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How reliable is the virtual currency Bitcoin?

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mike donovan

How reliable is the virtual currency Bitcoin?(bitcoin digital)

There are many myths and concerns surrounding this payment system, as well as criticism and praise.

But, by which opinion to be guided? Saber Más, Ser Más tells you about the origin of “the currency of the Internet”, how it works and what makes it so peculiar.

In 2009 Satoshi Nakamoto launches " Bitcoin ", the first " virtual currency " or " cryptocurrency ", or what is the same, a means of exchange that uses cryptography to secure transactions and control the creation of more units. Due to its “virtual” condition, it is intangible, this means that it does not have bills or coins.

Bitcoin is a decentralized currency, that is, it does not have the supervision of any government, institution or state or private financial entity, unlike traditional currencies such as the Euro, controlled by the European Central Bank, or the Dollar by the Reserve United States Federal.

This feature reverts to anonymous and encrypted transactions between its users , so they are free from any commission or tax, such as VAT. 

Are you wondering how much a Bitcoin costs and how to acquire it?

Well, the value of this currency is based on supply and demand, it is also calculated by means of an algorithm that takes into account movements and transactions with Bitcoin in real time.

This currency is characterized by its high volatility , in November 2013 a Bitcoin was worth 1,200 dollars , just a year later its value had fallen by 80% and stood at 250 dollars.

As for how to get it , there are three ways to do it: exchanging conventional money

in a Bitcoin Exchange House; paying for goods and / or services with this currency, or through mining, a practice that consists of using part of the resources of a computer to solve mathematical problems in exchange for Bitcoins.

Once you have acquired the Bitcoins you can trade through mobile applications, which are used for any

operating system such as: 'MultiBit' or 'Bitcoin Wallet'

Bitcoin in Colombia

In the concept of Bank of the Republic, the entity in charge of issuing, managing and controlling

the monetary movements of Colombia, as well as issuing the legal tender in the country, the Colombian

Peso (COP), Bitcoin does not represent a currency in Colombia because “it does not constitute a legal tender means of payment with unlimited release power. Therefore, there is no obligation to receive it as a means of fulfilling obligations.

What advantages does Bitcoin offer?

You can send and receive the amount of money you want, to and from anywhere in the world.

The payments have very low rates, or even many times they do not.

Protect customers' personal data.

And what disadvantages?

Volatility, your money can be worth double or half in no time.

The number of businesses that use and accept it as a means of payment is very small.

Bitcoin software is still under development, a feature that reduces its accessibility to the public.(bitcoin digital official site)

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