approved for inclusion in the planned Unicode standard version 9.0. His number is U + 20BF.

If you read the definition on Wikipedia, then there it is quite complicated. It is unlikely that an ordinary user will be able to understand this wording, not to mention all the subtleties. From Wikipedia: “Bitcoin is a peer-to-peer electronic cash system using the digital currency of the same name, which is often called cryptocurrency or virtual currency.”

In simple terms, what is Bitcoin?

This money exists only in the network, but it can be easily exchanged for the usual money (rubles, dollars, Euros). The main “chip” of Bitcoin is that it is both a currency and a payment system. 

Who created Bitcoin?

Its creator and developer is Japanese Satoshi Nakamoto, who in 2008-2009 first told the world about cryptocurrency based on Blockchain (see the history of the creation of Bitcoin). No information about Satoshi’s identity was found on the network, so everyone suggests that he is just a legend. Most likely, this is simply the name of a group of programmers (as in Yandex there is Plato Schukin, which actually does not exist).

The principle and technology of bitcoin to many users is still not fully open. So, most people at a subconscious level consider cryptocurrency a continuation of the “financial pyramid” and automatically attribute it to risky events.

Bitcoin is a tool that traders skillfully use. Of course, this greatly affects the course of the electronic coin. Such leaps and the use of coins in this direction do not allow Bitcoin to be presented as a reliable means of payment. You can open account here for bitcoin transaction: the bitcoin code

Taking into account both sides of the experts, each user of the system and just a person must decide for himself whether to believe him in the future of cryptocurrency or not. Today its price is too inflated, but there are no settings that determine the maximum possible cost for one coin.

Pros of Bitcoin cryptocurrency

  1. Bitcoin anonymity

Since the network is decentralized, all transfers occur absolutely anonymously. Wallet addresses are also anonymous. You can only track the latest transactions, but to whom and for what Bitcoins were transferred it is impossible to determine even special services. However, this plus has the opposite minus, which will be described in the minus section a little lower.

  1. Bitcoin – an alternative to existing money

Bitcoin is an alternative and fairly convenient method of payment in the world. Now there are already many places, both on the Internet and in real life, that accept Bitcoins for payment. See where Bitcoins are taken. In the very center of Vienna there is already a Bitcoin Store.

  1. No taxes

When paying with Bitcoins, no taxes are levied, since officially it is not a currency. This makes it possible to purchase goods a little cheaper.

  1. International currency

Bitcoin is truly an international currency. For example, it is possible in Russia and in other countries to pay all from one wallet without thinking about currency exchange.

  1. Lack of control

Bitcoin is not controlled by anyone. They belong only to the public, which means it is politically difficult to influence them. Although, of course, it is impossible to speak of a complete lack of control.

  1. Minimum commission

Minimum commission for the transfer (and it does not depend on the amount). However, if the transfer needs to be done instantly, you will have to pay a commission that you decide to pay (the more you pay, the faster the transfer will be).

  1. Bitcoin Reliability

Bitcoin cannot be faked because it is very difficult. It is much easier to get new coins. Over the entire existence of the network, it has never been hacked.

  1. Limited issue emissions

More than 21 million Bitcoins will definitely not be. This limits inflation and makes money more valuable.

The post Know About Your Digital Bitcoin appeared first on The Merkle News.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Write a Comment

Related Crypto News

Ethereum Makes 3rd Attempt at New Highs as Options Skew Turns Negative
Ethereum made its third attempt to set new local highs against its Bitcoin trading pair in 2020 yesterday. This...
Bitcoin Closing the May Candle Above $9,360 is Crucial For Bulls: Here’s Why
In just a few minutes’ time, Bitcoin will close May’s price candle. Analysts say that this close will be...
Max Keiser: There Isn’t Anything Crypto Altcoins Do That Bitcoin Won’t Do
Ever since the peak of the 2018 crypto bull market, Bitcoin has been front and center for most investors....
Ethereum DeFi Nears $1 Billion Milestone Again, and That’s Big for the ETH Bull Case
Ethereum’s budding decentralized finance (DeFi) ecosystem took a heavy beating after the March capitulation crash. As I detailed in...
Goldman Scandal, BTC Bull Trap Fears, How Libra Will Make Money: Hodler’s Digest, May 25–31
Goldman Sachs attacks crypto, why Bitcoin may be wandering into a bull trap, and how Libra is going to...
Trading Bitcoin Vs. BTC Futures — Which Is Best for You?
A growing number of crypto exchanges are offering futures trading for Bitcoin and altcoins, can retail investors capitalize on...

Featured Crypto News

Bitcoin Sells Off At $9.5K Ahead of Trump’s China Response; What’s Next
Bitcoin breaks below $9,500, a crucial support level, a day after breaching it to the upside. The cryptocurrency pared...
Bitcoin May Surge as Chinese Yuan Gets Fixed to Lowest Price in a Decade
Unlike Bitcoin and other free markets, the Chinese yuan market is fixed and somewhat controlled by the country’s central...
Coinbase Now Supports Tezos Staking Rewards for UK and Some EU Users
Major crypto exchange Coinbase is rolling out Tezos staking rewards for users in the United Kingdom and three European...
Digital Currencies Could Threaten US Geopolitical Power, Warns JPMorgan
“There is no country with more to lose from the disruptive potential of digital currency than the United States,”...
Ethereum Could Stage Strong Rally As Double Bottom Pattern Emerges
Ethereum nosedived below the $202 support zone against the US Dollar. ETH price revisited the $192 support and it...
Bitcoin Traders Now Eye $6-7Ks After 4 Failed Attempts to Break $10K
The price of Bitcoin is set to test lower levels as support after numerous attempts to break $10,000 have...