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The essence of Bitcoins

Суть Биткоинов

Our century is the age of digital technology and annual innovation. Humanity has entered a new stage of development. And the financial issue was no exception. In 2009, the victorious offensive of a new type of money, known as cryptocurrencies, began. The digital currency called Bitcoin is the progenitor that laid the foundation for the emergence of a variety of coins that have become an integral part of the global financial system. They have conquered the virtual settlement market and, despite the lack of a physical embodiment, are very popular in the real world. You can already buy real goods for it. In the near future, cryptocurrencies, and especially Bitcoin, have every chance to oust traditional fiat currencies from the financial Olympus.

Not all netizens know what Bitcoin is all about. Not all knowledge about him lies on the surface. After all, Bitcoin is not just a currency, but also a payment system of the same name, which operates according to its own principles.

 

Who is cryptocurrency subject to?

The cryptocurrency did not immediately find its supporters. It took several years to be believed. There are many more supporters of this system than opponents. The main reason for the rise in popularity should be sought in the growth of the exchange rate. At first, Bitcoin was viewed by ordinary people as a successful tool for ensuring the safety and growth of their own savings in the harsh economic realities of our time. Although, over time, it acquires cumulative functions as an online means for everyday settlements. Bitcoin is known to be an unprintable currency. Cryptocurrency exists on the Internet. It is not subject to the influence of government agencies of any country in the world. Internet users associate digital money with financial freedom. This is the essence of Bitcoins. Yes, they are an outpost, a citadel of material independence from regulatory mechanisms on the part of the official authorities and do not fall under the perverse standards of financial and credit institutions.

The developer of open source electronic money under the name "Satoshi Nakamoto" created the first electronic money, which should subsequently be recognized by all countries as the official world currency. As you know, Bitcoin will not outlive itself for more than 100 years. In order to start working with it, you need to create a digital wallet (for example, on the blockchain website). All data, except for the private address, remains confidential. No individual or legal entity will be able to track the movement of funds on the clients account.

Currency decentralization is at the heart of Bitcoin. Cryptocurrency is not controlled by anyone. The lack of regulation by government agencies is attracting more and more new users. So far, no way has been identified to control it. Bitcoin is an ideal example of the superiority of the principles of collectivism, which have repeatedly proven their superiority over their counterparts in the process of human evolution. The collective intelligence that governs the system of an alternative currency recognizes only the principles of democracy and consensus, thanks to which it displays a unique vitality and the ability to limitless self-improvement.

Currency generation occurs thanks to the power of computers located on the network and aimed at mining Bitcoins. Unsystematic spread of computing power across the entire surface of the planet, an excellent defense mechanism that has no analogues. The authorities cannot control the miners (miners) and do not influence the price of Bitcoin in any way, because the currency is based on innovative blockchain technology. It is the unique system of open distributed ledgers that is the mainstay of the financial power of virtual coins, the value and recognition of which is growing every year. Bitcoin threatens the foundations of a flawed financial system imposed on the worlds population and is perceived by banking institutions as a direct threat to its existence, which is true. As expected, in this confrontation, the authorities did not take the side of cryptocurrencies.

The authorities do not fully understand (or pretend not to understand) what is the essence of Bitcoin and compare it to another "bubble". Despite the dissatisfaction of world countries with the first global currency based on a peer-to-peer system, its popularity among the population is only growing.

As you know, the world economy was built on the basis of the gold reserves of a certain country. The built-up monetary system is unstable and subject to inflation. Looking to the future, digital money may well help citizens to preserve their reserves and even increase them due to the stable growth in value. Bitcoin is no longer only speculation about it, you can buy real goods for it. Due to the confidentiality of the movements of virtual coins between accounts and the reliability of the system, which is the essence of Bitcoins, cryptocurrency is rightfully called "democratic". No special service has the ability to track the movement of amounts in the system.

 

How reliable and secure is Bitcoin?

One of the main aspects of a cryptocurrency is its reliability and security. Cryptocurrency is created by mining based on complex mathematical calculations. And the more users connect to this system, the more complex the computing becomes. It turns out that by the end of the Bitcoin generation process, it will be very difficult to get digital money.

Despite the emergence of new electronic money, such as Litecoin, Pircoin, Dash and others, the clients of the virtual network are thoroughly imbued with trust in Bitcoin. Because the main essence of Bitcoin is its practical application. To mine cryptocurrency, you will need to use the power of your computer around the clock, or make money on Bitcoin faucets, lotteries or games. They pay a little for them, but if you visit several taps, then in a month you can get a significant amount of virtual coins. One of the purposes of the popular cryptocurrency is to provide additional or basic income for a multi-million army of unemployed. It is known that the Internet has long become a global employer.

The reliability of Bitcoins lies in the impossibility of counterfeiting it. Each voiced virtual coin is unique in its own way and has its own hash code. Unlike banking systems, the cryptocurrency money transfer system, based on the blockchain platform, is surprisingly resistant to cyber attacks and ensures the safety of cryptocurrencies, despite their size. This is the essence of Bitcoin. Knowing the public and private key of a system participant is the only way to get into someone elses wallet. Without this data, it will take decades to hack a digital wallet.

Maximum security is ensured by 6 confirmations for payment transactions. This once again proves the effectiveness of this system. Previously, world currencies were backed by gold and silver, but now there is such a concept "GDP". Bitcoin is not secured in any way. These are pure mathematical calculations and cryptographic methods. Absolutely anyone can run a script to earn currency on their own computer and understand the essence of Bitcoins. The source codes are publicly available on the Internet.

The advantages of Bitcoins include:

Voluntary use of cryptocurrency.
Ease of handling.
Democracy.
Lack of printed characters.
Impossibility of counterfeiting.
Seizure protection.
Programmed emission.
Inflation protection.
Reality of exchange for world banknotes using exchangers.
By the way, if we talk about the issue in detail, then everyone has long known the number of Bitcoins that will be issued before 2140. Exactly 21 million. This is the essence of Bitcoin. It is the limitedness that so strongly affects the growth of the price of virtual money in the context of inflation of fiat funds. As you know, every new Bitcoins are generated on the network in 10 minutes.

And in conclusion, you can talk for a long time about the advantages of cryptocurrency, but it is much better to try to earn your first Bitcoin right now.