What is Bitcoin in simple words: another electronic currency or a new generation of money? Where can I get Bitcoin? What is Bitcoin in simple words? Bitcoin rate.

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Bitcoin — electronic currency with a market capitalization of $9 billion, which exceeds the GDP of many countries. At the same time, only half of the btc coins have been mined, and the market value of 1 btc = $410 and will only grow upward!

According to analysts, the last Bitcoin will be mined by 2040, and the price of 1 unit could grow by more than 1,000%. And by this time, many countries will have official trading for btc.

The whole story about Bitcoin in 9 minutes

The currency was created by Satoshi Nakamoto in 2008, but it has been on sale online since 2009 at $0.2 - $0.5 per piece. And the people who bought bitcoins then became rich.

A notable example is student Christopher Koch, who decided to buy $27 worth of Bitcoin in 2009 for a university topic. But he only remembered them in 2013, when 1 bitcoin cost $1,000, and his investments rose in price to $886,000.

Now you can buy everything with bitcoins: food, things, cars, houses, university education, etc. In general, from pizza to space flight.

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Bitcoin price chart for all time

If you look closely, the currency has had a sudden rise, which is associated with the spread of Bitcoin around the world. However, after the $1,000 level, China banned the sale of Bitcoins, which led to a sharp drop in the price to $200.

But the most important thing is that the currency managed to double in price in 2015 and already costs $400, thanks to the fact that more and more more people people are interested in this + mining new bitcoins is becoming harder.

If you understand in detail what Bitcoin is, then it is a large and unique code in one block, which is not repeated, but at the same time is a continuation of the previous block of information found.

And for each new block mined, the miner receives 25 BTC. Previously, mining was carried out using the power of a video card. Currently I use an ASIC (high-performance special computer for bitcoin mining).

If you now try to mine a block using Radeon video cards(the most productive of the CPUs) this may take about 5-7 years. Therefore, the equipment gets better and better every year. And in 2040 the last block with the code will be mined.

However, if you are interested in how to quickly earn bitcoins using mining, I recommend reading all the ways -.

Bitcoin - what is it?

Bitcoin is the world's first decentralized digital currency. This currency is fundamentally different from all previously created electronic currencies and payment systems. It is not tied to any physical assets or “official” currencies, and the price of the digital coin—Bitcoin—is governed solely by market supply and demand.

Bitcoin is also a worldwide payment system through which transactions with this currency can be carried out. Its main difference from traditional payment systems is that the Bitcoin system does not have any management or processing center - all operations take place exclusively in a network of peer clients.

Features of the Bitcoin system

There is no concept of “registration”, anyone can participate in the network
The wallet is not tied to the user’s identity, everyone can create an unlimited number of wallets and details
Cheap, anonymous and unlimited money transfers around the world
There are no intermediaries, digital money is sent directly between users
It is impossible to block a transfer, freeze money in the user’s wallet, or “roll back” already completed transactions
Bitcoins can be stored on your computer, on your smartphone, in an online wallet, on or
There is no controlling organization, the price of Bitcoin is determined only by market supply and demand
The release of bitcoins is strictly limited and predictable; it is impossible to “run the printing press” and create a lot of bitcoins

Thus, Bitcoin simultaneously has the properties of ordinary cash, electronic currencies, a system money transfers and “digital gold”.

How does Bitcoin work?

A series of articles on our portal explains various aspects of Bitcoin technology, without complex technical jargon as much as possible:

Bitcoin Math: and

Also, for those who want to understand the technical aspects of the system thoroughly, we have published a translation of the original article by Satoshi Nakamoto.

Well, or you can understand the basic principles of the network by watching this video:

Or, understand in detail all the details of the Bitcoin protocol by spending 20 minutes viewing a more complete technical description network operation:

There are other educational videos on our YouTube channel, subscribe.

How to properly store bitcoins?

If you are already the happy owner of several coins, the issue of their reliable and safe storage is very relevant. In this series of articles, we will describe all the best practices for securing Bitcoin:

Which is correct: Bitcoin or Bitcoin?

From the point of view of the rules of the Russian language, it is more correct to write and speak exactly Bitcoin. The spelling “bitcoin”, which is sometimes found, is technical jargon, from the same opera as “point”, “ciska”, “Winda”, “user” and “hardware”. And that's why:

For those who are familiar with English “first-hand”: in the original it is the diphthong that sounds [ɔɪ] , that is, “oh” - “ bitcoin“, there is no mythical “Bitcoin” there.
Rules for transcribing foreign words in Russian. Worcester in Russian is Worcester, not “Worcester”, Southwell is Sazzle, not “Southwell”. The same rules apply to direct borrowings: action, not “action”, image, not “image”, etc.
Transliteration rules from Wikipedia: oi, oy, -oid [ɔɪ] oh, except for the suffix -oid point →point, android → android.
Transcription rules from English into Russian, according to the reference book by R.S. Gilyarevsky and B.A. Starostina: diphthong [ɔɪ] spelled "oh".
All similar borrowings from English into Russian, as well as the transcription of names/titles, use exactly “oh” - boiler, spoiler, joystick, pointer, West Point, Zoidberg.
Similar localizations in other languages with Cyrillic writing (Mongolian, Bulgarian, Macedonian) all use “ bitcoin».
For those who still doubt, there is a test word “ bitcoiner". Bitcoiner, bitcoin economy, bitcoin are the same words, is it logical?

Among other things, the correct spelling Bitcoin Authoritative sources confirm:

Why, despite all this, do some, even quite literate people, still use the jargon “bitcoin”? The fact is that it was originally used in the Russian localization of the first Bitcoin client (Bitcoin-Qt). It is clear that it is difficult to demand deep knowledge in phonetics and linguistics from the early translators - geek enthusiasts who promoted the use of cryptocurrency at the very beginning of its journey (for which honor and praise should be given to them!) - well, they translated as best they could. And as a result, many early Bitcoiners got used to using this incorrect tracing paper because they saw it first. And from them, others learned how to spell incorrectly - as a result, this jargon is still quite common, although correct writing it is actively displacing it.

If you are reading this article, it is easy to guess that you were brought here by your interest in the most high-profile innovation in the financial world in recent years. last years– cryptocurrencies, and primarily Bitcoin. Let's figure out what Bitcoin is and why there is so much talk about it. And not only on social networks and forums, but also in central banks, special committees and governments of many countries around the world. Join the community and start using new digital money.

