A detailed explanation of Bitcoin is the most widely used and controversial virtual process in the world
On January 3, 2009, the cyberspace was on the verge of a notable development in the financial world, the launch of a virtual currency called Bitcoin, which in a relatively short period of time succeeded in imposing itself and securing a place among the world's most powerful currencies such as the dollar And the euro and the yuan and others
Before we get into the details of this currency, it should be noted that the Bitcoin currency is evolving and demand increases dramatically as time progresses
It was entered into buying and selling
Through the Internet or entered into the field of Forex trading knows well that Bitcoin currency has become the first electronic currency in the leading financial dealing in the Internet
Bitcoin buying and selling is done by opening a portfolio from Bitcoin's official website, and profit is generated through Bitcoin through what is called "mining".
The purchase of Bitcoin currency by payment by bank card or through services provided against Bitcoin currency and Bitcoin is sent to the wallet and the Bitcoin balance in the wallet is transferred to the bank account of the dollar currency.
There are a lot of businessmen trading Bitcoin currency and win huge amounts due to the high rise of Bitcoin currency, especially in the last five years
It is worth mentioning that Bitcoin currency has tripled its value from 2012 to 2015 as a result of the movement of the currency due to the high turnout.
Bitcoin value is 1Bitcoin = $ 6395.12
Bitcoin is purchased with different values starting from 0.00010 Bitcoin
And now we go into the deep details of the coin Bitcoin electronic
What is this currency? Who invented it? How can they be used? Why did it spread so fast and hit record levels?
Simply put, Bitcoin is a virtual cryptocurrency, designed and launched by an unidentified character known as Satoshi Nakamoto.
Bitcoin is similar in nature to the dollar, euro and other currencies, but differs in that it is fake and used only online, has no physical presence, is encrypted and cannot be tracked.
One of the most important advantages of "Bitcoin" confidentiality, as it can not be traced to buy and sell operations, control or intervention because of the absence of any serial number associated with them, which enhances privacy and limits the control of governments and banks on the currency.
For example, when you purchase a commodity in Bitcoin, the value of the commodity moves from one user account to another instantly without any transfer fees or passing through any bank or intermediary.
Bitcoin is not associated with a specific country or geographic location, and can be used in any country just as the local currency, and many companies in some countries have begun to allow this virtual currency.
One of the advantages of this currency is also scarcity, as its inventor planned to issue only 21 million units until 2040.This contributes to preserving its value and prevents it from collapsing.It is also designed to prevent undoing any transaction or action, and is issued collectively over the network.
Does it have cons?
The main disadvantages of "Bitcoin" is that they can be used in illicit or legal transactions over the Internet, including the drug trade, the absence of legislation governing the dealings and protect the rights of users, and the value of highly volatile, as well as the small number of shops and shops that accept dealings , And the absence of full international recognition.
Bitcoin has already been used in computer hacking, personal accounts and ransom demand, specifically in the global cyberattacks: Wanna cry and Petya.
The hackers, who attacked hundreds of thousands of computers in the world, demanded a ransom in Bitcoin to return pirated files to their owners and reopen the paralyzed machines.
How do we get Bitcoin?
Getting Bitcoin is not difficult. The first thing you need is a place to store currency called a wallet, which is similar to any bank account.
There are two ways to get a wallet, free software that can be downloaded from the official Bitcoin website, or open a wallet by Bitcoin companies, which is better to ensure that your wallet is not lost and protected from piracy.
Once you have a wallet, you can start collecting Bitcoin in a number of ways, notably: buying Bitcoin from a service provider, someone who wants to sell, mining or what is known as Mining.
Mining, which uses special software to generate "address" used to send and receive remittances, was one of the most successful methods of obtaining Bitcoin in the early years of the currency, but it requires a very powerful computer and certain devices with a miraculous power, so this method is no longer prevalent.
Bitcoins can be obtained by exchanging them in traditional currencies such as the dollar and others, or using them to accept payments for thousands of goods and services offered online, in restaurants, cafes, etc.
When introduced in the virtual market in 2009, the value of Bitcoin was estimated at 6 US cents, but has risen in recent years continuously to reach about $ 1200 early this year due to heavy demand. It continued to rise in the following months to reach a record $ 5,000 in early September, before falling to around $ 4,100.
But it has risen tremendously to $ 6395.12 for 1 Bitcoin and this bitcoin price in the history of this article
Bitcoin price can be followed moment by moment on this link.
Why is it worth soaring?
There are three main factors for Bitcoin's rocket rise since the beginning of 2017, the first being the split of the currency into an original currency and a new one called Bitcoin Cash.
From 6 cents in 2009 to $ 4100 in September 2017 .. Why the value of the virtual currency Bitcoin so much? Is it a good investment option?
The new version was launched from a group of cryptocurrency developers who disagreed with their counterparts on how to make Bitcoin easier to use. Greater confidence and attractiveness.
The second factor is the acceleration of transactions offered by the new Bitcoin Cash program, and Bitcoin developers are also speeding up their transactions using several programs.
The third, most notably, is the rise in demand for the currency by the Japanese, after the Japanese government agreed to accept it as a legal form of payment last April.
Today, Bitcoin, Microsoft, Dell, Expedia, Zinga, Bloomberg.com and hundreds of other companies are among the top companies and sites that accept Bitcoin.
Denmark, Estonia, Sweden, South Korea, Canada, Finland, the Netherlands and the United Kingdom, while the United States has not formally recognized it
The question remains of the future of Bitcoin, whether it succeeds in becoming a globally recognized currency, or will it disappear over time and be merely an illegal means used by unknowns to create a wealth of hundreds of millions of dollars.