BTC is the very first cryptocurrency, which appeared in 2009. For the first time with the principle of bitcoin piercing network, on which one Satoshi Nakamoto worked, it was possible to get acquainted two years before the emergence of digital currency. A decentralized currency that no bank or exchanger controls has always been a nightmare of the global financial system. It is scattered around the globe, operates only online, is unsecured, and every user in the world is able to influence the exchange rate without leaving his or her computer. In doing so, the computational function of the server grows, which in the system can look like a continuous operation.
Now you can even use special cryptocurrency cards. You can find more information about them here https://cryptopay.me/bitcoin-wallet. Electronic cryptocurrency has a number of striking differences from the usual cash and other valuable financial assets.
- Decentralization. There is no central authority controlling the network; it is distributed to all computers used for computing resources. A decentralized system uses special software code that regulates the network participants and the issuance schedule.
- Transaction irreversibility. Once cryptocurrency is transferred from one recipient to one of the online wallets to another, it cannot be returned to the original account.
- Restrictions on issuance. Mathematical algorithms are built so that the generation of coins is closed. The total amount of BTC will never change.
- Low transfer fee. The peculiarity of Bitcoin is the absence of any intermediaries during the transaction, due to which there is no commission fee.
- Does Inflation Affect the Exchange Rate. Global inflation is isolated from the financial economy, so inflation has no effect on the exchange rate unlike regular currencies.
Bitcoin can be described as follows: calculations of a mathematical nature generate a mining process in a small piece of computer code. Today there are hundreds of millions of transactions using cryptocurrency. Therefore, bitcoin is money that has its own exchange rate against another currency, but has no physical form.
Unlike state currency, cryptocurrency cannot be printed. However, this does not mean that virtual coins appear out of nowhere. Cryptocurrency is a digital object that contains a huge amount of information that has a cryptographic code. Simply put, it is a kind of virtual memory card that has a digital record. In order to generate a new record, it is necessary to find a single correct solution to a very complex mathematical algorithm. Since even the smartest human being can’t solve such a task, the computing power of a computer is used for this purpose.
If you spend enough time online, you might have noticed a growing number of projects accepting bitcoin as a means of payment. Some of the big players are doing it, including Overstock.com, Expedia, Newegg, DishNetwork, and Microsoft. You may also notice that there are already special services online that can provide you with a cryptocurrency card. You can learn more about such cards here https://cryptopay.me/.