Are you still standing in bank and ATM queues and following the government regulations for depositing or withdrawing your own cash. Satoshi Nakamoto, the founder of Bitcoin led to the invention of Bitcoins, which not only gave an alternate currency system but also allowed its users to benefit with its instant speed.
“Bitcoin is a techno tour de force.”- Bill Gates
The traditional currency has its own significance but lately, Bitcoins has definitely stolen the show. The currency is decentralized and is not governed by any official body. Generated on demand, the digital currency has high value in the international market.
Speaking specifically about bitcoins, it is one of the most popular cryptocurrencies. Bitcoins have been trending ever since its invention in 2008. The currency is cryptographed for security and the money transfer between two parties remains anonymous. Thus, the transactions cannot be traced.
Bitcoin is generated using an advanced technology called Blockchain where the process of generating them is called Mining. Devices such as ASIC and GPU are essential for developers to mine. Though only 21 million bitcoins can be produced as the limit set by the inventor.
Are Bitcoins secure enough?
Bitcoins allows instant transfer between two members through a specific system generated an address. Geographies are no more a limitation, as the processing fee is very low. The main issue comes with its rotation online. The currency circulates on cloud and hence can fall victim to cyber crimes or face the risk of volatility. Hence, the measure to secure the currency is either through Multi-signature wallets or by data encryption on servers.
The bitcoin market has high fluctuations and gives digital enthusiast an adrenaline rush while trading. The market shoots up to very high price and falls the very next day. Trading can be tricky with Bitcoins for beginners but it’s a delightful feeling for professionals. There are hundreds of exchanges that work in different geographies such as Bitstamp, Cryptomate, Coinone etc. who charge with a minimum processing fee for both trading and exchange.
Bitcoin has its recognition in countries like Korea, China, US, and the UK while India, Brazil, and Zimbabwe are few of the nations who are yet to adopt. Some of the companies have incorporated them in their payment options. There are few firms in the UK that pay salary to their employees in Bitcoins. There are hundreds of exchanges that allow you to not only exchange bitcoins with fiat currency but also trade.
Future with Bitcoins
Thus, the popularity of Bitcoin is spreading fast and many other new cryptocurrencies have entered the market. Some of the renowned currencies are Ethereum, Dogecoin, Litecoin, and Ripple, etc. This currency system has brought a new era and has revolutionized the current traditional system. More and more people are appreciating due to its features and convenience. There are few companies such as Counted who offer facilities such as crypto debit card and Bitcoin ATM’s.
“Bitcoin actually has the balance and incentives right, and that is why it is starting to take off” – Julian Assange, Founder of Wikileaks