Bitcoin
On January 3, 2009, the virtual space (the Internet) was on a date with a remarkable development in the world of finance
It was the launch of a virtual currency called “Bitcoin”, which in a relatively short period succeeded in imposing itself and booking a place among the most powerful currencies in the world.
Before we get into the details of this currency, it is worth noting that the bitcoin currency is developing and the demand for it increases dramatically with the progress of time
What is bitcoin?
Anyone who has entered into buying and selling online or entering the field of forex trading knows very well that Bitcoin has become the first electronic currency that is considered a pioneer in financial transactions on the Internet.
Buying and selling Bitcoin is done by opening a wallet from the official website of the Bitcoin company, and profit is made with Bitcoin through the so-called “mining”
And buying bitcoins by paying with a bank card or through the services provided in exchange for bitcoins, the bitcoins are sent to the wallet and the bitcoin balance in the wallet is transferred to the bank account for the dollar
There are a lot of business people who are trading bitcoin and earning huge amounts due to the huge rise of bitcoin, especially in the last five years.
It is worth noting that the value of Bitcoin increased more than three times from 2012 to 2022, as a result of the movement of the currency due to the great demand for it.
The value of 1 Bitcoin = 20 thousand dollars
Knowing that this price fluctuates continuously and daily
Bitcoins are bought with different values starting at 0.00010 BTC
Now we get into the deep details of Bitcoin
What is this coin?And who invented it? And how can it be used? Why did it spread so quickly and reach record levels?
Simply put, “Bitcoin” is a virtual digital currency, designed and launched by an unknown person known as “Satoshi Nakamoto”.
Bitcoin is similar in nature to the dollar, the euro and other currencies, but differs in that it is fake and is used only online, and does not have a physical presence, as it is encrypted and the buying and selling operations in which the user is untraceable
One of the most prominent advantages of “Bitcoin” secrecy, as it is not possible to track, monitor, or interfere with buying and selling transactions due to the absence of any associated serial number, which enhances privacy and limits the control of governments and banks over the currency
For example, when you buy any commodity with Bitcoin, the value of that commodity is transferred from one user account to another instantly without any transfer fees or going through any bank or any intermediary
Bitcoin is not tied to a specific country or geographic location, and it can be used in any country, just like the local currency, and many companies in some countries have started to allow dealing with this virtual currency.
Among the advantages of this currency is also a scarcity, as its inventor planned to issue only 21 million units until 2040, which contributes to preserving its value and prevents it from collapsing, as it is designed in a way that prevents any transaction or procedure. It is rolled back, and it is released en masse across the network.
Pros and Cons of Bitcoin
The most prominent negatives of "Bitcoin" are the possibility of using it in illegal or legal trading operations via the Internet, including drug trade, and the absence of legislation regulating its transactions and preserving the rights of its users, and its value is subject to its value. Big fluctuation, in addition to the lack of shops and stores that accept dealing with it. Lack of full international recognition
Bitcoin has previously been used for computer hacking, personal accounts and ransom demand, specifically in the two global cyber attacks: the first “Wanna cry” and the second “Petya” ransomware.
Then the hackers, who attacked hundreds of thousands of computers in the world, demanded that the ransom be paid in "Bitcoin" in order to return the pirated files to their owners, and to reopen the machines that have been crippled by the virus.
How do we get free bitcoins?
Getting "Bitcoin" is not difficult, the first thing you need is a place to store the currency called "Wallet" which is similar to any bank account
There are two ways to get the "wallet", a free program that can be downloaded from the official Bitcoin website, or opening a wallet through companies specializing in Bitcoin services, and this method is better to ensure that your wallet is not lost and protects you from hacking
After obtaining the wallet, you can start accumulating “Bitcoin” in several ways, the most prominent of which are: buying Bitcoin from a company that provides that service, or from someone who wants to sell, or through mining or what is known as “mining”.
Mining it required a computer and some very powerful hardware that had great power, so this method is no longer common. today.
Bitcoin can be obtained by exchanging it for traditional currencies such as the dollar and others, or adopting it in the process of accepting payments for thousands of goods and services provided over the Internet, in restaurants, cafes and others.
Bitcoin value and price in dollars
When it was introduced to the virtual market in 2009, the value of Bitcoin was estimated at about 6 US cents, but over the past years it has risen and even increased significantly to reach $ 20 thousand for 1 Bitcoin and this is the price of Bitcoin at the date of this article
Why did the price of bitcoin go up?
There are 3 main factors for the rocketing rise of Bitcoin since the beginning of 2017, the first is the splitting of the currency into an original currency and a new currency called “Bitcoin Cash”.
From 6 cents in 2009 to 60 thousand dollars in 2022.. Why did the value of Bitcoin increase? Is it a good investment option?
The new version was launched from a group of cryptocurrency developers who disagreed with their peers on how to facilitate the use of "Bitcoin". More confidence and attractiveness
The second factor is the acceleration of transactions that the new program for "Bitcoin cash/" offers, and the developers of "Bitcoin" are also working to increase the speed of its transactions using several programs.
The third, and most notable, factor is the high demand for the Japanese currency, after the Japanese government agreed to accept it as a legal payment method last April.
What are the companies and sites that accept Bitcoin ?
PayPal, Microsoft, Dell, Expedia, Zynga, Bloomberg.com, and hundreds of other companies
What are the countries that have officially recognized this currency?
Countries that have officially recognized this currency or have left companies and individuals free to deal with it are Denmark, Estonia, Sweden, South Korea, Canada, Finland, the Netherlands and Britain, while America has not officially recognized it.
The question remains about the future of "Bitcoin", and whether it will succeed in becoming a globally recognized currency, or will it disappear over time and will be just an illegal method used by unknown people to create a fortune that can be appreciated. Hundreds of millions of dollars
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