Introduced in 2009, Bitcoin is an online, digital currency which doesn’t have a central bank or ownership and is often referred to as a peer-to-peer payment system. Bitcoins are generated through a process known as "mining." This involves using specific software to solve maths problems. When a maths problem is solved, the "miner" is rewarded with a Bitcoin. These Bitcoins can then be exchanged for goods and services. Although the number of companies who accept Bitcoins is currently limited, as the currency becomes more well known the number is growing. Bitcoins can also be bought using other currencies. Bitcoin is also a "crypto-currency" which means it uses cryptography to drive the production of Bitcoins and Bitcoin transactions. This makes the currency extremely secure. The "block chain," which is effectively a public book of accounts, is used to check that genuine Bitcoins are being exchanged in all transactions. Bitcoin benefits from no limits of exchange as users can perform instant transactions at an
Bitcoin to Panamanian balboa conversion
this page last updated:: Thr 28 Sep 2017Bitcoin to Panamanian balboa table - Click here for table options
On 30th September 1941, under the leadership of Dr Arnulfo Arias, the El Banco Central de Emission de la Republica de Panama was established to issue 6,000,000 Balboas in paper notes, in direct conflict with the United States. Six days later, supported by the United States, Arias was disposed, the bank shut and all of the currency was withdrawn and burnt.