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Bitcoin (abbreviated BTC) is digital money that can be used to make secure peer-to- peer transactions on the internet without the need for a third party intermediary (like a bank) to facilitate transactions.

It was created by an open-source community in part due to banks’ detrimental actions during the Great Financial Crisis of 2008, which involved governments printing money and bailing out the financial institutions responsible for the crash.

At its core, Bitcoin allows the user to “be their own bank” eliminating the need to get permission from a company to complete a transaction. On the bitcoin network there are no restrictions on who a user can send money to and how much money can be sent, and operations run around the clock not just during business hours.

Beyond enabling users to “be their own bank” bitcoin also “banks the unbanked”, as financial services cost money to set up and maintain.

From initial deposits, to withdrawal, and membership fees, there are currently over two billion unbanked individuals in the world.

Bitcoin itself can be used as a store of value or medium of exchange that only exists in the digital domain. You cannot hold or see bitcoin.

The Bitcoin network and the bitcoins that power the network were created to be used on the internet, it is not owned by anyone or company — it is a true open payment network that anyone with an internet connection can access.

Use it like money. Accepted by many companies including Starbucks and Virgin Galactic, Bitcoin can be used to make purchases
Transfer funds more quickly and cheaply. Funds can be transferred more efficiently (peer to peer) without high processing fees by the removal of a third party intermediary like a bank or payment processor
Use it as a store of value. A store of value should be worth the same or more over time. Bitcoin is often referred to as ‘digital gold’ — it’s limited in supply with specific use-cases. Amidst its volatility — bitcoin has appreciated over 15k% since conception.

Criptoreservas.com can be accessed and managed by any computer, anywhere in the world. The computers that run on the bitcoin blockchain are embedded with a set of rules which makes the data (bitcoins) scarce and valuable.

As a rule, only 21 million bitcoins can be produced, and this scarcity limit ultimately gives bitcoin its value.

Here’s a simple breakdown of what happens when someone wants to send bitcoin using blockchain technology.

When someone joins the bitcoin network they are given a public key, which you can think of like an email address and a private key which you can think of like a password.

Every bitcoin transaction made, along with the sender’s public key, is recorded in a public list called the blockchain.

The main mechanism by which bitcoin transactions are confirmed and validated is called “mining”. The public full list is then distributed to every computer that is connected to the Bitcoin network.

As this public list is in chronological order of transactions, it’s possible to trace the history of all bitcoin activity that’s ever occurred. The bitcoin ledger is resistant to both tampering and censorship.

This “open” nature prevents and discourages people or “bad actors” from spending coins that aren’t theirs, making copies of coins or even reversing transactions.

Bitcoin uses cryptographic technology, which secures the information by transforming it into a format that makes it hard for unintended recipients to understand.

That’s not to say bitcoin does not come without risks, here are some you should be aware of:

Loss of crypto keys. As with all crypto self-custody, if you lose your keys, you can lose access to your crypto funds
A “51% attack”. In theory, this could occur when a single miner or mining group takes majority control of the bitcoin blockchain and essentially “hacks” the network
Actions are irreversible. The user is ultimately responsible for what they do. When you click send on a cryptocurrency transaction, it can’t be undone
Unclear regulation. Although crypto and bitcoin are regulated in parts of the world such as the US, crypto assets could be subject to stricter regulations in the future.

No, you can open your account and verify your identity in minutes and start enjoying the benefits of criptoreservas.com