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July 13, 2018, 09:53:02 PM |
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WHAT IS BITCOIN?
Bitcoin is digital and virtual currency that can be exchanged through the internet between persons. It is not subject to any administrative control, as in the case of central banks. The transfer is very fast: maximum 6 minutes - because the money passes from one point of the world to the other. Such could, in fact, be called a parallel banking system.
HOW DOES BITCOIN WORK?
Every user can open an account and create his own "wallet," that is, a super secure coffer in which to keep one's digital money. The computerized security system that has been built to protect these personal vaults (coffers) include long secret codes up to 100 alphanumerical characters. Therefore, they are practically inviolable. I am a South African and have been living in Italy since 2010; from the time I became interested in Bitcoin, I have come to notice that in Italy, in the last three years, there are companies that have embraced the "Bitcoin way", thereby incorporating it into their businesses, in that one can pay through Bitcoin, for instance. In addition, some businesses (shops, etc) provide services in which one can buy Bitcoins, etc. It has become possible to make purchases using Bitcoin (in shops that accept them) or send money overseas to another user who has a Bitcoin "wallet;" the transaction thereof has a very favourable commission in comparison with other "traditional" systems of Money Transfer. I would encourage people to start embracing the "Bitcoin way, " BECAUSE BITCOIN IS THE FUTURE.
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