Term "cryptocurrency"- a direct translation of the English "cryptocurrency", that is, a virtual currency protected by cryptography. First of all, cryptocurrency is a fast and reliable system of payments and money transfers, based on the latest technologies and not controlled by any government.

Bitcoin, Bitcoin, Bitcoin, BTC

Word "Bitcoin" formed in English language from "bit"– the minimum unit of information and "coin"- coin. Following the rules of English-Russian transcription, this term should be translated into Russian as "Bitcoin". This spelling is used by the official website bitcoin.org, Bitcoin Wiki, Wikipedia, the Central Bank of the Russian Federation and other resources. Still a widespread option" Bitcoin" originated from the first translation of the wallet interface based on direct transliteration.
The most common abbreviation for Bitcoin is BTC– usually used in stock trading and financial articles. Cyrillic abbreviation, BTK, did not take root in the community.

What is Bitcoin? This is the first and most famous of the symbol and flagship of the cryptocurrency world, as well as the monetary unit of the same name that circulates within the system. Later in this article we will explain how cryptocurrency works, using Bitcoin as an example.

What is the most significant feature Bitcoin from an economic perspective? It is a digital commodity with a limited supply, its algorithm is designed in such a way that a maximum of 21 million units can exist in the system, each of which is also called “bitcoin”. The emission schedule is determined programmatically and is known in advance. After the last coins are generated, their number will not change. Bitcoin's economy is built on a deflationary model, which has raised concerns among many economists. But they find no practical justification.

In fact, such a relatively small number of coins is quite enough for everyday payments, since 1 bitcoin is divided into 100,000,000 parts, which are called “satoshi”, in honor of the creator of the system. Sometimes the terms "millibitcoin" (mBTC, one thousandth) and "microbitcoin" (uBTC, one millionth) are used.

Bitcoin emission schedule

Bitcoin began as a concept document published on October 31, 2008 by a mysterious person working under the pseudonym Satoshi Nakamoto. Who the real developer is, one person or a group, is still unknown, despite numerous journalistic investigations. On January 3, 2009, the practical implementation of this concept in program code began. IN 18:45 GMT (22:45 Moscow time) 03.01.2009 The first block in the network, the so-called genesis block, was generated. This day is considered Bitcoin's birthday and is celebrated by communities around the world.

What is the difference?

Features of Bitcoin that distinguish it from other types of electronic and paper money:

Bitcoin mining difficulty chart

Cryptocurrencies in life

Initially, bitcoins were in demand only among mathematicians, cryptographers, and people very passionate about computer and network technologies. Back then, bitcoins simply served as proof that unsecured electronic money was possible. Rather, they can be called an electronic analogue of gold - like gold, bitcoin is difficult to mine, its quantity is limited, and the complexity of mining only increases over time. In the fall of 2009, 1 BTC could already be bought for 0.8 cents. From then on, the history of stock trading began, in which there were many ups and downs, high-profile bankruptcies and successful projects. Transactions for Bitcoin were at first rare and sporadic. The first and most famous was the purchase, which took place in May 2010 (at that time the equivalent of $25). Since then, the exchange rate has risen above $1000 and fallen back to $150, but that's another story...

Early in Bitcoin's development, the illegal online marketplace Silk Road also created its popularity. Now Bitcoin does not depend on one exchange or pool, and law enforcement officers have learned to deal with illegal activities in cryptocurrencies in the same way as with other economic crimes.

Today Bitcoin is a modern digital currency that is perfect for payments on the Internet. More and more stores as one of the payment options. The simplicity and convenience of opening a Bitcoin account is attracting more and more people from developing countries to this digital currency. In many countries in Asia and Africa, the Bitcoin network is replacing people with difficult and expensive banking services. In developed countries, POS terminals for paying with Bitcoin in stores, ATMs for cryptocurrencies, and hardware wallets for Bitcoin have become widespread. There has been a real boom in startups that use Bitcoin. It turned out that blockchain technology is suitable not only for financial calculations, but also for distributed storage of data about various assets. There are already several thousand created on the basis of Bitcoin or from scratch.

A little about politics

The attitude of states towards cryptocurrencies is very different. There is both clear encouragement - in Japan, Australia, Germany, the Netherlands, New Zealand, Singapore, various offshores - and serious restrictions that can outgrow prohibitive measures - in Indonesia, China, Ukraine. Only ardent Latin Americans in Bolivia and Ecuador decided to implement direct bans.

Many governments have chosen the observation line with cautious optimism - most of the EU countries, the UK and Switzerland, the US federal government, Canada and countries in Southeast Asia. In most developed countries, financial legislation is being adapted to regulate cryptocurrencies, and this issue will soon be resolved.

Bitcoin, a virtual electronic currency, has caused quite a lot of controversial discussions, including among our circle of webmasters.

However, a couple of things are for sure - this is an interesting economic experiment, and today some people are using this cryptocurrency for real purchases.

Whether you're just planning to learn more about Bitcoin or take advantage of the benefits of this currency, today I would like to present to you a comprehensive guide on this term.

Cash is great! No need to contact banks. There are no fees, no credit cards, and no need to worry about an attacker stealing your sensitive information or the bank freezing your account. Maybe you won't get it additional income, however, you will always have instant access to your money and you can know for sure how much money you have available.

It would be great to be able to use cash online, wouldn’t it? What if you could store cash on your computer? Shopping online without having to deal with banks or intermediaries? This is where Bitcoin comes in- especially liked by “fighters against the system” who do not want to depend on government institutions and be tied to the exchange rates of national currencies.

By the way, Yandek can show the current Bitcoin exchange rate:

1. Introduction

Cash is great!

Apart from all the above, this cash is very convenient when you need to hand over money to someone. There are no questionnaires, no long account numbers. You do not need to contact intermediaries, you do not need to pay any commissions. You just give the money and that's it.

Once upon a time the Internet appeared in our lives. Various great services began to appear, like Ozon or any online store, which made it possible to compare products and make purchases without even leaving the threshold of your own home. Everything would be fine, but purchases made need to be paid for somehow, and it is quite difficult to transfer money to someone who is several thousand kilometers away. How convenient would it be to use cash online? Today I would like to tell you about just such a phenomenon!

2. Bitcoin: virtual currency

2.1 What is Bitcoin? In simple words..

Bitcoin is a new, completely digital p2p currency that can be used as a replacement for old cash pieces of paper when purchasing goods and services over the Internet. Unlike most types electronic money on the Internet, which are stored in banks and transferred through various gateways such as Yandex Money, WebMoney, Qiwi or PayPal, Bitcoin is transferred between users directly, and you do not have to deal with intermediaries.

