In light of the global economic inflation caused by excessive printing of paper money, there is a high probability of an economic crisis, which pushed many prope to think of other alternatives that would be a way to survive if this world is exposed to an economic collapse. Hence, the Bitcoin.
Is a virtual encrypted digital currency, anonymously designed by someone known as Satoshi Nakamoto. It first appeared on January 3, 2009. The coin has no tangible physical presence but was traded online, and its different from other currencies Such as the Euro, the Dollar and other existing and current paper currencies. This currency is decentralized and is not controlled by any central authorities or bank. Its based on thousands of computers worldwide that validate transactions and add more Bitcoinst to the system.
- A global currency: as it is not linked to a particular geographical location and can be treated as a local currency. It is not linked to a particular country or central bank.
- Confidentiality and privacy: As it is distinguished from other currencies traded, it is not subject to supervision by banks and financial institutions.
- Low fees: Because there is no need for a mediator between the buyer and the seller to transfer the money, the currency is not transferred, only the currency code is removed from the buyer’s wallet, to enter the seller’s wallet.
- Scarcity: The biotech inventor planned to release only 21 million units, up to 2040, thereby preserving its value and preventing it from collapsing. It is designed to prevent any cancelation of transactions or actions, and is released collectively over the network.
Disadvantages of Bitcoin:
- Mining: No one knows the equations that the device solves, making no doubt of the existence of an organization working in secret to solve the equation that may need hundreds of years to crack. by the way the equations are split on the servers.
- Currency fluctuation: The currency is not based on assets and valuations that can be used to predict the rise or fall of this currency. Bitcoins and other digital currencies fluctuate significantly. After the price of one coin has reached $ 20,000, the currency has fallen by half or less From the current value
- Encryption: the Encryption of this currency and secrecy in the way it is generated via complex equations makes it an easy path for many suspicious transactions, as it does not keep track of transactions ID and Parties, so many outlaws have found a way to use Bitcoin in illegal transactions such as terrorist financing, money laundering , Arms and drug trafficking as well.
The value of Bitcoin
The Bitcoin exchange rate is not fixed and varies from time to time according to the supply and demand base that governs the currency trading. However, there is a period that exceeded the $ 20,000 and other periods reached $ 8,000 due to the severe constriction by governments And the major financial institutions in the world, which want to control digital currencies, to not affect the global financial system.
Bitcoin in Turkey:
Although there are some countries that did not accept dealing with Bitcoins, such as China and Russia, some countries did not explain their position on the matter, did not agree to the use of Bitcoin but did not prevent it, such as Turkey, which recently increased the use of the currency in a way that changes all Turkish traditions in commercial transactions, especially after the financial crisis which has led to a large decline in the value of the Turkish currency.
So an online virtual platform was created to deal with Bitcoin, so it is now easy to find sites to track BitCoin trransactions in the Turkish market, such as the btcturk site, which tracks the value of the Bitcoin compared to the dollar, euro and lira, and coin-turk.com, which provides various news articles, and koinim.com, Which means means my currency, for the sale and purchase of Bitcoins . There are also men who call themselves “men of Bitcoin” and a site of their own “Bitcoinadam” Which is a network Of specialists answering questions that users ask by email or phone, a meeting will be arranged for an interview of a bitcoin educational session and the payment process for this interview takes place through a bank transfer or through Bitcoin currency.
Bitcoins trading in shops and companies in turkey:
As the process of actual application of Bitcoin trading has begun in some Turkish places and shops such as restaurants or pharmacies, a news website has announced the list of Turkish companies and shops that have begun to accept Bitcoin as a trade currency between them and customers
Bitcoin in real estate:
The Turkish press reported for the first time that the first residential project “Mifeta” will be sold with the value of the Bitcoin,
The project will be located in Ankara, where the owner wanted to be one of the first entrepreneurs to provide payment in Bitcoin. He also stated that the first two apartments in the residential project had been sold and the project was the first of the digital sales in Turkey And stated that he would not place any restrictions on buyers in Bitcoin, and would be prepared to accept any Bitcoin offer offered to him, as the owner of the project was insured of the Turkish economy’s dependence on the digital currencies in the near future.
As the future of paper currencies does not seem brighter, especially as trade wars erupt all over the world, and with the support and opposition to the digitized currencies, their value continues to increase day after day and people can secure themselves a place in the digital economy, which is currently struggling to control the global economy.