The last few years the world is experiencing a real cryptocurrency fever. At the same time, the number of cryptocurrency millionaires is also growing.

Sam Bankman Fried is the richest cryptocurrency millionaire, which is only 29 years old. His condition is $ 11.5 billion.

He began to actively invest in 2017, as well as 25-year-old Cooper Terley. For 3 years, Cooper adhered to a long-term strategy and invests all his income in a crypt. And in the spring of 2021, he presented the six-digit amount of his mother.

These young people in just 4 years earned a huge state, and such examples mass.

Not only those who earn on the Internet have already heard about Bitcoin and cryptocurrency, about a sharp increase in demand and prices of this currency were actively spoke in 2017.

Understand the technology of Bitcoin (that is, the BlockChain device) is the most important thing in the cryptomyr. If you look at the definition of Bitcoin in Wikipedia, it is unlikely without experience or technical knowledge you will understand something.

And today I will try to explain everything as an as accessible and understandable language.

Bitcoin is the most popular cryptocurrency in the world. But in fact, many people still do not understand what it is, how to use it and for what he is generally invented. Let's break.

Bitcoin is the 1st decentralized payment network (P2P) in the world, which allows users to send money without intermediaries. That is, this data transfer technology is based on the idea of ​​equality of all participants in the process.

Such a concept was invented back in 1998. And ultimately was implemented by a mysterious person named Satoshi Dzamoto in 2009. By the way, Satoshi disappeared in 2010, and since then his personality remained unexplored.

At the heart of Bitcoin's idea lies the desire to create not the next papers, which represent real money and are backed by gold, but an analogue of gold itself.

Some think that Bitcoin is controlled by his creator or someone else, in fact no one controls the network. It belongs to all its users at the same time.

Bitcoin can only work if consent is reached between all users.

At one point in time, Bitcoin can be either from the seller, or at the buyer. To achieve such behavior of virtual money, you need to apply a considerable smell.

In Bitcoin, this behavior is provided by the transaction mechanism. All transactions are combined in the chain. Each transaction takes coins from one or more existing transactions, and indicates who they are intended. It is possible to always check the entire chain on credibility.

All this happens through a process called mining. This process checks the duration of each transaction and requires the use of special equipment to receive remuneration in Bitcoins.

Ultimately, the network is a mobile application or a computer program with a wallet for sending and receiving coins.

But the number of bitcoins you have, although it is reflected in the wallet, but in fact there are not there. Because, the wallet is a digital access key to a certain virtual database from the block chain - this technology is called BlockChain.

The blockchain network is so reliable that it is impossible to hack or somehow fake, as it does not have a single storage.

This, by the way, quickly understood banks. The first to introduce VTB and Sberbank first to introduce this technology.

For financial institutions, it is an important criterion for the transition to this technology is its security.

And the main potential of the BlockChain technology, on which Bitcoin works, is hidden in the fact that all information is stored in the cloud. And for checking or receiving data, physical media is not needed.

Accordingly, many areas of life will be able to simplify, and the need for dozens of state bodies will simply disappear.

Bitcoin is practically no different from ordinary printed money, it can be exchanged for any other currency, you can use to buy goods or services and, of course, as accumulations.

And with your wallet, you can at any time, anywhere to access your coins.

Today, thanks for your attention!

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