While Bitcoin is a relatively new term, it began to circulate since 2009. During its existence, the use of Bitcoins has been related to the dark side of the network and hackers; as is the case with the most recent cyber attack WannaCry where hackers were asking for Bitcoins bailouts, through Thor (or anonymity network) to guarantee the complete anonymity of the transaction.
But Bitcoin, beyond being a currency related to cybercrime, is actually a revolution, which has grown by leaps and bounds and is used throughout the world and by large sectors of the economy.
How exactly do Bitcoins work?
At the user level, Bitcoin is nothing more than a mobile or desktop application, which gives you access to a personalized wallet, with which each user manages their Bitcoins. Thanks to this wallet, users and companies generate transactions and move “digital money” with each other. .
In backstage, the Bitcoin network has a public accounting called block chain, thanks to it, each transaction that is made is accounted for and validated, to have complete control over the number of Bitcoins that are moving.
Bitqt is one of best app which guides you about Bitcoin currency.
How to change physical money to Bitcoins and vice versa?
When you travel from one country to another in the first thing you think is in the currency exchange, the traditional option is to approach a exchange house to be able to buy the currency you need.
In the case of Bitcoins or other digital currencies the same thing happens, but it is much easier, obviously you need to buy Bitcoins with “physical” money. Regardless of whether you handle Dollars or Euros, each currency will have a nominal equivalent in Bitcoins for the purchase and for the sale, which varies daily as all exchange rates.
To access the purchase and sale there are digital banks, where with a credit or debit card you can buy the Bitcoins you want, these will be sent to your Bitcoins wallet. In the same way, if you want to sell them, you will do it by the same means and they will consign the money to an account, all you need is to get an online company specialized in crypto currencies to manage purchase / sale.
What are the main advantages of using Bitcoin currency?
Without a doubt, the most attractive thing about this currency is the security of its operations, since payments with Bitcoin are not associated with personal information, guaranteeing the highest standard of protection against possible identity theft.
Being a “free” currency, that is to say that it does not obey any country and does not depend on a bank as such, users can send and receive money anywhere in the world 7 days a week, 24 hours a day , immediately.
- Commissions are lower:
Another of the great advantages of being a “free” currency is that the transfer fees are really low or nonexistent.
Unlike other currencies, Bitcoin guarantees absolute control over each transaction, without generating any additional unwanted costs.
How much is a Bitcoin worth?
Bitcoin, being an unconventional currency and outside the control of centralized entities, causes the fluctuation and speculation of it to have ups and downs , as it is governed by the law of supply and demand.
Despite the constant ups and downs of the digital currency, the trend has always been up, as of today, 1 ฿ Bitcoin = $ 2,277 USD.
To get an idea, Bitcoin reached the price of gold just a month ago, today it doubles.
We find that in the cyber currency issue, Bitcoin is not the only digital currency that exists, although it is the benchmark and the most popular, other currencies of this type also gain importance in the height of digital money, in the market there are currencies such as: Litecoin, Peercoin, Dogecoin, Namecoin Quark. There are many other Bitcoin currencies which have great market value.
Another cryptocurrency well known is the Unete, which was a digital currency, created by a Valencian in 2013. The creation of Jose Manuel Ramírez, 41, became popular all over the world and his companies managed to handle up to 70 million Euros.