Knowledge Base

What is Bitcoin?

What is Bitcoin?
Launched in the global markets as a serious alternative to many currencies such as Euro, Dollar, Yen, Bitcoin is not actually a real money. However, it would be more accurate to call it a digital currency that maintains its validity on many websites and increases its value day by day. This currency, which allows paying people anywhere in the world, is also a currency used in new e-commerce sites. began to take its place. Bitcoin can be easily sent over the internet without the approval of any person or institution, without the need for a central institution. Its value is evaluated in line with the Supply-Demand of the people.

What are the Advantages of Bitcoin?
Low risk of inflation and collapse, being simple, reliable and untraceable* (anonymous) are among its main advantages. The fact that money transfers are safer, cheaper and faster compared to traditional methods is an important advantage of Bitcoin. You can access your Bitcoins worth millions of lira from anywhere you can access your wallet. There is no way to carry such high amounts of money with cash or any other method so easily. The fact that the transactions made and your account balance are not known or controlled by any person/persons, government or bank also provides some advantages.

What Are the Disadvantages of Bitcoin?
Although it is an advantage in some cases, there are cases where it is a disadvantage. It causes the illegal trade of products to be used for payments and used for money laundering. Other disadvantages of the system are the low number of experts on this technology, the risk of losing, and the narrowness of the platforms on which to spend.

Is Bitcoin Trustworthy?
Thanks to Bitcoin being tied to a certain protocol, every transaction you make is encrypted from start to finish. All transactions on the encrypted chain are recorded. Apart from user errors such as losing your wallet information or hacking your computer, the system has no security flaws.

Thanks to the system that prevents the Bitcoin value from being sold twice, no fraudulent or uninformed sending is allowed. The fact that there is no specific center and that all transactions must be approved by different computers makes the Bitcoin system secure.

How to Accept Payment with Bitcoin?
The easiest way to accept payments with Bitcoin is to transfer from person to person, that is, from address to address. This method can be implemented through some smartphone apps. However, there are also commercial applications designed for just this purpose. These applications are based on QR code scanning.