Everything you would like to know about Bitcoin if you have not known this process so far...

In an age when the Internet spread and revolutionized all aspects of life, it was followed by the revolution that electronic banks and financial movement began to spread on the Internet, and had a significant impact on the course of financial affairs in the real world dramatically, and electronic banks remained in control of Online financial transactions ... until the morning of January 3, 2009, where a new currency has emerged, which has never been pledged by the human being.

For those who do not know Bitquin is a pseudo-encrypted virtual currency known as "Satoshi Nakamoto", and is somewhat similar to known currencies of the dollar, euro and other currencies, but they differ in that they are fake, Online transactions have no physical presence, and are encrypted, ie can not track the sales and purchases made or even knowledge of the currency, and to simplify the mechanism of work of this currency Let us take a simple example.

How does Bitcoin work?

Imagine that there is a room with surveillance cameras watching every small and large and recorded for life, and in this room five transparent shops so that the coins can be seen inside clearly, and each of the proceeds of the five owned by someone standing outside the room with a code to open the proceeds, and this The person wants to buy something, then he goes to the dealer and gives the trader the code of the proceeds, then the dealer enters the room and his face is covered so that it can not be seen and take the money and put it in his possession in the same room and come out, and so these cameras have recorded that it was The transfer of a sum of money, but do not know the proceeds of gold or money to or from lost in a thing.

But why Betquin?

Everything has its pros and cons, and the pros of this currency is summarized in three sentences:

1 # Low fees and speed:

Instead of the need for an intermediary between you and the trader to transfer money, this broker deducts a percentage of the money, with the presence of the currency of the Betquin, this process does not exist, because the currency has not moved, but the currency code is extracted from your portfolio and entered into the merchant's wallet, The process takes place between you and the merchant without an intermediary and is called P2P or peer to peer.

2 # Confidentiality:

Buying and selling can not be monitored or interfered with. This is a positive point for those who like privacy and it reduces the control of the government and banks on the currency.

3 # Global:

It is not linked to a specific geographical location can be dealt with and it is your local currency. And the most important thing in this currency is that it has no (officer or link) that is true and this cancels the control of the central banks on the printing of money that caused inflation and high prices, and the reason that makes this currency protected from inflation is limited number has put Satoshi Nakamoto plan With 21 million coins to be produced by 2140, and their limited number gave them a great value in the market, from a mere six cents to more than $ 1,000 and then to about $ 600. The big sudden changes are that they are unstable After, you can track their price on the coindesk website.

But where do people get the currency from?

People get it in several ways, but the main way is the mining process:

The process of mining is similar to the process of mining gold in mines either individually or in groups, but in the process of mining Betquin, replace the drilling tools with computers and the more processing capacity, the ability to extract coins faster, and replace mine Gold is a program to solve complex equations that carry the currency codes. Those who find the currency code become the currency of its currency. There are many around the world who became obsessed with this currency and booked full servers operating throughout the day to solve equations and extract coins.

Here is a comprehensive article on TechCrunch on the process of extracting or mining Bitquin

Although this currency is a fake, some companies such as Titan Bitcoin are working to get this currency into reality in the form of coins of the same value and bearing the ID of 8 numbers, but this is losing its most important features are confidentiality and speed and low fees .

The disadvantages of this Betquin lie in some of its most important features:

The first of its disadvantages is the confidentiality of the currency and encryption, as this is an advantage, but it is reflected in some of the disadvantages in that it gives some easy to suspicious operations on the Internet, especially in the deep network and the best example is the site of silkroad, which was dealing with drugs, but must bear in mind that this The site was at the beginning of the life of the currency and its closure did not pose a significant risk to the currency, but it remains a problem.

And for those who do not know the deep network and what you can see this video

Note: It is mentioned in the video that the currency appeared in 2006 but correct in 2009

The second is doubts about the mining process. No one knows what equations the machine is solving. Some have questioned the existence of an organization that works in secret to solve equations that may need hundreds of years in a short time to divide equations on servers.

And the third is in the identity of Satoshi Nakamoto unknown, no one knows whether a man or a woman or a group of people, and do not know how much this figure of currencies if a country hiding behind this figure and the largest share of it will cause the change of power centers on the map .

It is also worth noting that not all economists and experts stand in the ranks of this currency, some have fears that it is just a bubble and will explode and economic crises with it.

In the end, the reason for my writing for this article is not to publicize the currency or the stimulus to buy it, but rather to warn against it strongly or ignore it strongly.

In light of the economic inflation that is taking place in the world due to the excessive printing of paper money, it made the economic collapse a question no more time, so this currency may be next to gold are the last resort of the trend. All I hope is that the Arabs begin to pay attention to this problem We and our children suffer the trouble of ignoring this, and not necessarily in this currency.

Do you think this currency is good for the world and will be a competitor to gold?