The Bitcoin Phenomenon What Does It Consist Of

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Bitcoin was not widely known until a few years ago. This cryptocurrency, or virtual currency, is now being used in more places within the financial sector. There are also many debates and discussions on the internet about bitcoin’s use. What is it?

A currency that self-regulates

It’s that simple. Bitcoin is an unregulated payment unit. It does not have a physical form and it is not backed by any government. It also allows for high privacy and transactions are done using blockchain technology, which is encrypted and verified by users. It can also be considered as a commodity with a high volatility unit value of $44,963 at the time this article was written.

Bitcoins’ origin and utility

This virtual currency’s history began in 1998 with the creation of Wei Dai (a Chinese computer scientist), via an email list. The first peer-to–peer network was established in 2009, using a technical protocol. It was published by Satoshi Nagamoto. (It is not known if this is a person or a group of people). Mining is the process of creating new bitcoins. It is important to note that the bitcoin code can be viewed openly. Computer scientists can also create their own versions.

This virtual currency is currently used to purchase goods or services through exchange houses. You can also create bitcoins by using specially designed machines for this purpose. The payment for the creation of bitcoins would be called the bitcoin. A virtual wallet is necessary to operate. Payments can be made via a mobile phone or a computer by entering the recipient’s address (the Bitcoin account), and the amount to pay and pressing “send”. This is similar to Bizum.

Can you buy cryptocurrencies in Spain?

This technology is rapidly advancing and has been transferred to the country. There are also exchange agencies online that allow for the sale of cryptocurrency. These are the steps you need to follow:

  • Open an account with one of these providers.
  • Make the deposit using a credit card, bank transfer, or PayPal.
  • Buy the selected cryptocurrency

You can sell the currencies whenever you like and transfer the balance into your personal account.

You can see that cryptocurrencies and Bitcoin in particular offer new ways for us to invest. Who knows, maybe it will even become a regular, regulated, and regularly used payment method like physical money.

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