The bitcoin is a cryptocurrency, that is, a kind of digital voucher that can be used as a means of payment , which allows to transmit value electronically and very quickly and safely between two users without the mediation of a third party (a bank or a company like Paypal).Click here for Bitcoin price.
Your key is everything
Your virtual key is the gateway to your Bitcoins, the only one that exists. There are thousands of people who invested in their day in cryptocurrency and now they are rich, but it is of no use to them: they can not enter their wallet because they have lost the password.Visit this site for Bitcoin price.
Keep it safe from hackers, but not so well that you will not find it or guess it later. It is another disadvantage of these coins, and that is that there is not an employee that you can go to request a new password.
Free of taxes? It depends on your country
As with the balance of your virtual betting house, it is possible that the Treasury is monitoring your money movements in the online market. It is difficult since the Blockchain protocol greatly hinders the tracking by the authorities, but it is not impossible.
In some countries like the United States, you have to pay taxes for the profits obtained with Bitcoins. It is a financial product like any other and therefore subject to taxes.
Not everyone can sell or exchange their Bitcoins at any time, as there are users who have a preference for being the most active when it comes to mining and collaborating with the Block chain. This means that if suddenly everyone wants to sell their BTC, you may stay with yours seeing how your savings lose all their value in a matter of minutes.
The possibilities are immense
But the possibilities of blockchain technology go beyond Bitcoin. And it could be used, for example, for electronic voting. And it is that by nature, these chains of blocks would allow a voting system in which the identities were protected, were unspeakable and with a negligible cost.
They could also be used in the tax bureaucracy for their transparency. And it is believed that because of its design and easy access, tax fraud would be more complicated.
At the moment one of the main applications is to create backups of business data. Block chain puts the information in a safe place in several blocks.