Bitcoin is the best known virtual currency in the world. Bitcoin allows you to purchase real goods and services, using a virtual currency, ensuring the validity of transactions with a complicated encryption system. The transfer of virtual money takes place using peer-to-peer technology. This new tool is taking on a growing worldwide reputation and is attracting the attention of the financial world. Thanks to some peculiar characteristics, such as the non-controllability by international monetary entities and the circulation in an anonymous and non-traceable manner. This means that everyone can know that a particular Bitcoin (or a portion of Bitcoin) belongs to a specific wallet; be careful, this does not mean that you know exactly who owns how many Bitcoin, because this technology is completely anonymous.
How Bitcoin works: Bitcoin can be purchased in cash on the numerous specialized sites like Bitcoin Era, Register on the site . Once the wallet is opened you will receive an alphanumeric string to be communicated to the counterparty that must perform the credit. The buyer will enter this code using the dedicated software, and within a few seconds the credit will be credited to the seller.
What can be bought with Bitcoin: In many countries virtual currency has taken hold and it is possible to pay the bill for the pub, restaurant or café in Bitcoin. In many cities the growth of this new type of payment has been slower and at the moment there are few activities to accept this type of payment. On the internet there are many sites where you can buy products, especially high tech.
Bitcoin: advantages and risks: The use of Bitcoin allows you to send and receive payments worldwide instantly and with a significantly lower transaction cost than traditional methods and, given the negligence of the transaction cost. It could also be used in transactions very low amount, using the mobile phone. However, the market is not yet mature and the counterparty risk is far from low.
Investors are also entering this new market, which has shown remarkable growth in the long run, but currently has very high volatility and very high risk. The intermediaries that manage the exchange of Bitcoin with real currency do not have structures of defence against hacker attacks comparable to those of traditional banks.
No documents: People of any age in any country can receive Bitcoin in minutes. All traditional banks do not have the required ID, passport, or address to open an account. All you need to start sending and receiving Bitcoin is download the Bitcoin Wallet program and generate a Bitcoin address. Thousands of different addresses can be used if needed. There is no limit on the amount of Bitcoin addresses that can be used.
Appreciation value: As you can see from the Bitcoin exchange value graph displayed on our homepage, the value of Bitcoin was initially very volatile during the first few years, but over the last six months, Stable and constantly increasing its value every day.
Blockchain as a solution: Another advantage of Bitcoin is that all transactions are recorded on the blockchain. Blockchain is a decentralized public account book that contains a record of all previous Bitcoin transactions. Private computer networks are linked through shared programs. This network allows you to process Bitcoin transactions. Each computer records transactions on a blockchain and stores them in groups called blocks. Transactions that have already been added to the blockchain cannot be undone. Bitcoin units in a transaction are bound until added to the blockchain. Therefore, the system avoids transaction duplication
Most popular cryptocurrencies
Bitcoin Cash – A fork of Bitcoin, supported by some of the most important Bitcoin mining companies and ASIC processor manufacturers in the world. Although it is still a young currency, it has already reached the top five in terms of market cap.
Monero – A cryptocurrency that allows personal dealings. It has one of the most active communities in the industry, mainly due to the strong ideals of transparency and privacy of the currency.
Ethereum Classic – This is the first edition of Ethereum. The division occurred following a cyber attack against an important decentralized and autonomous organization based on Ethereum