Cryptocurrency has surged above $5000 during first week of April 2019, during trading session, showing 20% increase.
From where did Bitcoin take birth?
A software developer named Satoshi Nakamoto actually came up with an idea of bitcoin in 2008, with an electronic payment system which was based on mathematical proof. That was the pseudonym and till date, no one is aware who this person actually is?
The idea behind that discovery was to produce a means of exchange electronically over an independent central authority via secure and immutable way of exchanging money.
What is a Bitcoin?
A digital currency in which money is transacted and maintained in the computational solution of mathematical problems which is independently operated from central bank.
How is Bitcoin used?
Bitcoins are basically virtual coins designed to be owned for their value, where no need to transact with banks for money. They are like investment where either you can use them to purchase goods and services or tuck them in to save for future with high yielding money returns.
Bitcoins are dealt only from an individual wallet to another. This wallet can be a small personal database that one stores on the computer drive, tablet, or in the cloud.
How does Bitcoin Security work?
Security being so scrutinised today, becomes a primary concern to have second thought when dealing with money online. If taken precautions then can save money from hackers online. It inevitable point to ponder about, is failing to have a backup of your wallet. There is .dat file which is updated every time each time you transact with bitcoins.
Who Controls the Bitcoin?
The movement of Bitcoin is extremely transparent, so each transaction is being saved in a giant distributed pubic ledger called Blockchain. While, Bitcoin is not controlled as a network, it allows users to have total control over his finances.
In August 2017, Bitcoin forked into two versions, Bitcoin Core (BTC) and Bitcoin Cash (BCH). This was the solution of bitcoin networks scaling.
What can you buy using Bitcoin?
When Bitcoin was initially introduced in 2009, it was unclear about the expenditure it. But now world being so techie dependent, we prefer to buy everything online. For instance, big companies like Microsoft and Dell accepts payments in BTC for their varied products and digital content.
Today, one can fly with airlines, buy movie tickets, purchase bottle of beer, paying for hotels, restaurant bills, joining a dating site, pleasure of a gift card, buying property, betting in casino, and donating for good cause using BTC.
However, Bitcoin is still considered to be a new and quite complex mode of payment, so the spending options are still limited. Since, BTC has been hovering over diverse online marketplaces, and involves trading from illegal substances to luxury items, everyday small to big businesses like coffee shops to industry giants are considered to be getting into this new world of BTC.
Today, with high fluctuating exchange rate, Bitcoin has led a prime opportunity for people around the world for investment. But, the instability upto the large extent makes it still unrecognised currency. As of today, it has become 7 times more valuable than last year, reaching to the peak of $ 5000 for 1 BTC.
The real question is, how far it can go and how real it is for real people?
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