Let’s get into discussion whether Bitcoin Trading is massive and profitable. You might have seen people standing proudly in front of display of webinars. Generally this money is so-called fiat money. Fiat in Latin for let it be done and means that the money has no intrinsic value.
Moreover it’s not backed by anything other than the approval of the government that printed it. In addition it is physically cannot be directly converted to an equal weight of a hard asset such as gold or silver. In recent years it’s been joked that the difference between countries in crisis and the size of printing press.
It is also noted that Fiat money works as long as people believe in it. Or, more accurately than as long as people believe in their government. If you don’t have enough to worry about, just remember that history has shown that all fiat currencies eventually fail. Generally as fiat currencies begin to fail, they become more and more worthless. More specifically this Bitcoin isn’t fiat currency, i.e., it is not under the control of one single government.
More interestingly the Bitcoin has no official government or central intermediary. The “trust” is based on an open system of cryptology. Several accountants known as “miners” look at the “open ledger” to verify that the transaction is legitimate. The first one to verify the legitimacy of a transaction collects a small fee after confirmation and agreement by a certain number of other miners.
Eventually it truly becomes a "circle of trust." It also would take approximately 1 million years to “mine” one Bitcoin. The growth of Bitcoin Trading has become enormous such that users are passionate about it.
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