Bitcoin Price and Chart

Bitcoin is a payment system developed on the basis of Blockchain technology. Transactions in it occur through the digital coins with the same name. Bitcoin cryptocurrency is not tied to any bank or national economy. The exchange rate of the coin depends only on the supply and demand for it on the cryptocurrency market.

Decentralization

All payment systems have certain restrictions and requirements imposed by the administration. Bitcoin is a completely decentralized platform that is not manually controlled by anyone. All network participants are equal to each other, regardless of their financial condition, place of residence, transaction volumes, etc.

Anonymity

All transfers within the Bitcoin network are carried out anonymously. The only information about users that is stored in the system is the e-wallet address in hash format. The latter is a set of 27-34 numbers and letters of the Latin alphabet.

Irreversibility

Transactions within the Bitcoin platform cannot be canceled, blocked or returned. This is one of the key features of the system.

Transparency

The blockchain system stores all transactions ever made. Knowing the address of the electronic wallet, anyone can find out how much currency is on their balance. At the same time, it is impossible to find out who exactly this wallet belongs to. To increase the level of anonymity, you can use different addresses for each new transaction.

High security

It is almost impossible to get illegal access to a Bitcoin e-wallet. You also can not intercept data at the time of the transaction completion, which often occurs in banking payment systems.

On the Bitcoin network, all data is encrypted using cryptographic technologies. Due to this, a high level of privacy and security is maintained. However, the risk of losing control over your wallet still remains. An attacker can get access to your money only if they receive a wallet file with a password or a private key from you. The most common cause of hacking is phishing.

Peer-to-Peer

All transactions in the system are carried out using P2P technology. Funds transfers are made directly between the participants of the platform, without the involvement of third parties. This reduces the risk of intervention in transactions between users to a zero.

History of creation

Bitcoin was developed in 2008. It became the world’s first digital currency and the first platform based on blockchain technology. The creator of cryptocurrency was the user under the nickname Satoshi Nakamoto. It is still not known for sure if it is one person or a group of programmers. Disputes about the author of Bitcoin do not wane off to this day.

Bitcoin development lasted a long time. The result of many years of work has become a unique decentralized platform based on cryptographic algorithms and mathematical calculations. In honor of the author of the system, the smallest fractional part of the coin is named satoshi. It amounts to 0.000 000 01 BTC.

Bitcoin Advantages

Bitcoin was developed as an alternative to conventional (fiat) currencies. The main focus is on decentralization of control over transactions within the system, as well as protection against theft and other abuses. The main advantages of the platform include:

  • high transaction speed;
  • simple splitting into smaller fractions of a coin;
  • absolute anonymity.

The lack of a single server makes the system independent of state policy. Transactions occur directly between users, without the involvement of any intermediaries.

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