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The Best of Bitcoin with the Best of Choices

17-07-2019

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Bitcoin is a digital currency or currency that was conceived in 2009 and that is probably the basis of the entire digital currency hedge. Unlike ordinary money, where the government provides the valuation and coverage, bitcoin is managed independently and is not covered. That means that its value or at which you can actually spend it - is largely determined by the users. The value of a bitcoin can therefore vary from a few euros to almost twenty thousand euros, such as in December 2017.

Is the bitcoin safe?

Yes, we can safely say that the bitcoin is safe usually.

Bitcoins are encrypted and secured

And not just a little bit too. Bitcoins are encrypted and protected with a special system, called the "blockchain". At the blockchain, volunteers a lot of work together to encrypt the transactions that are performed in the bitcoin system. In this way all personal data remains hidden from curious eyes. And even if hackers manage to get into the system, they will not find anything worth stealing.

Bitcoins are public

"Wait a minute, that doesn't sound much safer," you might think. But by "public" we mean that all transactions are transparent and visible to the public, even though those involved are anonymous. Deception, fraud and fraud are therefore excluded. In addition, the transactions are irreversible, so once you collect or sell your bitcoins, no one can reclaim his money. It is as if thousands of people are watching your wallet to ensure that no one can steal anything.

Bitcoin is decentralized

Bitcoin servers are located all over the world and more than 10,000 nodes track all transactions that are executed in the system. That is important: if something happens on one of the servers or nodes, the others can take care of it. It also makes no sense to hack one of the servers: whatever you steal, the other nodes and servers monitor the integrity of the data unless you have control of 51% of the nodes. That is not possible, but very unlikely.

And it is much better than the alternative: if you keep all your important things in one location, you are facing difficulties. A simple visit to https://casherbox.com/en/exchange/bitcoin-btc-to-nalichnyie-usd/ solves the issues for sell bitcoin in Kiev for cash.

What is "blockchain" anyway?

Oh yeah. Blockchain is the secret component that makes bitcoins possible. And it is the most important tool that ensures that the entire system works safely and smoothly.

Since we can easily devote an entire article to all the details of blockchain, we will keep it simple in this blog post: blockchain is a public encryption method that secures transactions and ensures that every transaction is unique.

Question: Why don't people just use Ctrl + C to get new bitcoins? Because a universal register keeps track of how many bitcoins are in each wallet, blockchain ensures that every bitcoin is unique. In addition, the system knows whether a bitcoin has been obtained in any other way than by trade or delving, and if that is the case, the bitcoin simply has no value and is not recorded.

But it is also important to keep all that information private and anonymous. As said, blockchain encrypts all transactions, but it is called "blockchain" because every transaction is embedded in a "block" with other transactions when encrypted. Once the transaction has been included in this block, it cannot be changed. Even if you had access to the blockchain, you would not be able to "hack" anyone to send you more money. Only in this way can it be guaranteed that every bitcoin you have is unique and has value.

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