Bitcoins are still a relatively new currency, which, unlike conventional currencies, consists only of bits and bytes. However, what may be the cause of some concerns can be exacerbated by complicated encryption techniques, since bitcoins are counterfeit-proof. Developed via a decentralized network, each participant even has the opportunity to contribute his own part to the growth of this currency, because Bitcoin also lives by its participants, ie those who pay with it and accept payments with bitcoins.
Compared to normal currencies and especially their transactions, Bitcoin has several advantages. The handling of Bitcoins is very simple: a payment process can be done as fast as sending an e-mail. In addition, the system offers its users a high degree of anonymity, since individual payment transactions do not allow any conclusions to be drawn about their initiators.
There is also no instance at Bitcoin that could monitor this because the currency works completely decentralized. Neither banks nor other credit institutions have any influence on who, where, where, how many bitcoins to where. This results in a further advantage: the fees for a transaction are many times lower than for example in the case of normal transfers. And bitcoins are not only cheaper but also much faster. While a normal bank transfer can take up to three days (although there is not even a weekend in between), bitcoins are reached within a few hours at the desired destination.
Bitcoin was launched in 2009 as an open source project by Satoshi Nakamoto. Little is known about this spiritual father of the currency. Since then the Bitcoin community grows and grows rapidly on the Internet. And with it, the number of bitcoins in circulation also increases. At this point, however, there is a special feature of the system: the number of Bitcoins has been limited to 21 million. Once this number is reached, no new bit coins are generated.