Bitcoin Currency – a Great Change In Digital Money
Mar 17, 2020 07:23
Like almost all cryptocurrencies on the market, Bitcoin (BCT) has its own token which is none other than BTC. The latter is ERC-20 type and is the official currency of the Bitcoin cryptocurrency (BCT). It is therefore with these tokens that you can make money transfers that your recipient receives in the same form instantly.
The person to whom you want to send BTC must therefore also have a digital wallet.
The electronic wallet
To allow you to make transfers around the world, Bitcoin (BCT) offers you to have an electronic wallet which can also help you in storing your money. The electronic wallet can be downloaded to your machine like all applications for maximum security. Providers also offer to open an online account for the storage of your cryptocurrencies but this option is more risky.
BTC tokens can be purchased directly on cryptocurrency buying platforms with fiat money. This is a great advantage of this digital currency because it is the first, before to be able to be bought easily and quickly with a bank card.
The Benefits of Using Bitcoin Cryptocurrency (BTC)
Bitcoin cryptocurrency (BTC) has many advantages that can attract users. As a result, it is independent and does not depend on any central entity such as the government or the bank. When you choose to invest in Bitcoin, you don't have an account manager like in a traditional bank. You are therefore the only one who can control your account and all the transactions that you carry out on the Bitcoin network require no intermediary.
The security of your transactions is ensured by the network. It is therefore impossible to counter or hack the Bitcoin block chain. This point is essential when you know that there are many cryptocurrencies and that it is difficult to find the one that ensures the security of transfers and different payments.
In addition, Bitcoin allows transactions to be carried out free of charge or at a lower cost. This is important because using the Bitcoin network can therefore save you as much as possible compared to using a traditional bank. Having a Bitcoin account does not require any maintenance fees or fees related to the use of the bank card. On this point, we can say that Bitcoin is a very good alternative to fiat money.
Bitcoin falls into the commodity category. It is therefore a first step towards a regulation of virtual currencies and certain recognition of cryptocurrency by financial institutions. Financial transactions in bitcoin and trading on specialized platforms must now be carried out in compliance with the rules governing the exchange of raw materials.
Bitcoin is an intangible currency, or cryptocurrency, which allows its holder to buy goods and services over the Internet. Unlike conventional currencies, Bitcoin, like all virtual currencies, does not have a central bank or any central body or financial institutions to regulate it. Instead, Bitcoin relies on a vast over-the-counter network on the Internet.
Bitcoin is in a way the fruit of the marriage between the idea of P2P network (over-the-counter), cryptographic techniques and the concept of money. Result: Bitcoin, and in its wake, the other cryptocurrencies, are perhaps in the process of bringing to light a new kind of financial system, completely decentralized, completely free.
How many Bitcoins are in circulation in the world?
At the time of writing, there are approximately 18 million Bitcoins in circulation worldwide (compared to 16 million Bitcoins in 2016 and 10 million Bitcoins in 2013), for a money supply of around 66 billion, compared with 229 billion in 2018 (record year), $ 6 billion in 2016 and $ 1 billion in 2013. Thus, around 83% of Bitcoins are already in circulation.
The quantity of Bitcoins in circulation is automatically defined by a network of computer servers, called miners, scattered all over the world. They are responsible for confirming the transactions and adding them to a decentralized transaction log. The volume of Bitcoins in circulation will reach precisely 21 million units in 2140.
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