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Bitcoin – what you did not dare to ask

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Written by Michael Tracy

What is Bitcoin? It is electronic money that is sent as easy as a message. It is one of the most hyped things in the tech world for some years now. But, still, people do not know clearly about this amazing invention.Click here for Bitcoin price.

What is special about it?

Normally when you send money to someone, you have to do it through a third party, almost always this is a bank. You need the bank to approve the transaction, so you have to stick to your schedules and many times your high commissions. If you want to send money to someone from another bank, you depend on those two banks. And let’s not talk about when you want to send money to someone who lives outside of your country, you can depend on 3 banks or more!Visit this site for Bitcoin price.

On the other hand, when you send bitcoin, you do not need a bank to verify it. The transactions are verified by a network of people belonging to the Bitcoin network. That is why we say that bitcoin is decentralized. It is also virtually unbreakable and 100% transparent, giving security to all movements.

The most special thing is that this money was born to be used with the internet. It is money that makes more sense with our current connection life at all times.

How does this network work? What supports it?

In the world of cryptocurrencies, bitcoin is the pioneer and came to change the rules. The technology behind Bitcoin, the Blockchain, is a network that is responsible for verifying and approving bitcoin transactions in a matter of minutes. It is a network that approves transactions in a consensus manner – all parties have to agree. One can be part of the blockchain network from anywhere in the world, as long as you have a computer with Internet. Anyone can see the transactions that are taking place in real time. There is nothing hidden. It is this transparency that has created this revolution, from which projects and other cryptocurrencies that now form part of the crypto world have emerged.

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For what do you use it?

Bitcoin can be used for many things. Starting by sending remittances or in general, sending money abroad. As an international currency, bitcoin allows money transfers from one country to another without commissions or exchange rates losses. For payments, bitcoin transactions allow the payment of goods or services as long as the commerce in question accepts them. For online payments, the same concept as with payments but good … directly on the internet.

About the author

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Michael Tracy

A big hello for the entertainment lovers! Thriving in world activities without any stress is somewhat the dominant thing to choose from. It is mainly because of entertainment. The author, Richard, made your day special with this blog. There are many factors he has sprayed over to make entertainment lovers happy.