Here we provide you basic information about the Bitcoin on the history, characteristics and prospects of Bitcoin. The first currency free of any bank manipulation. The Name Bitcoin.
The name Bitcoin is composed of the words–bit (binary digit) and coin (Coin) and means literally virtual money, which results from computer calculations.
The first Bitcoin was created in 2009 and is based on the idea of an encrypted means of payment. The philosophy of Bitcoin is fundamentally different to that of conventional currencies.
While conventional money is heavily dependent on bank strategies, devaluations and cover deficits, the Bitcoin any inflationary effects shows free (max. 21 million possible units) and is absolutely safe thanks to the so–called 'asymmetric cryptographic' method.
As an Internet currency of the Bitcoin is booming with daily commercial opportunities the payment for goods and services. Undoubtedly, the Bitcoin is not only a currency with future, but the currency of the future!
Satoshi Nakamoto writes:
“It’s completely decentralized, with no central server or trusted parties, because everything is based on crypto proof instead of trust.
The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.
A generation ago, multi-user time-sharing computer systems had a similar problem. Before strong encryption, users had to rely on password protection to secure their files, placing trust in the system administrator to keep their information private. Privacy could always be overridden by the admin based on his judgment call weighing the principle of privacy against other concerns, or at the behest of his superiors. Then strong encryption became available to the masses, and trust was no longer required. Data could be secured in a way that was physically impossible for others to access, no matter for what reason, no matter how good the excuse, no matter what.
It’s time we had the same thing for money. With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless.“
Quote: – SATOSHI NAKAMOTO –
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