Bitcoin is a relatively new and increasingly popular cryptocurrency. It has many of the positive characteristics of “real” money. More and more people are using it to pay for online shops and other online services or goods. As our company also follows trends and regularly updates our offer, we have also made Bitcoin payment available at NEOSERV. We invite you to make a purchase with the fastest growing currency at the moment.

But do you know exactly what Bitcoin is and how it works? If you want to know more, read on.

What is Bitcoin?

It is a cryptocurrency based on an open-source protocol that is independent of a central bank or any other government authority. It is a cryptocurrency because transactions are encrypted and, as a result, more secure than normal money transactions.

Because Bitcoin is a global digital currency, it can be used to make payments all over the world. With Bitcoin, you can make purchases, transfer money for a low transaction cost or transfer money anywhere that accepts Bitcoin.

Bitcoin is equivalent to the dollar, euro or pound, except that Bitcoin is a digital and global money that is electronically managed around the world.

To give you an idea: Bitcoin works in the same way as transferring money between accounts or banks (the principle of a credit card, a bank account, etc.), except that it allows you to manage your funds without intermediaries. With this digital currency, you can make online purchases or easily convert Bitcoins into another currency. And without intermediary companies or banks.

The inventor of Bitcoin cryptography is known as Satoshi Nakamoto. Shortly after the first version of the Bitcoin client was released, the first transaction took place between Satoshi Nakamoto and Hal Finney. The true identity of Satoshi Nakamoto remains a mystery to this day, despite several attempts to reveal it.

What are the benefits of Bitcoin?

The main advantages of Bitcoin are:

• Ease: Bitcoins can be sent from anywhere, at any time, to anyone and from any device (PC, laptop, smartphone, tablet, etc.).
• Security: Bitcoin operates on the same encryption principle used for military and state purposes.
• Decentralisation: Bitcoin is completely open or decentralised, as no one owns it. Each device that mines Bitcoin and processes transactions is part of a network.
• Fairness: The Bitcoin network is free to use.

How to get your Bitcoin?

You can easily buy Bitcoin by registering on any of the websites that allow you to do so. The other way to obtain Bitcoins is through mining, which was created to decentralise the validation of transactions. Miners create blocks to be entered into the ledger, where they then check that a given transaction may not be invalid. Miners are usually incentivised to do this by fees for including transactions in the blocks.

One of the most popular international portals for buying and selling Bitcoin coins is Bitstamp.net, an online portal founded by two Slovenians. Bitcoin is now accepted by an increasing number of online and physical shops selling products and services.

For more details on how the mathematical algorithms underlying Bitcoin work, please follow this link.