2.2 Why take advantage of Bitcoin?

There are several advantages to using Bitcoin as a replacement for traditional cash.

First of all, Bitcoin is a global, decentralized currency.. This means that today There is no separate country that owns the Bitcoin currency, and therefore this currency can be used all over the world. This greatly simplifies international transactions. Now there is no need to argue about what currency the payment should be made in - in the buyer’s or seller’s currency. The difference in quotes also makes no sense.

Another huge advantage of a decentralized currency is that the value of this currency is not controlled by either the Federal Reserve or the National Bank. This means that the currency retains its value regardless of the movement of the global economy, similar to the value of rare metals and oil. Bitcoin has no prerequisites for collapse, except that the Internet will have to be turned off around the world.

Secondly, since transactions are made directly between people, there are no intermediaries and therefore no fees. In the next few years, it is planned to introduce a small fee for each transfer, but it will definitely not exceed the commission alternative methods transfer of money.

Third, since the bitcoins you own are located in a “wallet” on your computer, you will have full control over finances. Since Bitcoins are not stored in any account, it cannot be frozen, so you will never be left with empty pockets. Moreover, there are no important deviations in the rules that you may not notice; there are no restrictions on transactions, no forms or other restrictions that can be encountered when working with banks.

Finally, although there is a small commission for exchanging regular money for Bitcoin (and vice versa), it is completely absent when receiving and sending Bitcoin as payment, which means this currency is very convenient to use for paying for purchases on the Internet.

2.3 Some disadvantages of Bitcoin

Of course, like everything in our world, Bitcoin also has certain disadvantages, which may be the main reason why you will not use this currency. It is advisable to familiarize yourself with all aspects before making any decisions.

First of all, since you keep the money to yourself and not in the bank, you will not receive interest on the money that is stored in the form of Bitcoin. While this isn't a problem for most people (since Bitcoin is typically only used to pay for goods or services), if you are a merchant who accepts Bitcoin and your store makes a lot of sales, you will be charged a percentage of the money you hold. can make a huge difference.

Reliability can also be considered one of the main problems. While internet-wide adoption should, in theory, make this currency stable, there is still the potential risk of a major weakening in support and circulation. It is important to remember that Bitcoin is still just gaining momentum, and has only existed for a couple of years, and at the same time represents something completely new in its form, so today it is quite difficult to look even a year ahead.

Moreover, due to the fact that it is a decentralized currency, in the event of a likely undesirable outcome of events, one should not expect any support from banks or the government.

Simply put: Bitcoin could one day become completely worthless.

Another problem is that money is sent from “holder to holder”. Although it is possible to develop a more complex transfer system for Bitcoin, most of them still remain unsecured. To be more precise, then every transaction is considered complete and there are no refund systems, which makes the system just a goldmine for attackers. Once the money has been sent, you will no longer have the opportunity to get it back if the recipient does not deign to return it of his own free will. And there are no banks or arbitration institutions where you can turn for help.

In short, click on the infographic below to understand all the details...

Other significant disadvantages are somewhat similar to physical currencies - you can lose them or be stolen. Since Bitcoins are stored in a wallet file on your computer, they can be attacked by hackers and viruses. However, there is a fairly simple and clear way protect your money, but we'll talk about that a little later.

While you're unlikely to lose a wallet file in the same way that actual money wallets are lost, it can be lost if the file system on your hard drive crashes, a flash drive is lost, or files are accidentally deleted. Since the only fact that you have a bitcoin is this wallet file, if you lose it, then consider that you have lost all the bitcoins at once.

Again, there is very simple ways protect yourself, and I'll tell you about them a little later. So now you are aware of the risks. There are a few more, but they are minor and can be easily avoided.

3. How to use Bitcoin

3.1 Registering a Bitcoin wallet

The first step in working with Bitcoin involves creating your own wallet. Just like a regular wallet, this wallet will store your Bitcoins. This wallet is more tangible than money stored in your bank account because the wallet file is created and stored just like any other file on your computer. You can store it on devices in closed folders. You can even make multiple copies of it (of course it won't break your bank!).

Your Bitcoin wallet consists of two parts: the wallet file in which the bitcoins are stored, and the wallet application (also called the Bitcoin client), which opens the wallet files. This means that you can store the wallet file on a USB drive (for example), and open it on any computer where the client is installed. Since there are versions of the application for almost all operating systems, you will not have any problems with this.

The official client can be downloaded from the Bitcoin website (http://bitcoin.org/ru/). You just need to pick suitable version client.

IN Windows And OS X The application installation process is the same as with any other application or program. I'm sure you already know how to do this. Opening the app will generate a wallet file and give you your first receiving address (you can read more about this here).

As for Ubuntu then when you download the client, you will have access to the .tar.gz file, which contains different versions main application and windowless server in both 32 and 64 bit versions. You can place this folder anywhere you want and then click on bitcoin to launch the program.

Take a look at the Bitcoin client window. This is the Mac version, but the versions on all platforms are pretty much the same.

All information on this issue. Pretty simple, isn't it?

3.2 Where can I get bitcoins?

Now it's time to fill our wallet with "coins". There are three main methods to add bitcoins to your wallet: donations and free bitcoins, currency exchange, and trading with bitcoins. Each method is quite self-explanatory, but let's delve into this topic anyway.

Before that, however, let me introduce you to some new terminology. Bitcoins are sent to your wallet via receiving addresses(receiving address), which is a long string of randomly generated characters that point to your wallet. The process is similar to when the sender fills out a check for a certain amount, although everything happens automatically and the check does not need to be cashed manually.

What's interesting is that you don't have to use one separate receiving address. Instead, it is recommended that you periodically create new receiving addresses for each expected receipt so that individual payments can be more easily tracked. All previous receiving addresses remain working and active, so you will have the opportunity to reuse a particular address.

You can also fill Bitcoin wallet through mining - we'll talk about this later.

3.3 Donations/Free Bitcoins

The easiest way to get your first free Bitcoin is to register on resources like BitCoin Faucet, which gives out bonuses of about 0.001BTC to new users. You'll need a Google account of some kind (Google Mail or Google+ usually work), although you can also sign up for a new free account with a different email address. There are quite a lot of such Bitcoin distribution sites, I spent my time and selected the best ones, please click on the buttons social networks to download a file containing more than 40 resources where they will give you free bitcoins!

