Bitcoin is a form of digital currency, created and kept electronically. It was the first virtual payment method of this type in the world.
Thanks to several important functions, this is one of the largest financial innovations in recent years:
Security
Information about transactions carried out using bitcoin is encrypted using a technology called «blockchain». The manner of its operation and continuous verification seems to be virtually unbreakable at the moment.
The Bitcoin selling speed in Kiev for cash
is carried out online. In the process of transferring funds, the distance to which we send money is irrelevant and the transaction takes place without intermediaries. 24/7 availability Bitcoin transfers do not have restrictions in the form of days of the week or holidays, we can send funds 24 hours a day, seven days a week. Transactions are approved almost every 10 minutes. A visit to https://casherbox.com/en/exchange/bitcoin-btc-to-nalichnyie-usd/ will make you understand perfectly how to selling bitcoins in Kiev for cash.
Low costs
At the moment in terms of the cost of transferring funds, bitcoin is considered by some to be a cheaper alternative, in particular for larger amounts. This is due to the lack of intermediation of banks.
Anonymity
Opening an account in this cryptographic process has no formal conditions and the accounts are anonymous. The only thing the user gets to the account is a login composed of 54 characters and a password.
Decentralization
Information on the status of bitcoin accounts is found simultaneously in many places on the ground in the same form. It makes it even more secure, eg compared to traditional banks that have a centralized database system.
What exactly is Bitcoin?
Bitcoin is a form of digital currency, created and kept electronically . In contrast to traditional physical currencies like the euro or dollars, Bitcoin is not printed, so there is no physical form. Instead, bitcoin is created by IT professionals around the world, using programs that solve mathematical problems.
Bitcoin is also a liquid medium of exchange, which we can pay for more and more items! Every now and then we hear that other institutions, shops or other companies are beginning to accept bitcoins. It is also a currency that has no physical form and can be immediately sent directly to any place on earth. This has a lot of advantages compared to, for example, international bank transfers, where money has to go through several banks along the way, and thus be saved on several subsequent virtual accounting books.
Another vital divergence between physical cash and cryptocurrencies are banks. The central bank’s mission is to stabilize its own currency. It can increase the supply of money, what we call «printing» to cover state debts, thereby leading to devaluation of the currency. However, in the case of a digital currency, there is no such thing as Bitcoin Bank, which at the same time would be its regulator. This is because Bitcoin is in itself a bank in its own way. The independent accounting book contains information about the ownership status of all users and the history of transactions between them. To open an account with a cryptocurrency, simply download a special application and generate a login and password. The account of each user is completely anonymous and does not have any formal requirements.
Blockchain technology
This technology can easily be visualized as a tower built of blocks. The tower symbolizes the present status of cryptocurrency versions (who and how many of them), seen by every types of Bitcoin users. Each and every new block use to contain information about all new transactions that change the current status of accounts.
The new block to be stacked on the tower must be encrypted and matched appropriately. After the entire complex process of performing mathematical calculations in a global computer network, the block is attached and as a consequence, new transactions are finalized. The Bitcoin system transfers funds declared previously by users.
