Definition of Bitcoin
It is
called bitcoin to a cryptocurrency that was created
in 2009 . It is electronic
( virtual ) and
unofficial money that can be used as a means of exchange in
commercial operations.
The creation
of bitcoin is attributed to Satoshi Nakamoto , who would be a
Japanese man. However there are those who believe that Nakamoto does
not really exist but is another person or even a group of individuals
charged with carrying out the development. Usually
speaking of Bitcoin (with initial capital) when you want to refer to
the network and the protocol that serves as a support to the virtual
currency.
On the other hand, when the notion of bitcoin is
used (without initial capitalization), this coin is alluded to in itself. The
operation of Bitcoin is decentralized : there is no state authority
that is responsible for issuing or backing the monetary unit. In addition
there are no intermediaries between those who decide to use bitcoins.
It can be
said, in summary, that Bitcoin is a protocol that appeals to
peer-to-peer ( P2P ) technology to create a commercial exchange unit
without the intervention of a bank or a central authority. Both
the issuance of bitcoins and their management are developed
collectively. As a protocol, Bitcoin has open source and its design is
done publicly.
Bitcoins are
stored in digital wallets that can be carried on mobile devices,
computers (computers) or on the Internet . To obtain bitcoins,
it is possible to acquire them in an exchange house through a bank account, buy
them from another user or receive them as a means of payment. Bitcoins, in
turn, allow you to pay for numerous products and services.
If bitcoin
cryptocurrency has begun to be used forcefully in recent years and its system
continues to grow and grow is due to the set of advantages that are associated
with it. Specifically, among them we can highlight some such as the following:
- Leave aside the banks, since there is no intervention of any type of central
bank. -It is also established that the fact that it allows real-time transactions is
really beneficial.
-To all the above we can also add that at no time gives the possibility that
debt can be generated. -In contrast to any currency in the course of a given country, it is impossible
for the bitcoin to be falsified. - There are those who consider that another great advantage of this
cryptocurrency is the fact that its use is anonymous.
This circumstance
gives the possibility that it can even be used in countries where totalitarian
regimes exist. -It is also considered that the use of bitcoin is safe and
transparent. And it is not only behind a strong cryptographic system but
also a reliable protocol. Also, we must know that each and every one of
the transactions that are made have a free access record. -To all the above we must add that it works 24 hours a day.
On the
contrary, among the disadvantages are that there is what is known as a
guarantee of acceptance and that it becomes a very appropriate currency to
speculate.
