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 What is electronic Bitcoin currency?

The name of the electronic currency Bitcoin must have been heard by many readers, especially those who follow the technical news but without a full briefing on what bitcoin is or how it is used, and how it works.

Simplistically, Bitcoin is an electronic currency that can be compared to other currencies such as the dollar or the euro, but with several fundamental differences, most notably that this currency is a fully electronic currency that trades only online without a physical presence of it.

They also differ from traditional currencies by not having a central regulatory body behind them, but they can be used as any other currency to buy online or even converted to traditional currencies.

The purpose of the cryptocurrency, which was first floated in 2009, is to change the global economy in the same way that the web has changed publishing methods, bitcoin's creators say. Who founded this currency and how it works

Decentralized currency

A codename, Satoshi Nakamoto, first floated the idea of Bitcoin in a research paper, describing it as an electronic cash system based on peer-to-peer financial transactions, a technical term that means direct user-to-user transactions without an intermediary.

Bitcoin is described as an anonymous cryptocurrency, meaning that it has no serial number or other means of any kind to track what was spent to reach the seller or buyer, making it a popular idea for both privacy advocates and online sellers of illicit goods (such as drugs) alike.

It is based on financial transactions between two people directly without an intermediary body regulating these transactions, where the money goes from one user account to another immediately and without any transfer fees and without going through any banks or any intermediary bodies of any kind.

Bitcoin spending

Although there is a relatively limited group of sites that accept Bitcoin payments for their products, compared to sites that deal in traditional currencies, bitcoin is supported by a growing group of sites, including large and diverse companies and sites, such as sites selling hosting services, domain name reservations, social networks, video, and music sites and various sites that sell various types of products.

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A federal judge in the United States recently ruled that bitcoin is a currency and a type of cash, and can be subject to government regulation, but the United States has not yet officially recognized the currency

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In addition to purchasing products, the user can exchange their coins for other real currencies. This process of switching takes place between the users themselves who want to sell bitcoins and buy real currencies for them or vice versa.

As a result, it has its own exchange rate, which is on the rise, reaching 1 120 today from just a few dollars a couple of years ago.

International recognition

Germany is the only country that has officially recognized bitcoin as a type of electronic money, so the German government has considered that it can tax the profits made by companies that deal with"Bitcoin", while individual financial transactions remain tax-free.

A federal judge in the United States recently ruled that bitcoin is a currency and a type of cash, and can be subject to government regulation, but the United States has not yet officially recognized the currency.

Some argue that official recognition carries a positive aspect, which is to give the currency more legitimacy, while others argue that this may open the door to more regulation of the currency and link it to governments, which is contrary to one of the advantages of bitcoin as a currency that is not subject to any authority.