Bitcoins

In today’s era of digitization, the trend of doing transactions online is continuously increasing. This also got a boost with the demonetization policy implemented recently by the government. In such situation the prospect of bitcoin can be considered as an interesting aspect for those looking to invest their money.

Bitcoin is not very much popular in India. Bitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the named Santoshi Nakamoto. It was released as an open source software in 2009.

The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a block-chain. Since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency.

Besides being created as a reward for mining, bitcoin can be exchanged for other currencies, products, and services in legal markets.

As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. According to research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.

Bitcoin is a type of cryptocurrency: Balances are kept using public and private "keys," which are long strings of numbers and letters linked through the mathematical encryption algorithm that was used to create them. The public key (comparable to a bank account number) serves as the address which is published to the world and to which others may send bitcoins. The private key (comparable to an ATM PIN) is meant to be a guarded secret, and only used to authorize Bitcoin transmissions. Bitcoin is one of the most interesting aspect for the investors and its price is estimated to increase because of its limited quantity in the market.

Recently there was a downfall in the value of the bitcoin ,one reason being the uprising of another cryptocurrency called”Ether” actual name “Etherium”. However bitcoin has gained quite the attention of the traders and speculators particularly in USA. There are specialized firms established which manages the buying , selling and all transactions involving bitcoins.

Concluding the talk, Bitcoin is something we can say that our generation is going towards in terms of transactions.