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Ways to use the digital currency Bitcoin and everything you can know about it, from how to deal, buy, and sell with Bitcoin.

What is Bitcoin:

Bitcoin is a one-for-one virtual digital process that was invented by a person called Satoshi Nakamoto, who launched his project in 2009.

This currency was introduced to use in electronic payments that are not subject to any government control, or application fees for transactions, Or a delay in remittances, and the price of bitcoin in 2010 was about 0.003 cents per bitcoin, while this number jumped to 4,200 US dollars in 2017; And that after going through many and frequent fluctuations, and this process competes with other digital currencies; Such as Ether, Bitcoin Cash, Dash, Litecoin and Ripple.

The process of extracting bitcoin depends only on a desktop computer, through which this virtual process is released to the trading circle according to difficult mathematical operations based on discovering a new block that is added to the blockchain so that the person receives a reward in the form of Bitcoin, and with the development of this process, it became necessary The use of more than one computer with more advanced, faster and more advanced processing units.

How does the Bitcoin exchange system work:

The process of exchanging this process is similar to that of regular physical currencies; A person purchases one transaction in exchange for another currency, and the relative value of any transaction varies from country to country according to its financial and economic situation; For example, a large number of Mexican pesos can be bought for a few US dollars, and through the stock exchange websites on the Internet that are taught as a mediator for transactions in the currency, the peso is converted into dollars or bitcoins, and this method is through the exchange of the digital process and earning money through it, depending on The changing values ​​of physical currencies and the method of moving money in the markets by the method of the arbitrage process of the digital currency market.

How does Bitcoin work:

To ensure that Bitcoin works successfully; There is an urgent need for two basic mechanisms; are the serial data and the mining process, the first mechanism is a shared virtual record consisting of all transactions of this currency that have been implemented so far, and these transactions are formed in the form of groups and then encrypted through the mining operations to secure them, and then link them with each other, and are Implementing the mining process by providing a complex algorithm solution while ensuring that the people working in it keep the processing time of data sets roughly constant, and data codes can then be traded on one of the exchanges, and stored in investment portfolios.

Sequential data:

Sequential data is a common digital record consisting of all Bitcoin transactions that have been executed until the time of use so that all transactions are stored with each other in groups, and they are protected through the encryption process that takes place in the mining operations, and each of them is connected, Note that any individual can access the serial data at any time he wants, in addition to the inability to change it except according to the desire and ability of the computers of the vast majority of the network, which indicates that it is not possible to make any adjustments retroactively, that is, the individual will not Makes any mistakes.

Mining:

The mining process is the required order to secure and protect groups new units of the virtual currency are issued, which are called the group reward in bitcoin, and at the moment the reward is equal to the equivalent of 12.5 bitcoins.

What are the uses of Bitcoin:

Users of the virtual Bitcoin currency can use it in many places and a lot of things, as there are many e-commerce sites and online stores spread on the Internet that rely on this currency to sell the products and services that they offer, and experts expect that they will be able to spend it literally anywhere, and around products. That can be bought with it, there are many, the most prominent of which are:

• Electronic and video games.
• Gift cards.
• Travel reservation  

You can do almost anything with Bitcoin like regular currencies, except in some special cases.

Can Bitcoin transactions be tracked:

All transactions that depend on this digital currency (Bitcoin) are exposed to the public and can be tracked and stored in the Bitcoin network on an ongoing basis, and Bitcoin addresses are used to determine where this currency is located, and to where it is sent, as the user must reveal his identity to ensure Receive services and goods that he buys and pay in Bitcoin.

It is indicated here that Bitcoin is not affiliated with any central bank, which means that it is a decentralized electronic process, and according to the difference in its legal status from one country to another, its use cannot be limited to several countries only; Currently, Japan recognizes this process as a legitimate currency, but there are clear interests in it in many international financial regulators. And because it is considered a volatile asset according to its daily price changes, some countries still consider it insecure.