Thursday, October 31, 2019

What is the Bitcoin cryptocurrency?

In recent years the word Bitcoin has come to everyone's lips and it is that this cryptocurrency has been so popular that its value has grown in recent years. Bitcoin is known as the preferred currency of Internet users and it is a virtual currency that can be used as a payment method in thousands of stores and places that accept it.

This cryptocurrency was created in 2009 thanks to Satoshi Nakamoto, who made the decision to create a cryptocurrency with electronic features to be used in the internet world based on a P2P type network and a blockchain-based protocol was the first to be created.

Bitcoin features
This virtual cryptocurrency has a similar operation to the bills and coins that we use in real life, with the difference that all of its transactions are registered in the blockchain. Unlike other cryptocurrencies, bitcoin does not have government control nor is it controlled by companies, it is the users who create it, undermine or carry out transactions with the same cryptocurrency.

How are these transactions carried out?
Transactions with bitcoin are carried out through exchanges in the P2P network, in this way the production of the currency and its value determine the supply and demand due to which the currency rises or falls in price.

The operation of Bitcoin
To obtain Bitcoins you can use highly prestigious exchanges or mine them with machines designed for the mining company or creating your own RIG, once you have this cryptocurrency at your fingertips you will need a Wallet where to store the cryptocurrency or make purchases online or in physical stores that already accept.