Another way to receive bitcoins is through donations and works on the same principle. You can use the receiving address basically anywhere: on a Facebook page, Google+, on forums, in email signatures, or even in real life. This way, if someone has some spare coins lying around, they can thank you for something, or simply give you a gift.

A typical example of placing a receiving address in a signature on a forum:

3.4 Currency exchange

Although free bitcoins- this is cool, it’s unlikely that you can achieve much with their help. The simplest solution is to exchange real currency for bitcoins. There are several websites that allow you to do this, although you will need to first ensure that the site you choose accepts the currency you have).

There are two main types of currency exchange: real-time and fixed rates. Real-time trading is when the buyer submits listings maximum bet, which they are willing to pay for each Bitcoin, while the seller offers the minimum rates at which they are willing to sell their Bitcoins. Trading occurs instantly when both bets intersect. Although this approach requires a lot of patience, it is possible to get the best possible rate.

On the other hand, an exchange at a fixed rate is maximally tied to world quotations: the company offers a fixed rate for a specific period, and exchanges any amount of fiat money for bitcoins at a standard rate. You may not be able to achieve the same benefits as with real-time trading; exchange at fixed rates is more reliable and instant.

The most popular Russian-language sites for buying/selling bitcoins:

3.5 Accepting Bitcoin payments

Another way to receive bitcoins involves making money by selling goods and services by accepting Bitcoin as payment. From obvious orders for web design to the banal order of pizza on the Internet, you can accept payment for all of this in Bitcoin currency. If you want to sell physical goods, then you can use sites such as bitpay, okpay, which will allow you to accept payments in both Bitcoin and other currencies.

But, if we talk about Russia, bitcoins are officially prohibited and most stores do not accept them for payment, so in our country this market is still “underground”

On the other hand, if you already own an online business, you can easily accept bitcoins. You can read more about this in the article ““. Finally, if you want to sell a one-off item or offer some kind of service, then you don't have to go further than the For Bitcoin site, which will allow you to roughly describe what you are willing to do for a certain amount of bitcoins.

3.6 Spending BitCoin

The funny thing is that you need to look for goods that can be purchased with bitcoins on the same resources on which you earn them. A good place to start is cointory.com, which provides a list of all known websites that accept Bitcoin for the goods and services they offer.

All Bitcoin transactions require sending and receiving addresses. When earning Bitcoins, you need to give someone a receiving address, and to spend Bitcoins, you will be presented with a receiving address.

Sending bitcoins is very simple. Just click on the Send Coins button in the client window. Then, in the window that appears, enter the receiving address to which you want to send the coins, indicate the quantity, and click the Send button. That's all!

4. Secure Bitcoin Sync

Since you have to keep track of your money yourself, and there is no built-in Reserve copy in case something goes wrong and you lose your money or have it stolen. Therefore, it is important to take care of safety and backup copy your wallet. To do this, we will use two separate, free cross-platform programs, about which there is a lot of information on the Internet: truecrypt and dropbox.

The process is roughly the same on all platforms, although each OS has a different storage location for Bitcoin files. We'll quickly go through each program so you can know what to do with TrueCrypt and Dropbox after installation. If you haven't encountered them before, I highly recommend you check out the tutorials.

However, please note that some stages require preliminary preparation. If you do not have the appropriate computer skills, then it is better for you not to do anything yourself. As a rule, if you are not familiar with the word Console or you do not know what to do with it, then it is better for you not to use these programs.

4.1 Windows

First of all, you will need to create a Virtual Encrypted Disk using TrueCrypt. Use the standard settings, and don't worry about creating a dynamic disk - there will be no problems with this. Theoretically, 100 MB of virtual disk will be enough for you to store a file with a reserve. Save the VED file to Dropbox and this way you will have an automatic backup system.

Before we start working with the files, launch Bitcoin and enter the recipient's address information. You can use this data for reconciliation in the future.

Once everything is done, all that remains is to find the folder in which the Bitcoin client stores all the necessary files (including the wallet file). You can do this by opening Start > Run (or by pressing the Win key + R and typing the following:

explorer %APPDATA%\Bitcoin

Standard data location with BitCoin:

C:\Documents and Settings\YourUserName\Application data\Bitcoin (XP)
C:\Users\YourUserName\Appdata\Roaming\Bitcoin (Vista and 7)

Once you find the folder we need, copy the entire folder into the VED you created earlier. Pay attention to the VED drive letter you specify: you will need to use it later to find the corresponding data. For example, let's assume that the drive letter you selected is E: .

After copying the files, create a temporary backup file, then delete the original file from the Appdata folder. This will force the Bitcoin client to use VED as the source if you did everything correctly. Otherwise, it will simply create new folder, which will replace the one just deleted.

Now that you're done fiddling around with files, you can create a new shortcut to launch the Bitcoin application. Find Bitcoin in your Start menu, right-click on the shortcut and select Send to > Desktop (create shortcut). Then right-click on the shortcut you just created and select Properties, and enter next line in the Target field:

C:\Program Files\Bitcoin\bitcoin.exe -datadir=E:\Bitcoi n

Don't forget to change E: to the drive letter you used in VED. Also if you are using 64 bit Windows version, you will need to change

C:\Program Files\ to C:\Program Files (x86)\

The first part of the Target line (starting from C:\Program Files\) is the location of the Bitcoin client application, but not the wallet file. Changing Datadir tells Bitcoin to load all files from E:\BitCoins instead standard arrangement in the AppData folder.

When everything is done, all you have to do is double-click on that shortcut to open Bitcoin from the secure virtual drive. Before you launch the Bitcoin client, make sure that you have mounted the virtual drive and that it is in the correct drive letter.

On this moment we can run the Bitcoin client and check if we are using the correct receiving address. If everything is so, then the setup was successful. If not, don't worry! Just double check all the steps.

4.2 Mac OS X

If you are using OS X 10.6 or 10.7 (Snow Leopard or Lion), then you will need to install a free system utility called MacFUSE, which will provide you with the software needed to create a VED using TrueCrypt. Here it is used standard process installation.pkg, so it is unlikely that there will be any problems here. Once everything is installed, you can start working.

Create a Virtual Encrypted Disk (VED) using TrueCrypt. Use standard settings, enter a secure password and save the drive in the Dropbox folder. You will need to store up to approximately 100 MB on the VED, so set the disk to approximately this size.

