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What is Bitcoin?
Bitcoin is a peer-to-peer system of electronic contant that uses cognominal digital currency, which is often called cryptocurrency or virtual currency. The network is fully decentralized and does not have a central administrator or any sort of an analog.
Bitcoin can be used te payment for commodities and services for sellers who are ready to admit them. There is a possibility of their exchange for a contant via specialized trading platforms or exchangers. At this time Bitcoin is accepted ter hundreds of shops and services. You may find the information about some of them te English Wikipedia.
Using P2P technology Bitcoin runs without any of a controlling authority or a central bankgebouw, transactional process and emission is accomplished collectively by the participants of the network. Bitcoin has open source code, Bitcoin’s software architecture is well known all overheen the world, there is no one who wields and controls Bitcoin, but everyone may become participants of the network. On account of its unique properties Bitcoin opens up fresh vistas of functionalities, which toevluchthaven’t bot provided by any other payment service providers.
Bitcoin has the entire set of different aspects that essentially distinguishes it from the other electronic currencies:
- Decentralized implementations. That is there is no single centre that emits and controls this currency, which could have an influence at its rate and at its amount ter the network and which could block accounts and transactions. Your money is managed by only you and there is nobody who may freeze your account and cancel a payment and forbid anyone to send or receive money.
- The amount of coins within the network is limited. The emission is restricted and programmed ant its rate is known by every participant te advance. The total amount of currency units will not exceed 21 000 000 Р’РўРЎ. Te future a deflation is anticipated which is not to be a problem since a currency unit is divided till the 8th place of decimal.
- Anonymity. Payments are arranged directly without any mediation from any financial organizations. Cancellation of payment is unlikely. Incorrect payments are rejected. Ter most cases the payments are not imposed with a roping charge, however a charge can be paid optionally for boosting the process of transaction.
Bitcoin has several advantages, one of the most significant is the speed of transaction processing, that is there is no need to go to another continent with a bag of gold, a transaction for a receiver can be initiated even from a cell-phone when you are located on another side of the world and ter several minutes the payment is set off.