Bitcoin is a digital currency or cryptocurrency that is exchanged over the internet using a cryptographic system, that ensures transactions through blockchain technology. The term bitcoin has origin in 2009, when this cryptocurrency was created by Satoshi Nakamoto.
This cryptocurrency offers the opportunity to make fast, secure and low-cost payments without the need of a bank or a central processor. The price of bitcoin has varied a lot since its inception, where in 2009 it basically had no monetary value, reaching its all-time high in December 2017 where a bitcoin valued almost $ 20,000.
Bitcoin is an international currency that allows you always to know its value in real-time anywhere in the world. Today, there are more and more establishments that accept bitcoin as a payment method. But being the world’s most popular cryptocurrency, it has been involved in various financial scams and frauds.
One drawback is that you cannot make returns or refunds of bitcoin. Another problem is that the transactions are anonymous, and this allows bitcoin to has been used for illegal purposes with the intention of evading taxes.
In Slovakia, the creation of crypto ATMs is increasing. The Slovak bitcoin community is very passionate about cryptocurrencies, especially in Bratislava. Slovakia is currently actively participating with its proposals in the creation of the future European digital infrastructure.
Since October 2020, residents in Spain must report the possession and transaction of bitcoins or other types of cryptocurrencies to the Treasury. Information on balances, and holders of the currency in custody would be required. More and more countries want to regulate the use of cryptocurrencies in their territory.
Finally, European citizens have more and more confidence in the future of the use of cryptocurrencies, despite the situation of the coronavirus pandemic.
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