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The history of bitcoin

To understand what bitcoin is, you should look into its history and find out how and where it all began. And it all began with the fact that a group of developers, acting under the pseudonym Satoshi Nakamoto, in mid – 2008-early 2009, published a document in which the world's first cryptocurrency was described in detail.

Principle of operation

You can extract bitcoins using special equipment (farms) or on a computer. The latter method is practically not used due to the significant increase in the level of complexity of crypto mining. All are participating in mining computers allow you to make transactions in the system, maintaining its performance.

The difference from other popular cryptocurrencies

The first and one of the most important differences between bitcoin and other cryptocurrencies is its wider prevalence as a means of payment. ” We accept Bitcoins " – indicate special designations on the doors of stores in different countries.
In addition, bitcoin is traded on all the most popular exchanges, where sometimes even ripple with Ethereum can not be found. In some exchanges, in order to get Fiat money to your account, they must first be transferred to bitcoins.
In terms of its liquidity, bitcoin is also different from other cryptocurrencies. It is with this cryptocurrency is the largest number of transactions, and every day it wants to buy more and more people.
In terms of security, BTC also differs from other digital currencies. For all the time of its existence, it is difficult to remember at least a couple of really large thefts and successful hacker attacks on the system.

Advantages and disadvantages

It would seem that such a cryptocurrency as bitcoin can have any disadvantages? It turns out they can, and quite significant. But we will start first with the advantages that this digital currency has. After all, it is thanks to them that it is so popular.

  • All transactions involving BTC are conducted without intermediaries. Users interact directly, and intermediaries do not need to pay a fee for their services, which leads to additional savings.
  • Anyone can easily open a wallet to store bitcoins and buy this cryptocurrency. Everyone has access to the network, and there are no restrictions on age, status, and other parameters.
  • High security. Despite frequent attempts to organize hacker attacks on the system, in the history of BTC, there were no significant thefts for large amounts, unless they happened through the fault of the user.
  • No one can control the system, let alone has the right to make adjustments to its work.
  • All data that has already been recorded remains there forever and is available to all users without exception.
  • High level of transaction anonymity. Unlike transactions with Fiat funds, which can be traced without problems and calculate who is the sender of the money and who is their recipient, with bitcoin, it will not work.

Now let's talk about the shortcomings of Satoshi Nakamoto's cryptocurrency:

  • Long waiting time until the transaction is completed. The increased popularity of bitcoin and the growing load on the network did their job, and transactions began to be actively delayed. All this led to the second urgent problem;
  • High commission. Yes, before, commissions on transactions with BTC were very attractive, but now everything has changed. To somehow speed up the confirmation time of the operation, users have to pay huge commissions, which not everyone can afford;
  • Increased volatility. Often the jump rate of the bitcoin is simply impossible to predict. On the one hand, such high volatility allows experienced traders to earn, but on the other does not play into the hands of beginners, who are often completely unprepared for such a development;
  • The attitude of the authorities of different countries to bitcoin is ambiguous. All this leads to attempts to limit bitcoin transactions, and even to hold users accountable;
  • Despite the high level of security, losing access to your wallet, the user will have little chance to return their bitcoins.

Why is it popular?

We have figured out what bitcoin virtual money is. Now we need to understand why it is so popular.
The first reason is anonymity. No one wants the transaction to become known to the Supervisory authorities and third parties. And thanks to bitcoin, users have the opportunity to maintain their anonymity. In particular, this quality of BTC was appreciated by sellers of weapons and drugs, as well as other goods that are sold on the black market.
The second reason is bitcoin's non-commitment to inflation. Even if you keep money in a Bank Deposit account, the interest you receive often does not cover even the losses from inflation. But if you transfer your funds to a bitcoin wallet, you can be completely calm for them.
The third reason for popularity is the availability of bitcoin. You can buy this cryptocurrency on any crypto exchange, which can not be said about other digital money. And the sharp jumps of the course allow exchanging experienced traders for increasing their capital to bitcoin several times. Beginners often lose their money in such situations.

How to become a bitcoin owner

There are many ways to get bitcoin. The easiest and fastest way to get bitcoin is when you have another currency that you are willing to give in return. In this case, you can use the services of one of the exchangers, choosing the service with the most loyal exchange conditions and the minimum Commission, or register on one of the popular exchange platforms to buy bitcoin for another cryptocurrency, electronic money or Fiat. That's all-after a few minutes on your account will be bitcoin.

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