The currency of the future.
The decentralization of the financial system.
Bitcoin (for "digital coin") is a digital means of payment (so-called cryptocurrency), and at the same time also the name of the world-wide usable decentralized booking system, as well as the simplifying designation of a cryptographically legitimated assignment of labor or computation expenditure.
Transfers are handled by an aggregation of computers over the Internet using a special peer-to-peer application, so that unlike traditional banking, no central clearinghouse is needed.
Proof of ownership of Bitcoin can be stored in a personal wallet . The conversion rate of Bitcoin into other means of payment is determined by supply and demand.
The Bitcoin payment system was first described in November 2008 in a document published under the pseudonym Satoshi Nakamoto. In January 2009, an open source reference software was released.
The Bitcoin network is based on a shared database managed by the participants (the Blockchain), in which all transactions are recorded. The only condition for participation is the operation of a Bitcoin node; Alternatively, a light version may be used, that does not store all past transactions. As a result, the Bitcoin system is not geographically restricted - Internet access is sufficient - and can be used across borders.
Using cryptographic techniques such as digital signatures it is ensured that valid transactions with Bitcoins are made only by the owner and the monetary units can not be issued multiple times. Therefore Bitcoin is also called cryptocurrency. One of the most significant features of this currency is that it is organized on a decentralized basis and that the number of monetary units is limited.
The currency units are created by the solution of cryptographic tasks, the so-called mining. The miners not only generate new monetary units, but also attach new transactions to the Blockchain. This ensures the integrity of the Blockchain. As a reward, they receive new Bitcoins. This process is extremely compute-intensive and consumes large amounts of electrical energy. Because of the potential ecological damage Bitcoin is being criticized.
In short, Bitcoin is the money for the internet.
There is no central system, such as the Federal Central Bank, behind the coin.
The Bitcoin acts as a digital means of payment, so to speak as an electronic counterpart to the well-known Fiat currencies. In a worldwide network of participating computers (clients) the transactions are carried out by Bitcoins and stored permanently in a so-called Blockchain.
Price fluctuations make the trade very lucrative, which produced a large number of self-made millionaires.
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Further deposit and withdrawal options will be available in the first quarter of 2019.
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