Bitcoin is a digital currency or cryptocurrency that has been exchanging over the internet through a cryptographic system. Which secures transactions through technology blockchain, which is very difficult for the system to being hacked. This cryptocurrency offers the opportunity to make fast, secure and low-cost payments without the need for a bank or a central processor. System transactions take place directly between folders users’ digital data, and after that, they been verifying on the blockchain. The transactions are digitally signed with unique private keys, proving that they come from the owner of the portfolio.
Bitcoins have innumerable advantages as digital currencies, as they are decentralized (until the government regulates them), they are secure thanks to technology blockchain and these currencies can be accessed from anywhere in the world of digital form. As the biggest drawback of Bitcoin is its high volatility, which makes the currency into a short-term spec product rather than an investment product long-term.
Bitcoin was up more than 290% in 2020 and has become for some investors like refuge value similar to gold. The cryptocurrency has reached its all-time high of $ 34,792 on 3rd of January 2021. However, it is currently down a bit.
In Slovakia, especially in Bratislava, there are many ATMs cryptographic. THis allows you to safely exchange money for Bitcoins, and vice versa. The cryptocurrencies are aiming to help the financial system evolve and make it more digital. And thereby improve the personal finances of the society.
Bitcoin is a currency that has rapid transfer and has a low cost of transaction or even free. Bitcoin, as a digital currency, is ideal for new generations. For younger people because cryptocurrency should not be deposited anywhere, but is stored digitally on a computer. In In short, cryptocurrencies have come to the financial market to stay and somehow, the way to offer profitability and improve the financial sector.
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