What is Bitcoin

What is Bitcoin?

Bitcoin is a decentralized, peer-to-peer cryptocurrency that was introduced back in 2008 by a developer named Satoshi Nakamoto. Although his identity remains to be a mystery even at present, Nakamoto is heralded as the father of Bitcoin and is responsible for spearheading the revolution in the rise of virtual currencies such as Bitcoin that led to the innovation and improvements of the way we do business.

What makes Bitcoin stand out?

Unlike the fiat currencies that are used in all countries, Bitcoin is intangible since it is transacted over its secure and transparent network online. More importantly, it is not monitored nor regulated by any financial institution or authority, making it free from any manipulation.

However, what truly sets this digital currency apart from the real money we use is that it heavily banks on cryptography to encrypt all transactions made within its network. This makes possible for anonymous transactions, ensuring all parties involved of almost 100% privacy, thus a good currency for binary options trading – Bitcoin binary options. Not only does it guarantee the security and safety of all transactions, it also promises fast and efficient processes.

How easy is it to use Bitcoin?

Using bitcoins requires a wallet aptly called the Bitcoin wallet. It serves as the storage for the digital currency, and it can be used only with bitcoins. Each wallet has a unique wallet address that will be used for sending and receiving funds, and this will technically serve as your main identifier in the network. Therefore, divulging your wallet address in public will affect your anonymity since all transactions within the Bitcoin network can be traced by all users through the blockchain.

Is it legal to use Bitcoin?

With the list of security features, using Bitcoin cannot be any safer. The same can be said about its legality. It delves deeply on what is Bitcoin really. Although some countries have already made efforts to regulate the use of Bitcoin within their territories, this virtual currency remains to be legal in the sense that no law questions the use of Bitcoin as a means of currency. Therefore, so long as your country does not enforce strict rules against the use of bitcoins, feel free to legally use it to pay for products, services, and everything else.