Bitcoins and the perspectives of using them in the upcoming years

Bitcoins and the perspectives of using them in the upcoming years


Bitcoin itself. While WebMoney Transfer, Skrill or the famous PayPal are electronic payment systems.



But there are also real electronic currencies, and one of the most popular is Bitcoin. It is completely virtual. In the original form it can be used to pay for goods and services, for transfers and other operations. Nevertheless, it can be withdrawn – exchanged for physical money. Unlike WM, Yandex.Money and other digital payment units, you can exchange Bitcoins into absolutely any currency. In order to do this, you can use special online services that are easy to use, convenient and reliable.

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How and when it was created. The development of a peer-to-peer network for the Bitcoins trafficking was launched in 2007. It was based on the principles of “b-money” – the crypto currency, coined in 1998.

The protocol in which the Bitcoin network was described was published in 2009, and in May 2010 the first transaction was made – one owner of Bitcoins purchased 2 pizzas for 10 thousand coins.

Where do they get Bitcoins? The Bitcoin network essentially does not have a single emission center, that is, the place where this currency is produced. The very process of production of Bitcoins is called “mining”, and any person with a powerful computer can take part in it. The Bitcoin system provides only one opportunity for additional emission – the new Bitcoins are given as compensation to those who generated the next block, which is the combination of transactions. Not any generated block can be accepted by the rest of the Bitcoin-hunters: there are lots of demands and conditions to be met, besides all the information is accessible and every step or transaction is thoroughly checked. The volume of Bitcoin emission is known in advance (nowadays – up to 2,033).

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Who can own and use Bitcoins. Anyone can use the BTC crypto currency. To do this, one needs to go through the registration procedure on the official Bitcoin website and install the appropriate software, through which the user will perform transactions and monitor his BTC-wallet. In addition to the “mining”, you can receive Bitcoins as payment for services, goods, as a gift, charity or just buy them at the corresponding virtual exchange points.

Pro et contra. The advantages of the Bitcoin system (as well as of any other crypto currency) are:

  • Record low, or often, absolutely no commissions;
  • Efficiency – the implementation of any transactions; regardless the distance and amount it takes no more than half an hour;
  • Unlimited – the only thing required for any transaction is the Internet access;
  • Impossibility of blocking the account and seizing Bitcoin-savings;
  • Impossibility to levy taxes from owners;
  • High level of anonymity and security.

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Like any other payment option, the Bitcoin system also has its disadvantages:

  • Bitcoins are still known to a very limited number of people. As a consequence, it is not always easy to spend them as payment for some product or service;
  • Like most young currencies, the Bitcoin rate is very unstable – almost every major transaction affects the value of BTC in one way or another;
  • The software and its functionality are still being developed.

As you can see, Bitcoin has both advantages and disadvantages, and the experts give quite contradictory prognoses, but nevertheless, the rapid growth of the rate of this crypto currency clearly indicates that it can become a bonanza.