The Bitcoin (BTC) is an electronic currency that does not have a physical existence (no banknotes, no coins), noaday it is comparable to other currencies like the dollar, euro, yen, etc. Even though, it is currently regarded as the “powerful currency” in the world, this title is granted to it, thanks to many criteria, which are:
1- Decentralization:
The bitcoin is not controlled by any central authority, and it does not depend on any government institution. This is the main reason for its creation, in early 2009, by a group of computer scientists, led by a programmer hidden under the pseudonym of “Satoshi Nakamoto”. Thus, no central authority can impose regulation on the owners of the BTC, or remove them,one day, from that currency for some reason (the example of the European Central Bank with the famous decision on Cyprus in 2013). Indeed, all machines around the world which Mining the BTC constitute a part of the process, and work together.
2- Having a BTC account is easy:
Unlike banking institutions, that lets you die to have a regular account; the Bitcoin protocol allows you to have an account in seconds (yes, in the proper sense of the term SECONDS). The procedure is simplified to the extreme, no questions asked or fees paid; only you are given a BTC address that matches you and it is all!
3- This is anonymous:
In the Bitcoin protocol, users are not obliged to give their names, addresses, phone or other personal information; the only detail that counts is the BTC address generated by the protocol itself. Similarly, only one user can have multiple Bitcoin addresses.
4- Negligible transaction fee:
The banks that we all know, can impose very heavy costs on international transactions; in the bitcoin these charges are minimal or often the transaction between users is done for free.
5- It's fast:
In technology, we are used to the speed of processes; but when it comes to money, even technology takes time (no one can play with money!). However, the BTC protocol allows you to send your money or receive directly in a few minutes following the transaction, if not seconds.
General situation of the Bitcoin:
The system is programmed in such a way that there can be no more than 21 million Bitcoins in circulation (to date, 12.4 million Bitcoins are in circulation). But the Bitcoin is divisible to infinity, and the most known form is the division of Ten Million after the decimal point (0.00000001 BTC) which is called the "Satoshi" in the name of the creator of the currency and the protocol (Satoshi Nakamoto).
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