Bitcoins are a virtual and secure means of internet payment. The money is used exclusively for digital transactions, there are no coins or bills. Various websites already accept payments in Bitcoin.
The system is not controlled by any bank. Mathematical processes are responsible for the generation. A maximum of 21 million Bitcoins can be created, this limit will only be reached in a few years, more about it here https://cryptoine.com/everything-you-need-to-know-about-biswap-bsw/. The open source software controls the maximum amount that can be generated at once. The computational effort is made in the peer-to-peer system by so-called mining.
It is supposedly impossible to counterfeit a Bitcoin, so it is absolutely forgery-proof. The currency consists of encrypted sequences of numbers that are created using an asymmetrical cryptosystem. In the peer-to-peer system, every transaction is public. Pseudonymous addresses are used instead of names, thus achieving a high degree of anonymity. The problem is that because of the anonymity, criminals are also lured into illegal transactions.
How can you get Bitcoins? This can be done, for example, by opening an account and exchanging a currency for bitcoins in an internet exchange. For example, corresponding transactions are processed on the Mt. Gox trading platform. It is also possible to offer goods or services and collect bitcoins for them.
The bitcoins are available from a virtual wallet.For example, music can be conveniently downloaded from the Internet, and payment is made conveniently and securely in Bitcoins. The consumer does not have to enter any sensitive credit card or account details, because the purchase is easy and convenient at the expense of the digital wallet. This makes the payment in Bitcoin very secure. Direct payment without the involvement of a bank is advantageous because it avoids additional fees from banks or credit card companies.
Bitcoins could become the Internet payment method of the future. Anyone who buys a virtual wallet with Bitcoins can process their transactions conveniently, securely and inexpensively on the Internet. This can be particularly useful for payments in small amounts. The anonymity is preserved and the consumer does not have to disclose any personal data.
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