Is the currency of the Bitcoin dangerous or the currency of the future?
In an age when the Internet spread and revolutionized all aspects of life, the revolution was followed by electronic banks and the financial movement that started to spread on the Internet, and had a great impact on the financial situation in the real world. Online financial transactions ... until the morning of January 3, 2009, where a new currency has emerged that has never been pledged by the human being and is the currency of the Petrochemicals.
For those who do not know Bitquin is a pseudo-encrypted virtual currency known as "Satoshi Nakamoto", and is somewhat similar to known currencies of the dollar, euro and other currencies, but they differ in that they are fake, Their transactions on the Internet and have no physical presence, and encrypted, ie can not track the sales and purchase carried out or even knowledge of the currency, and to simplify the mechanism of work of this currency Let us take a simple example.
How does Bitcoin work?
Imagine that there is a room with surveillance cameras watching every small and large and recorded for life, and in this room five transparent shops so that the coins can be seen inside clearly, and each of the proceeds of the five owned by someone standing outside the room with a code to open the proceeds, and this The person wants to buy something, then he goes to the dealer and gives the trader the code of the proceeds, then the dealer enters the room and his face is covered so that it can not be seen and take the money and put it in his possession in the same room and come out, and so these cameras have recorded that it was The transfer of a sum of money, but do not know the proceeds of gold or money to or from lost in Thing.
But why Betcquin?
Everything has its pros and cons, and the pros of this currency is summarized in three sentences:
1 # Low fees and speed:
Instead of the need for an intermediary between you and the trader to transfer money, this broker deducts a percentage of the money, with the presence of the currency of the Betquin, this process does not exist, because the currency has not moved, but the currency code is extracted from your portfolio and entered into the merchant's wallet, The process is done between you and the merchant without a broker and is called P2P or peer to peer.
2 # Confidentiality:
Buying and selling can not be monitored or interfered with. This is a positive point for those who like privacy and it reduces the control of the government and banks on the currency.
3 # Global:
It is not linked to a specific geographical location can be treated as a local currency. And the most important thing in this currency is that it has no (officer and link) that the expression and that cancels the control of central banks on the printing of money, which caused inflation and high prices, and the reason that makes this currency protected from inflation is limited number has put Satoshi Nakamoto plan With 21 million coins to be produced by 2140, and their limited number gave them a great value in the market, from a mere six cents to more than $ 1,000 and then to about $ 600. The big sudden changes were that they were unstable After, you can track their price on the coindesk website.
But where do people get the currency from?
People get it in several ways, but the main way is the mining process:
Two images
The process of mining is similar to the process of mining gold mining in mines either individually or in groups, but in the process of mining Betquin, replace the drilling tools with computers and the more processing capacity, the ability to extract coins faster, and replace mine Gold is a program to solve complex equations that carry the currency codes. Those who find the currency code become the currency of its currency. There are many around the world who became obsessed with this currency and booked full servers operating throughout the day to solve equations and extract coins.
Here is a comprehensive article on TechCrunch on the process of extracting or mining Bitquin
Photo of Tlatte
Although this currency is a fake, some companies such as Titan Bitcoin are working to get this currency into reality in the form of coins of the same value and carry ID of 8 digits, but this is losing its most important features are confidentiality and speed and low fees .
The disadvantages of this Betquin lie in some of its most important features:
The first of its disadvantages is the confidentiality of the currency and encryption, as this is an advantage, but it is reflected in some of the disadvantages in that it gives some easy to suspicious operations on the Internet, especially in the deep network and the best example is the site of silkroad, which was dealing with drugs, but must bear in mind that this The site was at the beginning of the life of the currency and its closure did not pose a significant risk to the currency, but it remains a problem.
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