Bitcoin Miracle

Everything About Bitcoin! The Most Expensive Cryptocurrency

bitcoin logo on a circuit board

Ever felt of being a step backward from the world, not having any knowledge of digital currencies ??

Or looking at yourself, as the one not having any news on current storms of gossips like “Bitcoin” ??

In today’s world many digital currencies have taken a step forward towards the payment network and money transfer services making the transactions faster and easier without any interruption of middle men or banks. It is the first adoption of the concept known as “cryptocurrency”, A new form of money or funds that uses cryptography to control its formation and transactions and is very much like cash for the internet. Bitcoin is one of the most popular and expensive digital currency or cryptocurrency worldwide. It is a Digital payment system also known as the first decentralized digital currency created in 2009 by a person founded by the name Satoshi Nakamoto. 

Bitcoin is a very much effective & fast payment method giving people many positive reasons to use

bitcoin instead of any other payment method. Bitcoin let the people to exchange money in a different way than usual banking methods and people can send & receive the money anywhere in the world at any time, without any bank, bank holidays, borders, restrictions or bureaucracy it allows its users to be in complete control of their funds. There is no transaction fee or charges for any transfer or payment people make and even don’t need to give their actual real names. The international payments become cheap because bitcoins are not tied with any countries rules or subject to their regulations. People who receive payments through bitcoins can covert them to their local currency by the help of many service providers.

Irreversible Payments:

One of the major thing is payments and transactions made through bitcoins are irreversible, They can not be reversed by any individual/ business receiving the funds. Everyone while making transactions have to take care of doing business only with trustworthy organisations and people they know or trust. Bitcoins can only be refunded by the person or organisation who receive the funds. However, Bitcoins can detect typographic errors and mistakes, And usually would not allow you to send funds to an invalid address. 

Privacy Protection:

Bitcoin is not totally anonymous and it may need some efforts to protect people’s privacy. As all the bitcoin transactions are on the network, Publicly and permanently stored forever, Anyone can see the balance and transaction made of any bitcoin address. However, If not revealed during a purchase or transaction or in any other circumstances, The identity of the user remains secret, Unrevealed or hidden. It is the responsibility of people to adopt great practice in order to protect their privacy. It should be treated with the same care as people provide to their regular wallet.

Security & Control:

Providing full control to the users over their transactions, It is impossible for any merchant or organisation to force unnoticed or unwanted charges as can take place in other payment methods. The payments can be made without adding personal information to the transaction and no single or organisation is able to control or operate the bitcoin protocol as it is cryptographically secure. This shows the core of bitcoin is completely transparent, neutral and predictable and can be trusted.

Growth & Pricing Value :

The price of bitcoins in today’s date has reached 17,900 US Dollar for 1 single bitcoin. The prices of bitcoins have massively increased in the past three years, In march 2014 it was $450-$700 USD, In march 2015 it fell down to $200-$300 USD for 1 bitcoin and then it increased to $395-$504 USD in the early november of 2015, In Oct-Nov 2016 it rose up to $600-$780 USD, In May 2017 $2000 USD – In September 2017 $5000, and now in December 2017 it rose up to $17,900. The price or value of a bitcoin can massively increase or decrease over a little period of time because of its young growing economy, novel nature, and market adoption curve.¬†

Usage & How It works:

Bitcoins can be used to merchandise, buying pizzas or clothes or even for manicures. People can use them for exchanging money and international currencies without a larger fees. Bitcoin payments are much uncomplicated than their of credit and debit cards allowing the users to receive funds without a trader account Payments are made through a wallet application by entering the amount, entering recipient’s address/ Scanning QR code/ Tapping two phone to each other by NFC technology. The best part is Bitcoin mining for freelancers and other homesick, They can have a very nice platform of bitcoin mining and can earn a good profit. Even people who spend their most of the time on desktop and computers can do it easily, and people who loves to solve puzzles in free time. Bitcoin mining is a kind of process in which transactions are verified and are added to the public ledger known as the block chain, and it is also the only mean by which new bitcoins are released. Anyone having access to the internet and a computer can do bitcoin mining and earn a lot from it. The transactions are been compiled into blocks, then people compete with the world to mine bitcoins faster with their computers and solving the complex puzzles, in the end a winner is awarded by 25 bitcoins.!!

Disadvantages :

Many people and most of the small places are still not aware of bitcoin. Everyday, new businesses are getting attached and setting up the acceptance of bitcoin as they want the benefits of doing so, but the list is still small and needs to grow incrementally with time.

The total number of bitcoins in circulation and the count of businesses using it are still very low measured to what they could be. Therefore, relatively upcoming trades, events, or business activities regarding the adoption curve can notably affect the price. This volatility may reduce or fall off as the technology matures.

On Going Development :

Bitcoin still have many incomplete features and is still in beta in active development. To make it more accessible and secure to the masses, New tools, services and features are being developed & installed. Some of these are not prepared for everyone showing that the bitcoin is still in procedure of maturing. Most bitcoin works are new and does not offer any assurance.

bitcoin official logo

The Exponential growth of Bitcoin value took it to a price of $17,900 USD today.

Be Sociable, Share!