After creating the VED, mount it using TrueCrypt. This action will mount the volume, which will look like a mounted dmg file for installing the application. By default it will be named NO NAME. Right-click on it in Finder and rename it to something more intuitive, like BITCOIN (FAT - the file system used for VED requires volume names to be in uppercase).

Before any manipulations with bitcoin files, open Bitcoin and pay attention to the receiving address. We can use it to determine if the symbolic anchor is set correctly.

By default, the files that are needed for the Bitcoin client are stored in the following folder:

~/Library/ Application Support/Bitcoin

~ means your user's root folder, not the library root folder - those are two different folders, which contain different data. Make sure you are linking to the correct one. When you find it, copy the entire Bitcoin folder to VED and then delete the folder in Application Support. You may want to copy it to your desktop as a backup.

Now it's time to create the symbolic anchor we need to trick OS X into thinking the folder is still in Application Support, even though it's now in VED. To do this, we will need to launch Terminal, and enter the following line:

ln -s /Volumes/BITCOIN/Bitcoin ~/Library/Application Support/Bitcoin

where BITCOIN is the name you gave the VED when mounting.

This was the last stage! You can now launch a Bitcoin client that will extract data from the VED. Don't forget to mount the VED before launching the Bitcoin client. If you run the client before mounting the drive, it will create a new Bitcoin folder in Application Support and remove the symlink. If this happens, simply delete the Application Support folder, mount the VED and re-create the symbolic binding using the same command.

At this point we can run the Bitcoin client and check if we are using the correct receiving address. If everything is so, then the setup was successful.

4.3 Ubuntu

First of all, create a VED using TrueCrypt. Use all standard settings, security password, and save it in the Dropbox folder. You will need about 100MB of space.

Once you have created the VED, use TrueCrypt to mount it. When you select a slot to mount a VED, it will be mounted in /media/truecrypt, where is the number of the selected slot. For this example, we will assume that you selected slot 1, in which case the mount point would be /media/truecrypt1.

Before doing anything with Bitcoin files, open BitCoin and familiarize yourself with the receiving address. We can use it to check if the symbolic anchor is set correctly.

By default, Bitcoin files are located in the ˜/.bitcoin folder, where ~ is the root of the user's system folder. Since the file names start with “.”, they are hidden by default in Ubuntu, so you will need to show the folder by pressing CTRL+H. Then move (CTRL+X > CTRL+V) the entire .bitcoin folder to the VED, which serves as a memory stick.

Once the files have been moved, we need to create a symlink to direct the bitcoin client to VED when it starts looking for files. We implement this using the Terminal (Applications > Accessories > Terminal) by entering the following line into it:

ln –s /media/truecrypt1/.bitcoin ~/.bitcoin

Ready! If you launch the Bitcoin client again, you will notice that your receiving address remains the same. This means you did everything right!

Don't forget to mount the VED before running the Bitcoin client (if you run the client without mounting the VED, it will create a new .bitcoin folder in the system user's root folder. If this happens, simply delete the new .bitcoin folder, mount the VED and re-create the symlink at using the command we used earlier.

5. How to make money on BitCoin

Before we talk about this, it is worth noting the fact that very few people earn Bitcoin this way. You don't have to be a miner to use Bitcoin. People who engage in mining usually do it for fun or are willing to take any risks.

5.1 What is Bitcoin mining?

Despite the fact that Bitcoin is positioned as a separate, peer-to-peer currency, it also has a certain predisposition to retain its own value. For this reason, every new bitcoin that is introduced into circulation should be tightly controlled so that the market does not become oversaturated, and instead there should be a steady supply over, say, the next 100 years. This is where mining comes into play.

Bitcoin mining is the process of using a computer to generate special blocks that are used to process and confirm transactions that occur between the generation of two blocks. Blocks contain data from previous blocks that have already been generated, thus creating a chain of information about every transaction on the network.

Creating a block requires a lot of work, time, and computer processing power. So, as an incentive, each person who successfully creates a block receives a reward (currently 50BTC, which is equivalent to approximately $500 USD), as well as all commissions received for transactions stored in the block.

By clicking on the picture below, you will see large and clear mining instructions in a new tab.

Total number of bitcoins for all time:

However, there are some tricks here. The network is designed in such a way that each new block is created every 10 minutes (or 6 blocks per hour). As more people start mining with more powerful computers, the difficulty increases and each block takes longer to create (making it much more difficult for each individual to create a block).

Another pitfall is that the reward for each block produced is divided among 210 thousand blocks. At the moment, there are about 142 thousand blocks, so after some time you should expect a decrease in the volume of rewards. When the number reaches 210 thousand blocks, the reward volume will decrease to 25BTC. When the volume of 420 thousand blocks is reached, the reward will be reduced to 12.5BTC and so on.

Once the volume reaches 21 million Bitcoins, there will be no more rewards, although block producers will still receive income from fees (which at that point will be an even larger volume than the reward now).

5.2 What is needed to mine Bitcoins?

In the very simple version, all you need is a computer with an application for earning bitcoins and an Internet connection. Applications used to mine Bitcoin use power graphic cards, which are capable of performing many more calculations simultaneously (much more than even processors). Simply put, a more powerful graphics card can perform more simultaneous calculations.

Bitcoin mining performance will be measured in hashes per second (hash/s), or the amount of data re-conversion that the graphics card can handle. When a hash is generated with a valid value, a block is created. So the higher the hash/s value of the graphics card, the faster a new block can be created.

Most average desktop graphics cards are capable of producing around 170 (megahashes per second) - that's 170 million hashes/second.

On the other hand, some people build servers specifically designed for Bitcoin mining. They are equipped with several powerful graphics cards that work together simultaneously and produce 3Ghash/s (gigahashes per second), which is more than 4 billion hashes per second.

Considering all of the above, we can say that you can earn bitcoins using your home computer, although upgrading it will allow you to improve performance and increase income. To mine on a Mac, you will need Snow Leopard or higher - more early versions OS X can't take advantage of graphics cards, and is so slow that it's not worth the effort.

5.3 How does the mining process work?

The process of mining Bitcoin is very simple - you just need to set up the system and leave it alone. First you need to determine how you want to earn money. There are two options: mining on your own or as part of a shared pool (this is where your computer works with other participants and shares the reward when producing blocks).

If you earn money alone, then 100% of your earnings will go to you. However, keep in mind that it is impossible to know for sure when you will produce one block, or whether it will happen at all. On the other hand, working in a team guarantees a more stable income (since the pool is more likely to produce blocks than you do alone), but you will have to share the income between all participants.

