Gone are the days when a computer was a dream and digitalization was the target for the government to achieve. This is the 21st century, the era which will be remembered by the name of digital revolution.
In this fast changing world where everything is just a few clicks away, the bloodline of this society, money is also holding a nice position in the race to become digitalized. With the rapid increase in the use of Bitcoins it clearly justifies the fact that the future of money, cryptocurrency is knocking at the door.
What is Bitcoin?
A currency that has no-one sitting at its position of authority. Bitcoin is a cryptocurrency invented by an unknown programmer or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009. Bitcoin transactions are irreversible that is no one including the government can stop you from exchanging bitcoins with someone else.
The system is peer to peer that is, there is no intermediator like banks or Credit Card Company or a clearing house. According to a research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users actively using a cryptocurrency wallet and most of them are using Bitcoins.
Did I mention the most interesting part of Bitcoins that it can be bought and sold in an exchange with U.S. Dollars and other currencies?
How Bitcoin work?
Bitcoin is a digital currency which works anonymously that is you need to install bitcoin wallet on your computer or mobile phone. You in return will get an address, so the transactions can be done just by sharing this address. Every transaction that takes place is included in the Blockchain. The integrity and chronological order of the block chain are enforced with cryptography.
Mining is the phenomenon by which the miner process bitcoins. The transaction of the bitcoins that takes place in any corner of the world can be monitored and this is done by the miners, in return they get bitcoins. This is the whole concept of processing bitcoins.
So, what happens is, if you and I do a transaction using Bitcoin, then it will get loaded in the Blockchain.
A miner with his/her powerful computer (well let me mention that mining requires a powerful computer with a good network channel) will solve few computationally difficult puzzle to discover new block, which is added to the blockchain and receives a reward in the form of bitcoins. The block reward was 50 new bitcoin in 2009; it decreases every four years.
There can be 21 million bitcoins which can come into existence and the demand of bitcoins is increasing every day which results in the increase in the value of the same. Today, that is on 19th may 2017 one bitcoin holds a value of 1 lakh twenty-five thousand twenty-three rupees and eleven paise (125023.11) that is $1926.99.
The price of 1 bitcoin a year back was $1000, which implies that it has the capability of nearly doubling itself within a year. So, bitcoin is surely a good investment option and believe me it can give you a quick return on your investment.
There are many apps which can be used for bitcoin transactions Bitcoin Wallet, Zepbay, Free Bitcoin etc. Get yourself updated with this new currency as bitcoin is paving its way quite well through the digital world and will soon be accepted worldwide. Who knows may be the future of World Currency will be given a single unified name, Bitcoin.
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