Nowadays, there aren’t a lot of people out there that haven’t heard of the term bitcoin in Canada, but a lot of people still don’t really know what it means. It is a digital form of money that is protected by cryptography which makes the transactions secure and it can only be used in digital form and it can never be printed. Now that you have the base information, it is also important for you to know that this digital form of money has its own pros and cons and we feel it is important for you to know more about them and in this article we will list some of them for you.
The term decentralization not only means that this currency has no central server, but it also means that there is no such thing as a “Central Bank” either. All bitcoins are produced through the process of mining, which means verifying all of the transaction that take place within the system and as a reward for this transaction validation the system gives the miners more bitocins. Anyone can be a bitocin miner in Canada and since the currency itself is digital, the mining process is also done digitally, using a computer.