The nodes create a system for overseeing the proper circulation of bitcoin on the network, and prevent the huge problem of decentralised networks, namely double spending.īitcoin is the most expensive cryptocurrency in the world. Bitcoin is democratic in this sense - it has independent nodes that verify transactions and maintain the security of the network. There is no authority on its network that is the strongest and has more power than other entities on the network. If an attacker wanted to make a change - to undo a transaction - they would have to do so on more than half of the computers simultaneously.īitcoin does not know what the presence of central banks is. Transaction information in Bitcoin is stored on a blockchain - the blockchain, a decentralised database that is stored in thousands of copies at once - on thousands of computers. It is also free from the 51% attacks that imprint smaller cryptocurrency networks, which have far less computing power than the Bitcoin network. It is the oldest and safest, with no possibility of being copied, counterfeited or double-spent. In El Salvador, it has become the official national currency! It is estimated that up to 45% of consumers will switch to cryptocurrency payments by 2023, how many of these will be in Bitcoin? We can only assume that transactions conducted in Bitcoin will dominate the world of payments and will strongly displace fiat currencies.īitcoin is the first cryptocurrency.
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