What is Bitcoin and how it is affecting the world’s economy ?

What is Bitcoin and how it is affecting the world’s economy ?

Internet is an ocean of information, where people share their information with world which most of the times, is useful for people around the globe. Internet of things(IOT), is now not just the thing of future. Apart from sharing information we use internet for shopping online, buying subscriptions of various Internet based services too.

In General, I am talking about the online transactions. Since we are already familiar with it. We use Internet banking, credit/Debit cards to do transactions, amount gets debited from our bank account and credited to sellers’ bank account.

These transactions takes place on currencies like INR, USD, GBP etc, but as I told you, Internet is the most versatile thing human has created. For example, you know that most countries have their own currency, except these.

A new country independent currency has evolved in recent years. Bitcoin !

Whats is Bitcoin ?

Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name.More merchants are beginning to accept them: You can buy web hosting services, pizza or even manicures.(source)

Where can I purchase Bitcoins ?

Various marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies. Mt. Gox is the largest bitcoin trading platform exchange.

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Lacs of people are competing with each other by solving complex maths puzzles, this is how Bitcoins are created. It is also called Bitcoin Mining.

Bitcoin Wallets

Bitcoin supported websites, provide a special wallet to store cryptocurrency. Unlike bank accounts, bitcoin wallets are not insured by the FDIC.

Anonymity

Though each bitcoin transaction is recorded in a public log, names of buyers and sellers are never revealed – only their wallet IDs. While that keeps bitcoin users’ transactions private, it also lets them buy or sell anything without easily tracing it back to them. That’s why it has become the currency of choice for people online buying drugs or other illicit activities.

 

What is current value of 1 Bitcoin in USD ?

According to Google, as on 29th November 2017, current value of 1 Bitcoin equals to 10398.69 US Dollar.

So guys, what are your views on this article ? do comment below. Do not forget to share this post if you liked it, though !



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