The governments and the general public, where between it is similar to other currencies paper such as the dollar and the euro and the other in terms of value in the procurement process and in terms of manufacturing and use somewhat. One of the most important advantages of bitcoin is it’s payment freedom. With Bitcoin, you may send and receive money from anywhere on the earth at any time.
What are Cryptocurrencies?
Cryptocurrency is the simplest definition of it is digital money that its owner can conduct commercial operations such as buying online with it, and unlike real currencies it is only available on the Internet, and these currencies are decentralized meaning that they are not subject to any governments or central banks for their establishment or circulation, which means Its users control it and its manufacturing process, which makes it have some flaws and features that we will talk about in this article.
These currencies are traded on the internet between users directly, meaning that there is no intermediary between the people who use these currencies, where these currencies are stored on a cloud digital portfolio on the Internet, or on your personal computer, these currencies are sent and received from one user to the other via Computer or smart phones, this trading process is recorded in the so-called blockchain technology, which can see the records of these transactions for holders of these electronic currencies.
What is Mining?
Well after we got to know these currencies, how can we get them, because traditional currencies are used to make money in a certain way in central banks, but how is it done in these digital currencies? These cryptocurrencies are generated by what is called a mining or encryption process that takes place through specialized computers by solving a highly complex mathematical puzzle known as hash.
People around the world are competing to solve such complex puzzles, and when a person is able to win a specific amount of these cryptocurrencies then they will complete the mining process. But this process requires superior and high-capacity computers to be able to complete such complex operations. If such capabilities are not available in your own machine, do not waste your time.
Each mineral must verify the correctness of the transactions recorded in its mass, and find a solution to a mathematical equation (reaching the required hashtags) that the system proposes as evidence of the work done.
But there are other ways to obtain cryptocurrencies where mining is not the only way to obtain them, but you can buy them from the Internet using your regular local money on markets designated for them on the Internet, and you can also sell them to other users, and this is called trading As is the case in the stock market and gold, and the value of the currency is determined by supply and demand, as they are volatile all the time.
You do not have to use personal information for you such as the full name and address, when sending or receiving these currencies.
And when this cryptocurrency was widely publicized and in demand, a huge number of people, as well as some large companies launched the mining process (from English mining – mining) of this virtual currency.
One of the advantages of bitcoin that can be added to these currencies is that cryptocurrencies cannot be counterfeited unlike currencies and paper money, in addition to being easy and cheap in dealing and trading even though there are some fees but they are less than the fees that are imposed by financial companies and banks.
Among the drawbacks and defects in these cryptocurrencies is that it is possible to defraud and threaten the security of your digital wallet through them, with many hacks and breaches that are attacking banking websites and people’s accounts on them. So just perform your bitcoin sell and buy with bitcoinevolution.
There is also a threat to the accounts on which the money is stored on the cloud on the Internet and it is possible to penetrate these accounts and seize the funds stored on them, so the solution to this problem is to store these funds on your personal computer away from the hackers, but unfortunately it is possible that these funds are exposed Also dangerous if the device itself is stolen.
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