Get to know Bitcoin, a fantastic value Virtual currency - NETRAL'ID

Get to know Bitcoin, a fantastic value Virtual currency

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Wednesday, 24 June 2020

Get to know Bitcoin, a fantastic value Virtual currency

It appeared the first time in 2009, bitcoin until now remains exist. Although the exchange rate fluctuates and is difficult to predict, the price tends to increase from year to year. The last Bitcoin value skyrocketed, beating the gold value.

The global scale cyber-attack WannaCry has made many people's uproar. In a short time, the news of this ransomware attack becomes viral. People who are accustomed to using computer devices are worried that WannaCry viruses infect their computers.

All files from the computer affected by the WannaCry attack are locked automatically or digitally encrypted. To open it, the victim had to deposit US $300 worth of money into a hacker account that propagated WannaCry. But, it is not really a dollar in the real form requested, but rather in the form of bitcoins.

The name of the bitcoin is also a concern for the incident. Remaining questions of the WannaCry case. Actually, what is Bitcoin? Here's an explanation.

Bitcoin: Free Digital currency from Bank and state bonds

Its use is universal, free from bank and state rules. Bitcoin offers easy transactions for its users. It was raised in 2009 by the name user Satoshi Nakamoto, bitcoin is one of the digital currencies (cryptocurrencies) that anyone can use it without the need to disclose the original identity (anonymous) and without the need of control of a central bank's kind of authority. This is why the WannaCry hacking hacker wants bitcoins.

Unlike the general currency in which the issuance and circulation are governed by central and state banks, bitcoins are obtained by solving mathematical (algorithm) or computational figures. By using special hardware and software, Bitcoin is obtained in the mining process or mine (replacing the term computing).

The flexibility of Bitcoin by handing over the full control to the user does not necessarily mean the user is also freely make changes. It is necessary to deal together among users to keep the use of Bitcoin as appropriate. With agreement or consensus among all users, Bitcoin will be and keep working properly.

Because it is digitally present and transacted online, it does not mean Bitcoin has no exchange rate. Bitcoin can be redeemed to a currency that is commonly used by the public. Redemption is hosted on the Bitcoin exchange website. Opened with a price of US $84,1 in 2013, the last exchange rate of Bitcoin against the dollar has touched the number of US $2.216,20.

A number of merchants have accepted payments with bitcoins. Some of the confirmed names are PayPal, Microsoft, Dell, Newegg,, Expedia, TigerDirect, Dish Network, Zynga, Time Inc, PrivateFly, Virgin Galactic, Dynamite Enterntainment, Clearly Canadian, and Sacramento Kings.

Bitcoin Pros and cons

Apart from its concept as an alternative to payment tools and shifting conventional transactions, Bitcoin in addition to having excess, also has drawbacks. What are the advantages and disadvantages of Bitcoin? The table below will explain it.

Do not know the boundaries, either boundary or boundary threaded banking and country rules. This means that transactions with Bitcoin can be carried out across regions and continents without being tied to banking and state rules. Accepting Bitcoin as a means of pay is minimal.
Transaction services are low cost. Fluctuating or exchange rate increased. Some factors affect, among them the number of bitcoins in circulation, fewer users than traders, news, and hacking.
Relatively safe and efficient. Fraud mode like counterfeit money will not be experienced by users. In addition, the convage minimizes the risk. Software Bitcoin is not finalized so that at any time changes.
Transparent as all Bitcoin-related information can be seen by all users. Provide great opportunities for criminals or who are reluctant to pay taxes for money laundering.
Not affected by inflation. Prone to loss from human errors such as lost hard disk, save Bitcoins. Automatically, Bitcoins are also lost.
Free from necessity to give personal identity.

 Understand Bitcoin well before buying it

The efficiency and flexibility that Bitcoin offers is so attractive. Cross-region and release of banking and state regulations make Bitcoin an alternative transaction option. However, the shortcomings found in bitcoins should not be ignored.

The value of the exchange is unstable and the software is still beta so things to watch out for. Therefore, consider it well before using Bitcoin.

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