Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men earning, no bank transactions required There are no transaction fees and no need to give your real name. More merchants are beginning to accept them. Bitcoin can be used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally. Several marketplaces called bitcoin exchanges allow people to buy or sell bitcoins using different currencies. Mt. Gox is the largest bitcoin exchange. You can buy webhosting services, pizza or even manicures. No one controls it. Bitcoins aren’t printed, like dollars or euros they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems. It’s the first example of a growing category of money known as crypto currency. Bitcoins are stored in a “digital wallet,” which exists either in the cloud or on a user’s computer. The wallet is a kind of virtual bank account that allows users to send or receive bitcoins, pay for goods or save their money. Unlike bank accounts, bitcoin wallets are not insured by the FDIC. Though each bitcoin transaction is recorded in a public log, names of buyers and sellers are never revealed only their wallet IDs. While that keeps bitcoin users’ transactions private, it also lets them buy or sell anything without easily tracing it back to them. Bitcoin is pseudonymous, meaning that funds are not tied to real-world entities but rather bitcoin addresses. Owners of bitcoin addresses are not explicitly identified, but all transactions on the blockchain are public. In addition, transactions can be linked to individuals and companies through “idioms of use” and corroborating public transaction data with known information on owners of certain addresses. Additionally, bitcoin exchanges, where bitcoins are traded for traditional currencies, may be required by law to collect personal information.That’s why it has become the currency of choice for people online buying drugs or other illicit activities. Bitcoin can be send in an instant worldwide. Users can use several accounts or multiple bitcoin addresses as they are not linked to names personal address or other personal identifying names. Today Bitcoin is worldly renowed as of 2017 there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.
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