What actually is meant by the term Bitcoin?

Is it a coin?No. At least not in the traditional sense of the term. Bitcoin is, apart from legal and economic considerations, a cryptocurrency. A cryptocurrency is, on the other hand, a type of decentralized virtual money, not regulated and controlled exclusively by its specific virtual community (here comes the definition of virtual currency), which is created and stored electronically (here comes the definition of currency digital) and that uses cryptography to provide security to the digital system that gives them life. Click here to know about litecoin.

However, for all relevant purposes, Bitcoin is a digital representation of value. Probably, for civil purposes (for example), it can be considered a movable, digital, fungible and private property.Visit this site to know about litecoin.

What advantages does Bitcoin offer?

Many. The traceability of operations, the possibility of making money transactions around the world at low or even zero cost and, above all, the possession of a cryptographic system that provides unusual security to the system, of which we will talk about continuation.

What risks does the use of Bitcoin entail?

Various. I am interested in calling attention to three risks inherent in this cryptocurrency: the facility to, using its system, avoid all control, evade taxes and even commit crimes, such as money laundering or terrorist financing, among others more morbid.

Do you invest a lot in Bitcoin?

Some data First, these days about 200,000 transactions each day. Second, although it has been worth more than 23,000 euros, currently 1 bitcoin costs about 5,500, which is not little. Third, of the 21 million bitcoins that can be issued at most, there are currently 17 million in circulation.

The above indicates, regardless of its volatility, that the market value of this cryptocurrency reaches 100 billion euros, which is a figure higher than the Gross Domestic Product of many countries in the world.