BITCOIN: Present or future of money?
Bitcoin is a consensual network that allows a new payment system and a fully digital currency.
It is also a currency used to exchange goods and services. However, unlike other currencies, Bitcoin is an electronic currency that presents novel features and stands out for its efficiency, security and ease of exchange.
Its biggest difference from other currencies is that it is a decentralized currency, so nobody controls it, that is, it does not have a central issuer.
Bitcoin is the first implementation of a concept known as "cryptographic currency", which was first described in 1998 by Wei Dai, where he proposed the idea of a new type of money that would use cryptography to control its creation and transactions, instead of a centralized authority.
The term bitcoin has its origin in 2009, when it was created by Satoshi Nakamoto, who created it with the aim of being used to make purchases only through the Internet. This provides citizens with a means of payment that enables the execution of quick value transfers, at a low cost and that, moreover, can not be controlled or manipulated by governments, central banks or financial entities.
The virtual currency uses cryptography to control its creation. The system is programmed to generate a fixed number of bitcoins per unit of time through computers called miners. Currently, that number is set at 25 bitcoins every ten minutes, although it is programmed to be reduced by half every 4 years. Thus, as of 2017, 12.55 bitcoins will be issued every ten minutes. Production will continue until the year 2140, when the cap of 21 million units in circulation is reached.
The main features of bitcoin are:
It is decentralized: it is not controlled by any State, bank, financial institution or company. This does not mean that governments are eliminated.
It is impossible to falsify or duplicate it thanks to a sophisticated cryptographic system that protects users, while simplifying transactions. In this way, it can be guaranteed that bitcoin is only spent by its owners, and for the specific operation they decide.
No intermediaries: Transactions are made directly from person to person. Its peer-to-peer operation allows savings thanks to almost instantaneous transactions and free of bank fees. It is very advantageous for international payments.
The transactions are irreversible: Bitcoin secures the transactions thanks to an ingenious use of cryptographic rules, offering a multitude of features that add greater security. Bitcoins are impossible to manipulate, as is their security protocol. Irreversibility is one of the most outstanding characteristics of Bitcoin. Once a payment is made, it can not be canceled. In the absence of an intermediary, the return depends on the agreement reached between the two parties directly.
You can exchange bitcoins to euros or other currencies and vice versa, like any other currency. Even in those places that allow it, you can pay the indicated amount in any currency in its Bitcoin equivalent.
It is not necessary to reveal your identity when doing business and thus preserve your privacy. In this case, there are as many pros as cons to total privacy in the use of bitcoin. This is one of the main features that inspired the creation of Bitcoin.
The money belongs to you 100%: it can not be intervened by anyone or the accounts can be frozen.
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