Canadian automotive sector

Important Bitcoin

Automotive industry is one of the most expensive in the world. You must have a large amount of money or bitcoin shares to be constantly in this business.

Bitcoin is digital money. Physically, this currency does not exist, there are only special registers that keep records of how many bitcoins anyone has and who transfers them. These magazines are called blockchains.

This is similar to how cashless payments at banks are arranged: when you pay with a card in a store, you also don’t transfer any physical money or gold to anyone. Your transaction is just registered somewhere in the bank. Cryptocurrency allows you to transfer money under a pseudonym and without the participation of banks.

Bitcoins differ from regular currencies in the fact that registries are not stored centrally in banks and payment systems, but simultaneously on all computers that are occupied with bitcoins. Anyone can see all operations with all bitcoins in history.

Registries are protected by cryptography. It’s impossible to fake them all at the same time. It is impossible to rewrite data in blocks and claim that someone has millions now.

Regular currency is issued by the state. It is very indirectly connected with gold reserves, but in fact it is not connected with anything - the state will print as much as it needs.

Bitcoins are not associated with any one state. New units of bitcoin appear in the process of how the computers in this payment network serve the needs of the same network. For example, somewhere in China, a person paid with bitcoins for pizza. This operation must be recorded in the registries on all computers that are connected to the bitcoin network. To record an operation in the registry, you need to print it with a special signature, like a wax seal. This signature needs to be calculated, it is a complex computer task.

Photo by Aleksi Räisä on Unsplash



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