Bitcoins: they are decentralized virtual currencies, which allow totally secure transactions thanks to the use of Blockchain technology. The Treasury announced that it will begin to study how to regulate their circulation and taxation in order to finally legalize them.
What is Bitcoins?
We all know that since its birth in 2008, Bitcoin and all other cryptocurrencies have appeared. It is not certain who the creator of these cryptocurrencies was, but the name “Satoshi Nakamoto” rings a bell.
As already mentioned, these are used to conduct various transactions between two or more people in a completely secure manner through cryptography.
It seems very complicated, but it is actually easy to understand. For example, suppose there are five boxes, or five blocks.
What does this mean?
Well, thanks to blockchain technology, there is no intermediary present during the transaction and the information is known only to the people involved in the transaction. This is because each person has a different code for all parties involved.
Each transaction takes place in milliseconds, and once the second block is reached, it is impossible to stop or modify it. Also, transactions are automatic and cannot be modified. This means that you cannot cancel it and the only way to get your money back to the other party is to send them another bitcoin.
What are Bitcoins for?
Once the exchange of bitcoins begins, there should be a “minor,” a person in charge of performing different actions for each block until the bitcoins reach their destination.
This novel system is taking root in many market sectors; for example, some companies in Japan have already decided to pay part of their employees’ salaries in bitcoin.
However, since the system is not regulated by any government agency, there are many unknowns regarding its operation, and the legality of the system continues to be debated. Despite the fact that many days ago
Ethereum and Litecoin
Bitcoin as well as other cryptocurrencies have emerged and cryptocurrency fever seems to be in full swing. Ethereum, Litecoin, Ripple, NEO… etc. are popular cryptocurrencies that are currently overshadowed by Bitcoin.
We are facing a cryptocurrency boom, but many experts question whether cryptocurrencies are here to stay and consolidate, or if they are just a passing fad. However, more and more users are deciding to transact with them, whether to pay in physical stores, make online payments, invest for profit, or even play online.
Finally, here is a link with a step-by-step guide for users interested in investing in cryptocurrencies. There are so many people who are making quick and easy profits by investing.
And do you think cryptocurrencies will continue to exist and coexist with money in legitimate circulation? Let’s not forget that Ripple made history in January of this year when it surpassed the price of Bitcoin.