Tuesday, 3 October 2017

Bitcoins, The Fastest Growing Currency

                Bitcoins or otherwise called virtual currency is growing in lighting speed in recent times because of zero boundary restriction in its usage. Before, dig deep as to why this steep rise of this cryptocurrency lets understand about Bitcoins.

Now the fundamental question which arises in everyone’s mind is- What are these much-talked bitcoins? The answer is that it is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Being unregulated and uncontrolled, makes this the fastest growing currency across the globe.

Now how does this work? It is very simple, one does not physically purchase goods by handing notes or tokens to the seller but makes electronic purchases and transfers. Every single purchase is immediately logged digitally on a transaction log that tracks the time of purchase and who owns how many bitcoins.

This digital transaction log is called 'blockchain'. Then there are people who verify the blockchains ensuring all the information is correct and updating new ones each time a transaction is made. These people are called miners and are hired by sellers of each transaction.

With the recent changing times, Bitcoins have gained a lot of popularity as being acceptable form of payment in varied transactions. The more people are understanding the benefits of these cryptocurrencies, the fastest pace is it rising. Another reason for its gaining popularity is it being free of interest charges, fees, or surcharges unlike banks.

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This currency of Bitcoin can afford complete anomality of the user making it another reason as to why millions of people across the globe are transiting to using it. Once a transaction is done using Bitcoins, it cannot be revoked. Various vendor and merchants online or offline are slowly migrating towards accepting Bitcoins for its transaction, hence is the rise in its usage. The value of bitcoins is constantly fluctuating and there is no centralised exchange for it.

The predictable rising value of this cryptocurrency is making it popular among people. Its un-accountability making it easier to buy legal as well as illegal goods is the essential reason for its growing popularity.

Even though with recent market study it is advisable not to invest in Bitcoins because of its value dropping tendency in near future. If you ever wondering that Bitcoins will replace the whole traditional way the money and internet is working, then that isn’t happening anytime sooner. Though there is a lot of room for future developments but a long road. Due to lack of rules and regulations on usage of Bitcoins, government of most countries are considering it as an alert situation. Also, the risks of being spammed, theft, hacking etc are high as far as Bitcoins are concerned, yet it has not stopped people from using them in large number. Though controversial and risky, Bitcoins are still present widely in the market. It is worth the wait to watch where will this concept of cryptocurrency take us in near future.

If want to make your hand dirty with this new concept cryptocurrency, start by opening a Bitcoin wallet and watch out for merchants accepting them.

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