In this guide, I want to tell you how to start earning money on your own, as well as how to start mining in the BTC Guild pool. If you're using Windows or Ubuntu, Danny Stieben has an excellent guide on how to get started.

As for OS X, here we will use the DiabloMiner.app application - interfaces for the BitCoin miner in the form command line DiabloMiner. You can download the latest version from this thread on the BitCoin Talk forum. Don't forget to choose the DiabloMiner version and not RPCMiner (which uses the computer's processor instead of the GPU and gives worse results).

5.4 Mining alone

Setting up the BitCoin client

Before we can earn money, we need to configure the client to act as a server that interacts with the BitCoin network. This process involves editing a file called bitcoin.conf (or creating one if it doesn't exist). It is stored in the Application Support folder, along with other BitCoin files.

First of all, find the Application Support folder and check for the bitcoin.conf file there. If it's there, open it with TextEdit. If it is not there, we still open TextEdit to create the file we need.

When TextEdit opens, make sure you are working in Plain Text mode, as formatting plays a role. To switch modes, use the combination CMD+Shift+T. Then enter into the document next text:

rpcuser=username rpcpassword=password rpcport=8332 server=1

If you wish, you can change your username and password. For individual mining, this makes no difference. Rpcport is the port that Bitcoin uses to upload and download new block information, and server=1 allows Bitcoin to enable server functions that allow us to earn without connecting to the pool. Save the file; if you are creating it from scratch, don't forget to disable "If no extension is provided, use .txt".

Now you can launch BitCoin and it will automatically start the server in the background. When this happens, the application will start downloading all the previous blocks it finds, and this can take a very long time. long time. This will affect the operation of DiabloMiner, so you will have to wait a little.

Setting up DiabloMiner

When you launch DiabloMiner for the first time, you will be presented with a setup wizard. I suggest you the settings that you need to use:

Server host name or IP address: localhost Server port number: 8332 Miner username: username (any user name of your choice) Miner password: password (any password of your choice) Start mining automatically on log-in? No (this option can be changed) That's all! DiabloMiner will take care of the rest. However, if you encounter an error like: ERROR: Can’t connect to Bitcoin: Bitcoin returned error message: Bitcoin is downloading blocks...

This may happen because the Bitcoin client has not yet completed necessary settings. Unfortunately, it won't be that easy to tell you when it's ready, so you'll have to wait and try again.

5.5 Mining in the pool (BTC Guild)

Create a BTC Guild account

The first step in making money in the pool is to create an account in the pool. This is usually done through pool websites - in in this case via btcguild.com.

Here, the process of creating an account is no different from registering on other sites. On the left side of the page there is a link to create an account, right under the authorization block. Simply select a username and password, and then click “Register”. You will be logged in immediately; you don't have to wait for anyone's confirmation email.

Creating a Worker Account

The next step involves creating a Worker account - each computer used for mining needs a separate login (which allows you to use several computers under one login).

If you don't have any work accounts, red text will appear at the top of the screen telling you to create a new work account. This is a link. Click on it and you will be taken to the Worker page, where you can create a new work account.

You will simply need to enter your username (in the format yourusername_workername, where yourusername is your BTC Guild username) and password for your specific work account (worker_password).

Setting up DiabloMiner

When you first launch DiabloMiner, you will be presented with a setup wizard. You will need to use following settings:

Server host name or IP address: uscentral.btcguild.com Server port number: 8332 Miner username: yourusername_workername Miner password: worker_password Start mining automatically on log-in? No (so you can change settings) All done! You should see text to the effect of: Started Connecting to: http://uscentral.btcguild.com:8332/ Added ATI Radeon HD 6750M (#1) (5 CU, local work size of 256) Waiting… 59005/62050 khash /s

As you see the last number, you can be sure that you have connected to the network and started the mining process.
Congratulations!

Before you can collect any earnings, you will have to wait a little. Maybe a day or two, maybe a couple of months. At that stage, you can enter your receiving address on the pool website, and the earned funds will be transferred to your wallet! It's simple!

6. Completion

Bitcoin is awesome!

As mentioned above, Bitcoin is convenient from the point of view that you do not have to work with banks or intermediaries, your money cannot be stolen or lost.

Today, online stores allow visitors to view products, compare products by characteristics and prices. After the choice is made, you can pay with virtual cryptocurrency without any commissions or cash payment to the courier.

Even if you don’t sell anything, you still have the opportunity to earn bitcoins using the power of your home computer - you just need to penetrate the network of information blocks.

Bitcoin is the world's first decentralized digital cryptocurrency. The Bitcoin network appeared in 2009. Transactions in the BTC network occur on the peer-to-peer principle, which means the direct transfer of funds from one user to another, without the participation of third parties and regulatory authorities such as banks, the state, etc.

The Bitcoin cryptocurrency is fundamentally different from all previously created electronic currencies and payment systems. It is not tied to any physical assets or “official” fiat currencies, and the price of the BTC digital coin is regulated solely by market supply and demand i.e. there, by what value people themselves invest in it, similar to gold, for example.

Bitcoin has another big similarity to gold - limited supply and total quantity. In the case of Bitcoin, it quantity strictly limited to 21,000,000, while as of 2019, 17,600,000 BTC have already been mined, i.e. more than 83%. And this figure does not take into account all the lost wallets with BTC tokens lying on them, and this happened often before. users were negligent in properly storing cryptocurrency on , due to the fact that the value of the coins at that time was not significant.

Thus Bitcoin is global payment system without emissions and inflation, through which you can carry out transactions with this currency. Its main difference from traditional payment systems is that the Bitcoin network does not have any management or processing center - all operations take place exclusively in a network of equal clients without intermediaries (peer to peer network).

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About Bitcoin in simple words (with explanatory video)

In simple words, Bitcoin is one large registry file (for an analogy, you can imagine Exel) where information about all payments and receipts is recorded, while this file cannot be falsified or changed, and the value of the cryptocurrency is constantly increasing due to its limited quantity and no additional emissions.

VTS is the very first cryptocurrency that appeared in 2009. For the first time, the principle of operation of the peer-to-peer Bitcoin network, which Satoshi Nakamoto worked on, could be familiarized with two years before the appearance of the digital currency. Despite the fact that Nakamoto managed to attract the attention of thousands of programmers to his project, no one believed in its success at that time.

The first transaction using Bitcoin was carried out by the American Hanecz Laszlo, who offered 10,000 BTC to anyone who would bring two Italian pizzas to his house. It is difficult to imagine what emotions Laszlo experienced at the moment when he began to grow rapidly.

