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Recently bitcoin is becoming increasingly popular. With this name we meet very often. So what exactly is bitcoin and why it is gaining popularity?
What exactly is bitcoin?
Bitcoin it is a very popular cryptocurrency. It was first introduced seven years ago, in 2009. Created by a person or group of people with the pseudonym Satoshi Nakamoto. The name “Bitcoin” is also the name of the software, as well as peer-to-peer.
This is one of the first attempts to implement a concept that has been called cryptocurrency. It was first described it in 1998 by Wei Dai, who made this a special mailing list, then called cypherpunks. The system has been developed because it was estimated that the coin is any object or it may be a record that we can accept as payment for various goods, and services. It is through her also to pay off debts in the selected country or in the socio-economic importance. This type of coin has been created based on the idea of cryptology, to create, as well as transfer money, and no longer rely solely on the central publisher.
This type of coins can be stored both on our personal computer, a special digital portfolio. It can also be stored on an external site, which is run by a third party, and is engaged in storage just such portfolios. In both cases cryptocurrency can be sent to others via the Internet, or we can send them to the person who has a bitcoin address. Cryptocurrency divided into as many as 100 000 000 units, which are popularly called Satoshi.
Why bitcoin is popular?
Recently cryptocurrency has become very popular. Currently, investors as well as brokers are constantly debating which contributes to its popularity. A lot indicates that the growth of Bitcoin was possible because it substantially increased the demand for this virtual currency among the Chinese. But also be aware that trade in the currency is excluded from VAT.
Is it safe?
Certainly a lot of people wonder whether such transactions are secure. You should be aware that there is virtually no risk. We are fully protected especially against currency instability, which can happen due to improper management by the central bank. Remember that inflation does not occur, because bitcoin is evenly distributed over the network, through the use of a special power. Otherwise, the distribution would take place in a fully dominated by banks.
Buying gold and silver with bitcoins
Buying gold and silver with bitcoins is becoming very popular. Exchange of the cryptocurrency for precious metals can very profitable. There are many of reasons behind it. One of them is that these types of transactions in some cases can be free of paying income tax because basically, you exchange one thing for another. It’s certainly not possible when exchanging BTC for cash.
Today there are many companies where we can buy precious metals this way. Your goods can be ordered online within a few clicks and shipped straight to your home with the help of such companies as Bullion79 – buy silver and gold with Bitcoin service.
Such gold or silver is sold mostly in the form of coins. Therefore, we do not need to worry that we will have a problem with the shipment. Still, many people are worried that ordering a shipment from online sources is not safe. Thankfully, we do not need to worry about it. Companies pack carefully and in a discreet manner so nobody will see the contents. Therefore, shipments are 100% safe when we are buying from a trusted dealer.
Advantages of selling bitcoin
Exchanging Bitcoin for gold and silver has many advantages. We should know that if our accounts accumulated a large amount of cryptocurrency, after some time, it may not have such a high value. It’s still relatively new and not so predictable. That is why it is worth investing in precious metals with the use of BTC. The purchasing power of precious metals for the past 400 years has practically unchanged. That is why it is worth considering.