What is Bitcoin? How does it work?

s lips, Bitcoin, the Internet currency, monopolizes praise, criticism and distrust in equal parts. With many advantages over traditional payment systems, Bitcoin presents, like any currency worth its salt, a slightly darker reverse that has caused, for example, that Thailand has prohibited transactions with Bitcoin within its territory. A first step that can be expected from other nations.

But first of all we need to answer some questions, which will be the reason why you have come to this article: what is Bitcoin? how does it work? Is it legal? We answer, in a simple way, these and many other questions about Bitcoin, the Internet currency.

What is the origin of Bitcoin?

Bitcoin has its origin in 2009 when Satoshi Nakamoto, a pseudonym of one or several people, decided to launch a new electronic currency whose peculiarity is that it only served to perform operations within the network of networks. Bitcoin refers to both the currency and the protocol and the P2P network on which it relies.

So, what is Bitcoin?

Bitcoin is a virtual and intangible currency. That is, you can not touch in any of its forms as with coins or bills, but can be used as a means of payment in the same way as these.

As happens with the money we have in our bank Bitcoin increase or decrease from our personal account as we make income or expenses, the only difference is that there is no possibility of monetizing them, as when, for example, we withdraw money from a ATM.
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