Bitcoin - How the Revolutionary Cryptocurrency is Changing the World of Finance

Bitcoin, since its creation in 2009 by a mysterious creator nicknamed Satoshi Nakamoto, has made a huge impression on the world of finance and technology. It is the first and most well-known cryptocurrency to gain the attention of investors, technology enthusiasts and financial institutions around the world.

What are bitcoins?

Bitcoins are a digital form of currency that runs on a decentralized system called blockchain. Bitcoin is a virtual digital currency, created in 2009, whose creators operate under the pseudonym Satoshi Nakamoto. Bitcoin's existence is based on advanced cryptography and a peer-to-peer (P2P) network, which means direct exchange between users without the need for intermediaries. Blockchain is a public record of transactions confirmed by multiple nodes in the network, making cryptocurrencies difficult to counterfeit. Bitcoin can be stored in special digital wallets, and transactions are carried out without intermediaries such as banks or financial institutions.

Advantages of Bitcoin:

• Direct transactions: Bitcoin allows the transfer of value without an intermediary, which can significantly reduce transaction costs.
• Security: cryptographic and blockchain mechanisms make bitcoins difficult to counterfeit.
• Global: Bitcoin operates on a global scale allowing easy exchange of value between countries.
• Limited supply: a maximum of 21 million coins means that there is no risk of inflation through excessive printing of new money.
• Speed: Payments in bitcoin are made online. In the process of transferring funds, the distance of the place where you send money does not matter, and the transaction is done without intermediaries

You can buy bitcoin, for example, at Bitcoin ATM Wrocław at 31 Śląska Street, 81-319 Gdynia, Poland. Sometimes, transactions have no commission (0%). They are also anonymous.

Bitcoin disadvantages:

Transactions using cryptocurrencies face a number of critics who recognize some of the drawbacks and potential risks associated with Bitcoin. Some users express concerns about:

• * Lack of guarantees of value stability.
• * Risk of significant declines in value.
• * The possibility of being used for illegal activities.
• * The view that a possible ban on Bitcoin would lead to the loss of value of all funds invested in this digital currency.

• Slower transactions: Compared to traditional payment systems, some bitcoin transactions can be slower.
• Price fluctuations: The price of bitcoin is known for its rapid fluctuations, which can affect the stability of investments.
• Lack of regulation: The lack of uniform regulation across countries can lead to legal and regulatory uncertainty.

Bitcoin's Mechanism of Action:

Bitcoin operates on the principle of a blockchain, which is a chain of blocks containing transactions. When a user performs a transaction, it is verified by the network's nodes and then added to the block. To maintain the integrity and security of the network, blockchain uses aproof-of-work mechanism that requires computing power to solve complex mathematical problems.

Bitcoin market in Poland and Europe:

In Poland and Europe, bitcoin is gaining popularity. There are a number of cryptocurrency exchanges in Poland that allow the buying, selling and trading of bitcoin and other cryptocurrencies. The Polish government and other European countries approach the regulation of cryptocurrencies in different ways, trying to balance technological innovation with consumer protection and anti-money laundering(AML). For more information on regulation, click here.

Interesting facts about Bitcoin:

• First transaction: The first documented transaction using bitcoin took place in May 2010, when programmer Laszlo Hanyecz paid 10,000 BTC for the delivery of two pizzas.
• Satoshi Nakamoto: This is the name of the mysterious creator of bitcoin, but the identity remains unknown to this day.
• Record price: In December 2017, the price of bitcoin reached its historical peak, exceeding $20,000 per coin.

In summary, bitcoin is a digital form of currency, running on a decentralized blockchain system that allows direct transactions without the need for intermediaries. Bitcoin has both its advantages, such as direct transactions, security, globality and limited supply, and disadvantages, including slower transactions, price fluctuations and lack of regulation.

In Poland and Europe, bitcoin is gaining popularity, and cryptocurrency regulations vary from country to country.

Bitcoin is a phenomenon capable of revolutionizing the financial world. Its unique technology and operating principles continue to be a source of fascination, controversy and intense debate around the world.