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What is bitcoin and how to earn it

 Modern technology did not leave a door but knocked on it and brought about a new and advanced revolution in it, and technology affected the money market, the economy and electronic banks and spread on the Internet, which affected financial transactions, and worked on the control of electronic banks on the Internet, and the last thing that emerged from that technology was the emergence of the latest financial currencies, which are Bitcoins.

What is bitcoin?

What is Bitcoin is a virtual encrypted currency and it is similar to the known currencies in our lives such as the dollar, the pound and the euro, but its transactions are only on the Internet, and it is a currency that has no tangible physical presence, and it is encrypted, and buying and selling operations cannot be tracked, and it is also unknown since it was designed by Satoshi Nakamoto 2009 and so far the owner of this currency.

What is bitcoin and how to earn it
What is bitcoin and how to earn it

What is the idea of ​​Bitcoin?

The idea of ​​Bitcoin is based on imagining a control room with cameras that record everything that happens in it continuously, where inside the room there are a number of transparent boxes so that we can see the coins inside, and each box in the room belongs to a person outside the room and has a special code to open the box, and when the owner of the box wants to buy Any commodity, informs the seller of the box code, so the seller goes to the room with his eyes covered and takes the money and puts it in his box that is also in the same room.

The cameras record the movement of currencies from one box to another, but the identity of the seller or buyer who exchanged currencies between them is not identified.

New Bitcoin Features:

  1. Low fees and speed of dealing: With Bitcoin, there are no intermediaries to transfer money, and there is no commission percentage deducted for transferring money, because the currency is not merely transferred, but the currency code of its owner is the one that moves between people, and this process is called P2P, or peer to peer .
  2. Secrecy: Buying and selling with bitcoin cannot be monitored, which increases privacy, and reduces the control of banks and governments over bitcoin.
  3. International: The Bitcoin currency is not specific to a particular country, as it can be dealt with as a local currency, which prevents central banks from controlling the printing and deed of money, which causes high prices and economic inflation at times, because this process is protected from inflation as its number is limited, and that It is due to the plan of the bitcoin designer Satoshi Nakomoto, which is working to produce 21 million bitcoins in the year 2140, and this increases the value of this currency in the markets.

Cons of Bitcoin:

  1. We mentioned in the previous lines that the advantages of the secret Bitcoin currency and the encryption of its exchanges, but this may also be considered one of its most important negatives, as it facilitates suspicious operations on websites and deep networks, such as the Silkroad site, which was closed because it was Promotes and sells drugs using bitcoin.
  2. Suspicions about the mining process: It is not known who is managing the movement of the Bitcoin process codes, which raises the suspicion of the existence of a secret organization behind it.
  3. The identity of Satoshi Nakamoto: the unknown, as it is not known if this name is for a group, or for an individual, and what his nationality is, and it is not known how many coins this person owns, as the ownership of these currencies or the largest number of them may belong to a state, which may upset the balance of economic power Globalism.

Bitcoin official website: here

How to get bitcoin:

It can be obtained in several ways, the most important of which is Bitcoin mining, which of course does not require digging and prospecting for gold to be manufactured, but rather using modern technology and advanced computers capable of processing greatly, and using a program to solve complex equations for currency codes.

The person is the currency, and this idea was popular with some internet pioneers, and their obsession with this currency increased, so they booked entire servers and worked day and night to solve the equations and reach the bitcoin code and own it, and although this currency is a virtual currency, but some companies like Titan Bitcoin resorted as a thief Coins of the same value, bearing an 8-digit identification number.

Despite the divergent views of economists on this currency, and many fear it, but it may be the last resort to escape from global economic inflation, and the excessive and increasing acceptance of printing paper currencies, which may cause the expected economic collapse from time to time.

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