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Bitcoin and contemporary challenges

    Bitcoin and contemporary challenges

    • 2020-09-05 18:13:32
    • 762
    Bitcoin and contemporary challenges


    What is Bitcoin?
    It is an electronic currency that is used in many different payment methods and has spread very widely in recent days, as you rarely find one of the sites that use payment methods does not accept Bitcoin and it uses peer-to-peer (P2P) technology
    And open source operates without central authorities controlling it .
    Anyone can own it and deal with it. Among its advantages is that it is easy to pay using a mobile phone or personal computer, and it provides more safety and control over money. It can be used anywhere and at any time, and its transfer fees are very low compared to other payment methods.

    In this topic, we will address some points related to Bitcoin
    Let's start with the establishment of the currency first, as its founder is a person who called himself Satoshi Nakamoto the first time when the coin was introduced in 2008 and described it as an electronic system based on the principle of peer-to-peer, and it was put up for circulation in 2009.
    A cryptocurrency that relies on encryption in all its aspects, which made it the first currency of its kind and the most famous and widespread, but it is not the only one currently that relies on encryption, as there are approximately 6 other digital currencies that use encryption, such as Bitcoin.

    A decentralized currency, meaning that dealing with it is done directly from person to person, and there is no need to go to a destination to carry out the transfer, as is the case in the regular banking transactions that we do. Data such as the name of the person or the country in which he resides or any other data except for his wallet number, and the transfer is done immediately and without paying the transfer fees to any broker or any other party (except for network fees that are paid to miners).
    The block chain The Bitcoin system records all procedures to ensure the correctness of the transfers that take place across the network in what is called the Blockchain
    To know more about Blockchain, please read this article to countinue reading  .article (2/3)