What is bitcoin?
During the last couple of years, the world’s financial system has had its ups and downs, yet one of the strongest innovations put in place is Bitcoin.
At this moment in time, given the media attention that it has received, most people have heard about bitcoin, yet many still do not possess knowledge on what exactly it is, how it works and its true potential.
To put things better into perspective, Bitcoin is a digital currency, both created and held electronically. Unlike traditional currencies, bitcoin is neither produced nor governed by a certain entity, thus granting it advantage over currencies like the dollar or euro. In fact, it is created by computers from all around the world which solve complex mathematical problems as a way of mining the coin.
Bitcoin can be easily regarded as a traditional currency, held electronically. It has many of the advantages of traditional currencies, yet lacks the disadvantages. With this in mind, the cryptocurrency can be exchanged, traded, and used to buy products and services with ease. This is particularly useful for gambling sites, who can now accept BTC without requiring the consent of local governments and lawmakers.
Currently, some of its biggest benefits include anonymity; the ease to set up a bitcoin address; the fact that it is completely transparent; minuscule transaction fees; the safety granted by the transaction protocol, which ensures that once sent, bitcoin cannot be retrieved; and last but not least, the transaction speed, significantly faster than that practiced by banks worldwide.
Given the increase in bitcoin-related investments, popularity and trading activity, the coin has managed to reach a peak value of $1,100, back in 2013. Yet, during the last couple of months, Bitcoin has seen a steady, yet clear increase in its price.
Based on everything that has been outlined so far, not only does Bitcoin offer major benefits over traditional currencies, but it also offers a monetary solution that is safe and cannot be tweaked with by governments and other entities.
At this moment in time, given the media attention that it has received, most people have heard about bitcoin, yet many still do not possess knowledge on what exactly it is, how it works and its true potential.
To put things better into perspective, Bitcoin is a digital currency, both created and held electronically. Unlike traditional currencies, bitcoin is neither produced nor governed by a certain entity, thus granting it advantage over currencies like the dollar or euro. In fact, it is created by computers from all around the world which solve complex mathematical problems as a way of mining the coin.
Bitcoin can be easily regarded as a traditional currency, held electronically. It has many of the advantages of traditional currencies, yet lacks the disadvantages. With this in mind, the cryptocurrency can be exchanged, traded, and used to buy products and services with ease. This is particularly useful for gambling sites, who can now accept BTC without requiring the consent of local governments and lawmakers.
Currently, some of its biggest benefits include anonymity; the ease to set up a bitcoin address; the fact that it is completely transparent; minuscule transaction fees; the safety granted by the transaction protocol, which ensures that once sent, bitcoin cannot be retrieved; and last but not least, the transaction speed, significantly faster than that practiced by banks worldwide.
Given the increase in bitcoin-related investments, popularity and trading activity, the coin has managed to reach a peak value of $1,100, back in 2013. Yet, during the last couple of months, Bitcoin has seen a steady, yet clear increase in its price.
Based on everything that has been outlined so far, not only does Bitcoin offer major benefits over traditional currencies, but it also offers a monetary solution that is safe and cannot be tweaked with by governments and other entities.