an age when the Internet spread and revolutionized all aspects of life, the revolution was followed by electronic banks and financial movements that began to spread on the Internet, and had a significant impact on the financial situation in the real world. Financial transactions on the Internet ... until the morning of January 3, 2009, where a new currency has emerged that
has not been pledged by mankind before and is the currency of the Petrochemicals.
For those who do not know Bitquin is a pseudo-encrypted virtual currency known as "Satoshi Nakamoto", and is somewhat similar to known currencies of the dollar, euro and other currencies, but they differ in that they are fake, The transactions are online and have no physical presence, and encrypted, ie, can not track the sales and purchase carried out or even knowledge of the currency, and to simplify the mechanism of work of this currency Let us take a simple example.
How does Bitcoin work?
Imagine that there is a room with surveillance cameras watching every small and large and recorded for life, and in this room five transparent shops so that the coins can be seen inside clearly, and each of the proceeds of the five owned by someone standing outside the room with a code to open the proceeds, and this The person wants to buy something, so he goes to the dealer and gives the trader the code of the proceeds, then the dealer enters the room and his face is covered so that he can not be seen and take the money and put it in his possession in the same room and come out, so these cameras have recorded that it was The transfer of a sum of money, but do not know the proceeds of gold or money to or from lost in Thing.
But why Bitcoin?
Everything has its pros and cons, and the pros of this currency is summarized in three sentences:
1 # Low fees and speed:
Instead of the need for an intermediary between you and the trader to transfer money, this broker deducts a percentage of money, with the presence of the currency of the Betquin, this process does not exist, because the currency has not moved, but the currency code is extracted from your portfolio and entered into the merchant's wallet, The process is done between you and the merchant without an intermediary and is called P2P or peer to peer.
2 # Confidentiality:
Buying and selling can not be monitored or interfered with. This is a positive point for those who like privacy and it reduces the control of the government and banks on the currency.
3 # Global:
It is not linked to a specific geographical location can be treated as a local currency. And the most important thing in this currency is that it has no (officer or link) that the expression and this cancels the control of the central banks on the printing of money, which caused inflation and high prices, and the reason that makes this currency protected from inflation is limited number has put Satoshi Nakamoto plan With 21 million coins to be produced by 2140, and their limited number gave them a great value in the market, from a mere six cents to more than $ 1,000 and then to about $ 600. The big sudden changes are that they are unstable After, you can track their price on the coindesk website.
But where do people get the currency from?
People get it in several ways, but the main way is the mining process:
The process of mining is similar to the process of mining gold mining in mines either individually or as groups, but in the process of mining Betquin, replace the drilling tools with computers and the more processing capacity, the ability to extract coins faster, and replace the mine Gold is a program to solve complex equations that carry currency codes. Those who find the currency code become their currency. There are many around the world who became obsessed with this currency and booked full servers operating throughout the day to solve equations and extract coins.