Finance

What is a bitcoin?

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Are you searching, what is a bitcoin? Bitcoin is a virtual currency whose name is derived from the terms “coin” and “bit” (binary unit in computer science). Bitcoin, unlike traditional currencies such as the euro, the dollar, etc., is not governed by any government or central bank. This virtual currency is created and governed by a large community of Internet users around the world. Bitcoin can be exchanged for any other cryptocurrency that runs against the euro, dollars, etc. but not only. It is possible to exchange Bitcoin for all types of services or goods at service providers or merchants who accept bitcoin. We can even find cash machines in big cities that accept bitcoins.

What are the advantages of bitcoin?

Bitcoin is now used and accepted by thousands of websites, providers and local businesses, ATMs, etc. The use of bitcoins brings the advantage of having almost no transaction costs, due to the absence of intermediaries that we meet in the usual banking network. Moreover with the bitcoin, the payments are completely secure (impossibility of fraud) and take place in just a few minutes. Note however that the number of checks imposed by the bitcoin encryption system does not allow for instant payments while some cryptocurrencies like the dash with a different encryption system but just as secure allow it.

How to get bitcoins?

There are several ways to get bitcoins that can be assimilated to gold. That is, we can get bitcoins by buying or mincing them. It is possible to buy bitcoins on many buying platforms such as Coinhouse, Coinbase, Uphold, etc. This is the simplest and fastest way to accumulate some virtual pieces. It is also possible to find bitcoins exactly as a miner would find gold nuggets, the bitcoin miner will find bits of bitcoin through his computer or specific computer hardware dedicated to this task. Once the equipment is running and the free mining software is launched, the mining can begin for many hours, days, weeks. Mining is about joining a network of tens of thousands of computers around the world. The specific machine or the computer spends 100% of its time solving successive equations and will receive if successful by the bitcoins just made as a reward for the work done. To get bitcoins mining seems more and more complicated for solo minors (those who do it alone from home) because the dedicated machines put into service by companies leave them only a few crumbs. It can be said that, to date, solo mining allows more to participate in the network than to really enrich oneself. On the other hand, companies equipped with servers or mining farms do most of the bitcoin extraction work, pushing the children to fall back on more accessible crypto-currencies. This is the case, for example, withAvalon-Lifewhich offers mining contracts accessible to anyone!

Will bitcoin be the currency of the future?

The value of bitcoin is so high (see his current court on coinmarketcap.com). Since its birth the bitcoin has undergone many fluctuations, from a few cents initially, it has reached a maximum peak to more than $ 1000 end of 2013. Bitcoin despite its high court pulls up some crypto-currencies that will certainly take their place. Turn, their flight in a while. Some detractors are trying to discredit bitcoin by building a sulphurous reputation because of its lack of transparency, and some dubious cases that have been attached to bitcoin. For lack of supervision on their part, some states and banks would simply prohibit it, but bitcoin is part of the decentralized economy that still gives it a certain freedom today.

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