We have seen through times how technology grew along with the growth of the world. This constant change and growth of the technology have given rise to an all new concept of currency, known as the digital currency. Well, there is nothing to be very much surprised about. Nowadays, look at anything, and it is digital. Though do not take it literally. It is used to describe the metaphorical meaning of digital being so much highlighted in today’s world. But, where was this digital currency? It did exist. But, this digital currency took a new change, when the concept of Bitcoin came in. well, there is a reason why bitcoin is so famous. Though, there is a huge number of crowd among whom Bitcoin has no appearance, as in, these people are mostly unaware of the term “Bitcoin.” Today in this article, you will be familiar.
Today, let us do an insight to the concept of Bitcoin, what it means, what are the uses of Bitcoin and much more aspects of Bitcoin. So, let us get along with it!
As said above, the only concept behind the construction and the foundation of Bitcoin is digital currency. Bitcoin first had its stand on 2009. But, what is Bitcoin? Bitcoin is basically an all new type of digital currency which gives you the provision to make transactions, like, buy the different goods and the different services which you want to avail or even give and take, that is, exchange of currency or money. This entire process is used to eliminate the process, which you normally go through, that is via third parties, banks and the different suppliers of credit cards.
The first thing which comes to the working principle of Bitcoin is the principle of the block chain system. Through this system, Bitcoin allows its entire user the provision of making transactions in an anonymous process. This anonymous process is led up due to the complete disconnection with the banks and the other organizations either aided privately or through the government. Like we have notes and coins in our currency, Bitcoin uses the concept of coins. You can but bitcoins coins and use these coins to make transactions. These Bitcoin coins can be obtained only through purchasing via the US dollars or any other currency according to the country’s national currency.
Are Bitcoins actually worth it? Will there be no problems whatsoever if we go through transactions which are anonymous? Well, all your questions will be answered shortly. Well, Bitcoin is definitely worth it. How? According to recent times through a company called Coinbase, recently a transaction of $1734.65 in terms of Bitcoin coins was made. It has more value than one ounce of gold if you want, which sells for approximately $1230. So, what do you think? Is it not valuable? Is it not worth it? Well, if you are not convinced yet, let us go through the value of Bitcoin.
Well, there is no “fixed” value of Bitcoins. The reason behind this is that it depends on the users and how anonymously you are going through the process. Around one year ago if we see, the value of Bitcoin was approximate $457.04. If you look at the numbers properly, hasn’t it quadrupled in like one year? This shows that there is a constant increase in the value of Bitcoin, which is actually a good sign for disbelievers to change their point of view. Also, according to rough calculations, it is found out that the value of bitcoin has plunged by approximately 23% when brought in comparison with the dollar in around the month of January, Now, this is definitely food for thought if you are about to change your views for Bitcoin.
What Bitcoin follows is basically a line of codes which are set up in the language of the computer. These lines of codes are the ones which will help you in making your transactions in an anonymous process. This somehow does lead to a risk. This is because, the anonymous behavior catches the eyes of criminals who are sitting there and targeting their next computer system, which is to be crippled down. Well, the better part is, this Bitcoin, a digital currency system is also used by speculators, enthusiasts and also librarians for their ease of work.
The main reason circulating the privacy and the working of the bitcoin is due to the system of the block chain. This system of block chain on which Bitcoin works is developed and maintained by a group of people called the “miners.” These miners keep putting their knowledge on technology and computers into the system of the block chain, which is again considered to be the tally for all the transactions made through Bitcoin at the worldwide or the global level, to keep the entire concept and working of the Bitcoin honest and pure. The main feature highlighted by this system of block chain concept is that this system of block chain concept not only runs the entire concept of Bitcoin globally and keeps all the processes of transactions anonymous, but it also helps in preventing the users from making the very same transaction, which has already been done with, to do it again. In simple words, it prevents the repetition of the same transactions through Bitcoin, that is, a specific transaction will occur only once and not more than that. This also in a way keeps the criminals from looting you by the following a pattern of stealing again and again, thus, making Bitcoin more efficient than it already was before.
All said and done with the concept of Bitcoin, now what do you think? How good or bad is Bitcoin? Would you opt for it? Hopefully, we were successful enough in taking up with the task with honor and making you realize the story behind Bitcoin and also helping the newcomers to be nicely welcomed into the world of digital currency through Bitcoin.