Bitcoin (BTC) exchange rate chart against the US dollar, ruble and euro:

Distinctive features of BTC as a cryptocurrency

How can I get bitcoins?

There are several ways to purchase BTC. However, the process can be fraught with some difficulties. For example, there is a large number of scam sites listing fake coins from other blockchains.

There are practically no free ways to receive BTC anymore. After the rapid growth of the cryptocurrency rate, such services for receiving free electronic coins ceased to exist or switched to a different mode of operation. To obtain cryptocurrency by any method, the expenditure of certain resources is required.

Main ways to receive bitcoins:

— The best way receiving Bitcoin for 2019. It is a rental of cloud mining service power in the form of a contract for a year. All cryptocurrency produced by this power goes to your account. On average, income is from 200% to 600% per year, it all depends on the exchange rate and the increase in the complexity of the network. But keep in mind that in cloud mining there are a lot of scam sites or pyramids, you can only trust old and proven services, there are not many of them on the market, for example.
. Those who are engaged in mining, as it were, rent out their hashrate and obtain cryptocurrency by using the computing power data. There are many farms for mass mining of BTC.
. The only one free way getting bitcoins takes a lot of time and gives meager dividends. The service user only needs to click on advertising banners and videos, but the cost of the transition is very low, with 2017-2018 this method became completely ineffective.
. You can purchase electronic currency for money at special exchangers, detailed review We are the most popular and reliable. Also, some support the deposit and withdrawal of fiat money, but not all.

Principles of Bitcoin and BlockChain technology

The main principle of creation was to create a database that would not have a main server (it would be decentralized). Encrypted copies of this database are stored by all system participants. If we consider Bitcoin, then the base represents all operations performed with this cryptocurrency (mining, transfer, purchase, sale). Absolutely everything is recorded in the database and is available to all participants in the system.
Any new entry in such a database is synchronized with all its copies for everyone who participates in this system. Coordination algorithms come into play. If someone tries to steal something, he will have to replace the data of more than half of the participants in the system, because... Since the network has more than a million members, this is almost impossible.
Each new block in the database contains information (hash) about the previous block, and so on, block by block. This information confirms that the block is intact, not altered or counterfeited. In order to fake a block (payment), you will have to change the entire chain of blocks, which is stored not in one place, but on millions of computers. And to do this you need to gain access to each of them. A pointless and very expensive activity.

With the technology more or less clear, let's move on to the principles that were laid down in Bitcoin:

The release of BTC is limited, the maximum quantity is 21 million. This principle protects cryptocurrency from inflation. At the moment, no one is able to print or devalue them. This can be compared to gold, because... both gold and bitcoins can only be purchased or mined.
is a complex calculation process - enumeration of numbers, in which the hash is specified by a special template. Mining is carried out on computers or special systems (farms). Mining is possible both on your own equipment and with the help of .
The complexity of this pattern is determined in such a way that for any number of miners (equipment in the network), Bitcoin appears once every 10 minutes. Whoever decrypts a block of transactions receives a reward in the form of BTC tokens.
Computers that participate in the mining of cryptocurrency simultaneously provide the ability to carry out transactions in the system, convey this information to all participants in the system by adding and synchronizing this information between databases. All new transactions are confirmed once every 10 minutes, when the next unit of cryptocurrency is mined.
All users of the system have a specific address (cryptographic account) and The secret key, with the help of which transfers from one’s account to the account of another user of the system are signed. This is similar to a regular e-wallet and password.

Differences between Bitcoin and classic fiat money (rubles, dollars, euros)

VTS is the very first cryptocurrency that appeared in 2009. For the first time, one could get acquainted with the principle of operation of the peer-to-peer Bitcoin network, on which a certain Satoshi Nakamoto worked, two years before the advent of digital currency.

A decentralized currency that is not controlled by any bank or exchange has always been a nightmare for the global financial system. She is scattered around to the globe, works only online, is not backed by anything, and every user in the world is able to influence the course without leaving the computer. At the same time, the computing function of the server grows, which in the system can look like a continuous operation.

Electronic cryptocurrency has a number of striking differences from the usual ones Money and other valuable financial assets.

Bitcoin has the following differences:

Decentralization. There is no central authority to control the network; it is distributed among all computers used for computing resources. The decentralized system uses a special program code that regulates the work of network participants and the emission schedule.
Irreversibility of transactions. Once the cryptocurrency is transferred from one recipient to one of the online wallets to another (for example, webmoney), it cannot be returned to the original account.
Emission limitation. Mathematical algorithms are built in such a way that the generation of coins is closed. The total amount of BTC will never change.
Low commission for transfers. A special feature of Bitcoin is the absence of any intermediaries during the transaction, due to which no commission fee is charged. There may be a small percentage of commission for transactions with bank accounts.
Does inflation affect the exchange rate?. Global inflation is isolated from the financial economy, so inflation does not have any impact on the exchange rate, unlike conventional currencies.

Bitcoin (BTC) in simple words, can be described as follows: mathematical calculations generate the mining process in a small part computer code.

Today, there are hundreds of millions of transactions using cryptocurrency. Therefore, we will answer the question “what is Bitcoin” in simple words - money that has its own exchange rate in relation to another currency, but does not have a physical form.

Unlike government banknotes, cryptocurrency cannot be printed. However, this does not mean that virtual coins appear out of nowhere. Cryptocurrency is a digital object that contains a colossal amount of information that has a cryptographic code. Simply put, this is a kind of virtual memory card that has a digital record.

In order to generate new entry, it is necessary to find the only correct solution to a complex mathematical algorithm. Since even the smartest person is not able to cope with such a task, the computing power of a computer is used for these purposes.

Each cryptocurrency differs from each other not only in the uniqueness of the way the task can be used, but also in the total number of possible solutions, which are subsequently turned into coins.

Why is Bitcoin needed and how can it be used?

If you happen to ask these investors what Bitcoin is for, you'll likely only get confused looks and raised eyebrows. Gold, for example, is used in mints, in jewelry, as a conductor for high-precision electronics, and as a material for medical implants.

When determining the range of use of an asset, things are somewhat more complicated. If BTC is a true commodity, its value must consist of more than just the value of an investment instrument. So, what is this asset used for?

As an alternative means of payment

If you spend enough time online, you may have noticed a growing number of projects accepting Bitcoin as a means of payment. Major players in the market, including Overstock.com, Expedia, Newegg, DishNetwork and Microsoft, do not disdain this.

