What Is Bitcoin?
- Bitcoin, Claim, Electrumm, Fork, Ledger, Private, Trezor, UBTC, United, Wallet
- February 22, 2019
Bitcoin is the first of the “cryptocurrencies” and a new form of scarce digital asset that seeks to transform itself into internet money. Among the characteristics that make it unique, it stands out that nobody controls it; no government, company, or person, and, in turn, all the decisions of the network are made by the users themselves, transforming it into an open and decentralized network.
With bitcoin it is possible to transfer money or pay for internet instantaneously, globally, 24/7, without restrictions of time, age, country of origin or destination.
It can also be understood as a protocol to transfer value over the internet. This protocol was originally proposed and developed by Satoshi Nakamoto (pseudonym used by the creator or anonymous creators of this technology) in 2009.
Is Bitcoin safe?
The Bitcoin protocol (the database or “Blockchain” UBTC Electrum), in which the rules and operation of the Bitcoin network are defined, is public and open to anyone who wants to review it or put it to the test. In fact, to date, thousands of people have reviewed their code and have verified the robustness and reliability of this protocol. However, those who have bitcoins should remember that, like any application on the internet, bitcoins are susceptible to being stolen by hackers or thieves that violate the security of your computer, smartphone, or vault where they are stored.
How or why does the price of Bitcoin vary?
The cryptocurrency markets operate 24/7, 365 days a year, and it is in these where the price is reached according to the aggregate supply and demand at each moment of time. It is also important to consider that, as a consequence, the largest markets are the most influential in determining the price of a bitcoin. Today the biggest markets are against the USD, EUR and CNY.
Is Bitcoin like cash or like a Credit Card?
Bitcoin is a global and decentralized payment network, which does not depend on anyone and which, as a consequence, nobody controls. In this line, although bitcoin is not a currency, it looks and behaves more like a centralized payment network like Visa or MasterCard.
Why should I use bitcoin?
There are many reasons, from the practices, such as with Bitcoin it is possible to transfer money over the internet without intermediaries, with low commissions, 24/7, and without interruptions, even the most philosophical, as Bitcoin allows access to digital and transferable money without the need to depend on no bank or government. In this sense it is said that Bitcoin is similar to gold, in that it is scarce and that only whoever owns the gold finally controls it. More and more companies around the world accept payments with Bitcoin (UBTC Electrum), from travel agencies such as Expedia, to computer manufacturers such as Dell. It is also used by multinational non-profit organizations that depend on global collective financing for their subsistence. To weigh on the prices of cryptocurrencies, however, were not just purely normative aspects. Part of the sales pressure has found reason for being in the attack on the Ethereum Classic network , which has further deepened investor sentiment.