Only on the web could a currency emerge that defies government control and guarantees maximum anonymity. The new electronic money, Bitcoin, is the work of a cryptographer who calls himself Satoshi Nakamoto. In 2009 he designed the open source software project, which uses a complicated encryption technique to generate the digital currency of bitcoins (BTC).
It is this computationally expensive encryption technique that guarantees users anonymity. A special program can be downloaded for this. The respective PC should have above-average computing power for cryptography, encryption and decryption. The program can be used to create a digital wallet with which virtual money can be transferred using special code keys. On the basis of a peer-to-peer structure, sender and recipient make global transfers. A transfer with Bitcoins costs just 0.7 euro cents and only takes 20 to 60 seconds. If a file is lost or a code key is entered incorrectly, the money is irretrievably lost.
Bitcoins can be exchanged for “real” money. There are already exchange platforms for this, on which the current exchange rates can be viewed. You can read more about the methods of withdrawing bitcoin into real money here https://bitcoindata.org/bitcoin_atm/ . These have already made it clear in the past what potential bitcoins have. Because at the beginning of the project, a Bitcoin was only worth a few cents. Today, however, a BTC is worth several US dollars.The decentralized, non-adjustable currency also qualifies for permanent investment of sums of money, similar to gold. Banks, payment limits and account locks are a thing of the past with this alternative method of payment.
The virtual currency system of bitcoins could have a great future if it is not prohibited by the state. Because the currency is decentralized, anonymous and unregulated, which excludes state controls. Transactions can be carried out globally with high-performance PCs at unprecedented speed.