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What is Bitcoin?

 

Bitcoin was produced by Satoshi Nakamato against traditional money after 2008. Bitcoin, which is actually a payment system, has emerged as a cryptocurrency that is centralized and protected against tertiary interventions. in 2009, it was launched as a public network for the first time, and then became the 1st. the generation was called blockchain.


By its structure, it has come to the present day in a fairly short time. While bitcoin, which is making a very fast rise, makes all transactions entering the network traceable, it is impossible to find out who the person performing the transaction is. Transactions with Bitcoin are irreversible and irrevocable transactions.


Because it cannot be regulated or controlled, the value of Bitcoin has increased from zero to thousands of dollars. After the rise of Bitcoin, many other crypto currencies have emerged. These currencies are called “alternative coin”, in other words, “alt coin”. When creating alternative cryptocurrencies, competitive advantages have been taken advantage of by having different features at various points and new types of markets have emerged. Examples of these differences are the maximum amount of money that can be generated, the algorithm, the blockchain subtypes (private/shared, authorized/ unauthorized reconciliation).


The maximum amount of Bitcoin that can be generated on the Bitcoin blockchain platform is 21 million units. Bitcoin provides an end-to-end, address-to-address transfer, and the block production time is about 10 minutes.


Bitcoin addresses are the identities of users on the platform. They cannot be associated with the person who made the transaction, and when the keys to these addresses are lost, no rights can be claimed on the addresses.


What Are the Advantages of Bitcoin?

Besides the various risks of using Bitcoin, it also has many advantages. One of the main advantages is that the risk of inflation and collapse is low, it is simple, reliable and untraceable* (anonymous). The fact that money transfers are safer, cheaper and faster compared to traditional methods is an important advantage provided by Bitcoin. You can access your millions of pounds worth of Bticoins from anywhere you can access your wallet.There is no way to move such large amounts of money so easily with cash or a different method. It also provides some advantages that the transactions made and your account balance are not known and controlled by any person/persons or state and bank.

What Are the Disadvantages of Bitcoin?



The inability to trace is present in some cases when it provides an advantage or creates a disadvantage. It causes illegal products to be used in payments and used for money laundering purposes. The small number of people specializing in this technology, the risk of losing, the narrowness of the platforms that can be spent are among the other disadvantages of the system.

Is Bitcoin Reliable?

Thanks to the fact that Bitcoin is connected to a certain protocol, every transaction you make is encrypted from start to finish. All transactions on the encrypted chain are recorded. Apart from user errors such as losing your wallet information or hacking your computer, the system has no security vulnerability.

Thanks to the system that prevents the value of Bitcoin from being sold twice, fraudulent sending is not allowed without your knowledge or without your knowledge.

The lack of a specific center and the need for approval of all transactions via different computers make the Bitcoin system secure.

How to Determine the Value of Bitcoin?


The price of Bitcoin varies only according to the supply-demand relationship, because the number of Bitcoins in circulation is limited.

A supply-demand balance is when the buyer and seller mutually decide on the price of a particular product. The element that determines the price of Bitcoin starts here, when people start buying Bitcoin - because of the limited amount of Bitcoin in circulation - its value starts to increase, and when they start selling it, its value starts to decrease.


How to Accept payment with Bitcoin?


The easiest way to accept payments with Bitcoin is to transfer from person to person, that is, from address to address. This method can be implemented through some smartphone applications.
Nevertheless, there are also commercial applications designed exclusively for this purpose. These applications are based on QR code reading.

How to Buy Bitcoin (BTC)?

Most people use this exchange, which is widespread throughout the world. The name of the exchange is binance.


How much will bitcoin be in 2022?


Bitcoin may force around 120 thousand dollars in 2022, but in any case, if this forecast comes true, there will be much more. Because people have not yet fully understood the value of this limited-edition crypto currency. The number of bitcoins in the world is very small compared to the number of people. That's why I think that bitcoin will rise much more in the coming times. But this article is definitely and definitely not an investment advice.

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