Bitcoin Money

Bitcoin is the new internet money. It is decentralized because it has no central issuing institution, operates outside of banks, governments and institutions. The currency is limitless, accessible through internet connection, (mobile telecommunication). Bitcoin can be transferred from any corner of the world without using banks and other intermediaries and without being charged a lot for this service. Bitcoin is actually administered without any administrative head or governance. No one actually collects profits by offering or serving it; A peer-to-peer network: its creation was due to and achieved by individuals through individuals; There are always people who control protocol changes in Democratic theory, only the majority number confirms anything.

It is based on mathematics and cryptography, so it is the world’s most secure currency, not a piece of paper, or printed or blocked money. Bitcoin’s anonymity means; all internet transactions are visible, but no one who performs or receives those transactions is involved. Because of two types of cryptographic mechanisms, Bitcoin does them and solves the problems better than any other currency: • Digital signature based on a public key, which helps us to check transactions between nodes on the internet; • Proof of work in Bitcoin’s network in hash shortcuts that computation problem, proving that work has been done to solve it. Bitcoin is actually the first true money in history founded on mathematical laws.

This is just the reverse of fiduciary money. It cannot be printed; it is a form of money, which is impossible to inflate, neither the government nor the banks can. Bitcoin is like gold. It is scarce and hard to get. Its operation depends on mathematics and cryptography, where the trust factor has been replaced with mathematical proof. The value of Bitcoin depends on its popularity and usage and because of its non-availability, which is constantly in use when Bitcoin society is more and more and the value added to it is more; Within 5 years, it has grown to a few million and keeps growing rapidly. The same thing is happening for the value of Bitcoin that went from a few cents to over 1000 dollars. The biggest advantages of this crypto-currency are as follows:

• The possibility of making an instant transaction to any location in the world.

• Very small fees or no fees at all.

• Anonymity of transactions.

• No go-betweens in transfers. Sending is relayed directly to an intended recipient, but bypassing any banks and more financial institutions.

• Coins hard to come by. There will likely never be more coins to be printed, for this is the limit, which makes Bitcoin the most resistant to inflation rates compared to everything else in cash.

• The blockage of an account is very unlikely. In the P2P networking system that it is incorporated in, it automatically has no central owner or moderator.

• It is impossible to roll back transactions. Security. As far as there is proper adherence to relevant security protocols, and codifying a portfolio, the risk of losing coins is marginal.

• Very user friendly. Immediately after downloading the application you can start trading in Bitcoins, even using them without registering with an account or other paperwork.

• It solves the problem of long and expensive domestic as well as international transfers even in places with limited banking, for example, African countries.

• It works excellently on the internet for micro-payments and international trading. Bitcoin is a digital currency and works best on the internet.

Let us assume we want to access the web-site of another country subscribed for online-gaming or bought that program there which we had no chance to. Moreover, even we can help to buy an open source project there.

Payments are extremely time-consuming, converted, with large fees for any transfer, all this is also complicated. In addition, the cost of banking transactions multiplies the cost of any kind of service, especially when purchasing small units of service. Under these conditions we often carry out transactions on the go. This gap is filled with Bitcoin. In just a few minutes, you pay for visiting any site on Earth, you buy a program / game, or use an online store located somewhere in another country, pay for accommodation in a hotel or buy a ticket. And all this is actually not limited. And the whole world has become like at your fingertips: without any transfers, without unnecessary bureaucratic procedures, just because of Bitcoin. It quickly and easily transfers money to the recipient, regardless of its location in this world (Polski Portal Bitcoin, 2016).

Read Also:

1. Artificial Money And Its Lifecycle
2. Historical background Of Money
3. Introduction: The Nature Of Money
4. The History Of Money
5. Demerits / Disadvantages Of Money
6. Money: Concept, Functions and Role
7. Forms Of Money