Bitcoin is one of the relatively new digital currencies that has recently become the mainstream. Unlike conventional currencies, the bitcoin value is not determined by financial institutions, but is set by the network users themselves.
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We hear about bitcoins everywhere. It is believed that bitcoin is the currency of the future. But there is an interesting fact about, bitcoin is not a currency per se.
What is bitcoin?
Basically bitcoin is a kind of digital payment system and a special data transfer protocol for financial transactions at the same time. This means that bitcoins do not have a single financial regulator. The bitcoin value is determined by the users themselves, who exchange bitcoins and thereby create their value.
As a cryptocurrency bitcoin is increasingly considered a serious alternative to conventional world currencies, because banks do not control financial operations conducted with bitcoins, and the bitcoin value is something users are ready to pay for.
Where to buy Bitcoins
For users of the network, bitcoin is just another way of making transactions, like an electronic wallet. People buy bitcoins on a special Bitcoin exchange stock.
Bitcoin miners compare the bitcoin currency with the e-mail. No one specifically owns this technology, but users need to have certain software to use this cryptocurrency. Bitcoin can exist only if there is a so-called financial consensus, so users are interested in having such a consensus.
Use of Bitcoins
Bitcoins are being used. In August 2013 the total value of all bitcoins has already exceeded one and a half billion dollars. This shows that bitcoins are increasingly being introduced into the international financial system.
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