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What is bitcoin and how does it work?

Jockharber E
5 min read
What is bitcoin and how does it work? – Cryptocurrencies – WebMediums
Bitcoin, the number one cryptocurrency.

Bitcoin is a digital currency where it can be used to: Buy, sell and/or exchange for some other digital currency. Being digital, it cannot be palpable in any way, of course.

It is completely done thanks to an encryption created on a chain of blocks, where the price of it is high or low, depending on the latency that users give to use it.

Thanks to everything, the algorithm and coding that it has, the backbone of cryptocurrencies (Blockchain) works quickly, safely and quickly before all the transactions that exist worldwide.

Its main function is that it does not have any type of intermediary or financial institution monitoring the transactions of each user who enters and receives cryptocurrencies.

How can you get bitcoin

There are many ways to obtain bitcoins, although it is one of the currencies that has the most weight in the digital market, and that is the mother of all the currencies of this medium, which have become, by now, the digital economic boom..

The most common is in the purchase and sale of some segments of the bitcoin currency, where they can actually be bought as cents of said currency, which is known as Satoshi.

The other way to obtain bitcoin is a little more difficult and although it is an investment, it can be the best. And it is that buying an encryption machine is usually the best option for some who want to obtain more than a few Satoshi of said currency.

Even if it costs them money and the maintenance of said device is usually a bit expensive and that the profit will be seen a few months later, it is still attractive.

What is bitcoin and how does it work? – Cryptocurrencies – WebMediums
Buy and sell Bitcoin.

One of the other options is for those users who eagerly want to have said currency in their digital wallets, create a computer resembling an encryption process.

Where they also invest money and they hope that with a little more speed they can obtain, for a slightly softer investment, have quick income.

Last and most important, where the vast majority prefer to invest their time and mental agility to obtain a fixed income, but well below the previous methods already mentioned, is to play a game in which the rewards can be exchanged for cryptocurrencies.

So if you are a good player and you think that you can take advantage of this modality that many already implement, it would not be a bad idea for you to try it.

What are the advantages and disadvantages of bitcoin

The advantage of bitcoin is that being the currency king of all the others and thanks to it some who have wanted to snatch its position have been inspired, it continues to have weight for all those around it.

And it is that the profits that can be obtained thanks to this currency, is about its fame and the faith that all users have in it, who have managed to keep its price well above the others.

What is bitcoin and how does it work? – Cryptocurrencies – WebMediums
Trading in Bitcoin.

When we talk about fame, it is because we can also see, sometimes, that it has some disadvantages, since at the moment it is not at its highest levels.

It can also influence to drag all other digital assets, although it always wants and seeks to stabilize, so you have to be very careful when investing in this currency.

Another advantage is that it is known by all continents, since it is a secure platform and currency where millions of people interact at the same time, where none has come to review a scam, payment problem or that it was invaded. her wallet.

However, stability also plays an important role, since many times the high peaks can be seen as very positive, but in a matter of seconds everything can change and come against.

That is why, although it is a market that bills a lot of money, it can also be lost if you do not have a basic knowledge to be able to operate in said market.

What is bitcoin and how does it work? – Cryptocurrencies – WebMediums
The markets are influenced by Bitcoin.

bitcoin is legal

The impressive thing about this structure is that it is well known throughout the world, it is not entirely legal in some countries such as : Bolivia, Egypt, and Vietnam.

They have cataloged it completely illegal, based on their political guidelines within their territory and for their inhabitants. But meanwhile, in the other countries of the 7 continents it is not illegal at all.

It is known that it is simply a method of buying and selling, as well as investing money to make a profit. But until now there are no clauses, where bitcoin is designated as a currency that can destabilize some type of norm within a country or have a negative change before it.

That is why some economists have applauded thanks to this technology, while others sharpen their eyes before this new market, which is making its way into the multitudes of the world's economies.

Where small and large companies prefer that payments for their products be made through this currency. So it can be said that it is completely legal whenever and wherever you are.

What is bitcoin and how does it work? – Cryptocurrencies – WebMediums
Bitcoin against the dollar.

Although we know, in which countries the free use of this cryptocurrency is allowed and how the asset is meshing very quickly in our daily lives.

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¿Qué es el bitcoin y como funciona?
Go to the profile of Jockharber E

Jockharber E

Member since 7 months

Mi nombre es Jockharber Espinoza, actualmente, me desempeño en el área de informática. Me gusta la creación y diseño de páginas web, criptomonedas y el trading.

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