What is bitcoin?
Bitcoin is a type of cryptocurrency, an alternative to cash that can be sent from one person to another without the need for a trusted third party, such as a bank or other financial institution; This is the first global decentralized currency.
Bitcoin was originally released in 2009 by Satoshi Nakamoto as part of the software. Since bitcoin is a fundamental software, anyone can run it on their computer and, therefore, make transactions.
One of the most important elements of bitcoin is the blockchain technology, which tracks all transactions and all assets of their participants. Since bitcoin is open, no company, country or third party controls it, and everyone can conduct transactions in unlimited quantities.
You can use bitcoins to buy goods online and in stores. Below are some of the unique properties of Bitcoin:
Bitcoin is global. Bitcoins can be sent to anyone around the world simply and easily, at any time. Blockchain system does not close on weekends, like banks, and does not impose any restrictions.
Bitcoin is confidential. Paying with bitcoins, there are no bank statements, and merchants does not need to provide personal information. Bitcoin transactions do not contain any identifying information, except for addresses of bitcoins and the corresponding amounts.
Bitcoin is safe. Because of the cryptographic nature of the bitcoin network, bitcoin transactions are more secure than standard debit/credit card transactions. Paying with bitcoin, no confidential information is required and does not go on the Internet. The risk of losing your financial information or stealing your identity is very low.
Bitcoin is open. Each transaction in the blockchain network is published publicly, without exception. This means that it is not possible to manipulate transactions or change the adjusted amount after the transaction. The software that forms the basis of Bitcoin is free and open source, so everyone can view this code.