Some companies only accept BTC. Why? Sometimes entrepreneurs do things that go against the grain of traditional financial institutions, be it providing VPN traffic, selling marijuana, or showing adult videos. Since Bitcoin uses a p2p system, such services may not be afraid of blocking their accounts? and their users will become anonymous.

In general, Bitcoin has become quite popular. It is accepted by more than 100,000 merchants online and offline, and their number is growing every day.

As an alternative to a debit card

Bitcoin provides opportunities similar to banking services. In some regions, people already have access to, in which they can withdraw funds from or top up their wallet.

Such cards can become an alternative to debit bank cards. There is even a tangible Bitcoin coin, but it is more of an expensive souvenir than real value, since it can only contain the seed phrase necessary to activate a real wallet.

As a permanent transaction ledger

In January 2009, when Satoshi Nakamoto mined , he left the following entry in it:

This reference to the modern banking system reflects one of the core elements of Bitcoin (BTC). The blockchain records all transactions of this cryptocurrency. More importantly, due to the fact that third-party data can be entered into records, the Bitcoin network can be used to exchange information and values unrelated to itself. This mechanism is much better implemented by altcoins like Ethereum, but it was Bitcoin that first proposed this concept.

Instead of fiat currency

Bitcoin is a ready-made solution for those who do not want or cannot use fiat currency, who have lost faith in central banks, live in a country with a deteriorating economy, or in a region where there is no stable currency. Recent extreme volatility aside, the asset currently represents a good investment and a healthy alternative to fiat currency.

Of course, no one knows what the future holds for BTC. However, the use cases described above are valid for now and, apparently, will be valid for some time to come.

Main technical characteristics and features

Bitcoin is a unit of information, a specific piece of computer code expressed in mathematical calculations of computer power. The peculiarity of BTC is that it is an independent digital unit, which is not influenced by other currencies and payment systems; the economy of this network is completely independent.

Technical characteristics of the Bitcoin blockchain:

formation of an information block: every 10 minutes;
block reward: 25 coins;
number of BTC in the world: 21 million;
the complexity of the structure changes: every 2016 blocks (2 weeks).

Open source

The development and introduction of cryptocurrency is carried out with open source code. This means that changes to the structure of Bitcoin can be made by most users.

In addition, open source allows any user personal computer start mining, electronic money. This approach to development instantly eliminates errors in the system, helps to rapidly develop the exchange network and mine the No. 1 cryptocurrency.

Blockchain technology

A chain of blocks containing information and built according to a certain scheme is called a blockchain. Such a chain of blocks grows and performs the function of distribution and classification of the database. Necessary for conducting transactions and exchange operations with the Bitcoin cryptocurrency.

Blocks are formed simultaneously by many “miners”, after which they go to a special database (blockchain). Blocks contain all the information about transactions and cryptocurrency owners. The number of transactions does not affect the speed of formation of block branches.

Secure transactions using electronic signatures

Electronic signature – what is it in simple understandable words: a password assigned to a new account. When registering in Bitcoin network All users are given unique signature keys. Only with their help is it possible to carry out a transaction from your account. In addition, it is possible to create a joint account for several people with a multi-signature. To transfer currency from it, you will need to enter the personal identifiers of at least two thirds of the account holders.

Bitcoin consists of Satoshi

1 Satoshi = 0.00000001 BTC.

There are 100 million Satoshis in 1 Bitcoin. You can send any amount in Satoshi, which makes the cryptocurrency very flexible for use in everyday life.

Answers to the most frequently asked questions about Bitcoin

Finally, we will answer all the most popular questions about the Bitcoin cryptocurrency.

How many BTC are there in the world?

A currency not backed by traditional resources, capable of self-reproduction through the execution of certain programs on the computers of network users, will instantly depreciate. To prevent this, an artificial limit has been created to prevent the number of Bitcoins in the world from becoming more than 21 million.

All these millions are reliably provided with computer power financial operations online. Currently, 14 million have been mined. Due to the constant complication of the mining algorithm, the issue of the last bitcoin is expected in 2140.

How does cryptocurrency appear?

Cryptocurrency appears through the efforts of users who use it and allocate computing power to process all transactions. Bitcoin mining - what is it in simple reasonable words, how does electronic cryptocurrency appear?

Bitcoin does not have a transaction processing center, so users take on the task of providing computing processes. For spending the resource of their computer, they receive a strictly defined amount of btc. In total, up to 3,600 units of currency can appear per day.

Who issues BTC?

The emission of Bitcoin is clearly limited, limited, it is possible to intervene in this process only by leasing it to the system computing power your computer. The people who do this are called miners, and for their services they receive a limited amount of Bitcoin issued daily.

Such an activity is currently beneficial only to owners of large companies and members of large pools. Smaller farms are already struggling to cope with the tasks provided to them by the Bitcoin system.

What is the backing of the Bitcoin cryptocurrency?

Bitcoin - what it is in simple words can be described as a complicated version of the nascent economy of a country with undeveloped gold mining. An unmined resource is worth nothing except a person's promise to buy it in the future.

The use of cryptocurrency is based on the same principle: it appears due to demand, which creates itself. The value of BTC is determined by people’s trust in the system, their willingness to conduct transactions with its help, which causes a financial pyramid or bubble to arise, and this is a negative feature of Bitcoin.

The role of Bitcoin in the economy now and in the near future

In the modern market, Bitcoin has aroused a lot of investor interest; trading using BTC has been launched on the Internet, because by accepting cryptocurrency as payment, the seller has confidence that he can later exchange it for other goods.

If previously the cryptocurrency was local way payment and was used by a limited circle of people, it is currently present on the Internet as an official means of monetary circulation. There are cases when wages were issued with BTC tokens, and today they can be used to pay in restaurants, hotels, and shops in many countries around the world.

Cryptocurrencies occupy a strong place in circulation in Western countries, but they also gained popularity due to illegal activities in the space of the “deep” Internet, where it is used as the main unit of account.

There are many opportunities for speculative activity with the help of cryptocurrency, since its colossal distribution and naturally increasing rate makes it possible to determine the benefits of implementation after a specific period of time.

The modern financial system is considered inefficient and unfair, so Bitcoin implies an alternative to it. In fact, this is the opportunity to produce, use and store money on an equal basis with other participants shared network. However, Bitcoin has experienced declines more than once in its history, but maintaining its rate is also carried out by the cost of electricity from mining installations, so in the near future it will be stable.