Bitcoin is growing like wildfire but why is it so intriguing?
Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people using complex algorithms called Mining.
Bitcoins have ushered in the era of the next financial revolution in the form of Crypto-currency.
Bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that large banks can not control their money.
Bitcoins came into existence on the verge of the Economic and Financial Collapse of the US Market. Software Developer, Legend Satoshi Nakamoto (Pseudo Name) published a paper called Bitcoin for peer to peer payment.
Anything which comes as a major force, takes time for people to accept it. Many are still skeptical. Marginal risk takers however, are making thousands, even Millions with this new currency. It’s for real and it’s not going away.
Bitcoin is popular because of its’ characteristics
Decentralized in Nature, The bitcoin network is not controlled by one central authority. Every machine that mines bitcoin and processes transactions makes up a part of the network, and the machines work together. That means that, in theory, one central authority can’t tinker with monetary policy and cause a meltdown – or simply decide to take people’s bitcoins away from them.
It’s easy to set up, Compared to traditional Bank accounts , a Bitcoin account can be set up in minutes or even seconds! No questions are asked or no fees are taken.
Anonymity, Users can hold multiple bitcoin addresses, and they aren’t linked to names, addresses, or other personally identifying information.
Transparency, bitcoin stores details of every single transaction that ever happened in the network in a huge version of a general ledger, called the blockchain.
Transaction fees are minuscule, May be the most important part. International transfers cost decent sum of money, but Bitcoin doesn’t.
Fast, We can send money anywhere in the world in minutes, as soon as the network processes the payment.
Broad applications, More people are beginning to understand this crypto phenomena. Even governments are moving closer to implementing and accepting Bitcoin. The U.S., Australia, UK and Japan to mention just a few. You will begin to see Bitcoin ATM’s pop up before long.
Hedge against risk, As the currency value is constantly degrading and people are facing challenges to keep up with this volatile economy, more often they are finding it as a hedge / security against the currency devaluation.Most experts have pointed towards fears in China and Asia that the yuan could depreciate as reasons for increased investment in bitcoin.
Investigate Bitcoin for yourself
Don’t believe the skeptics, Many financial gurus will publicly put down bitcoin, but will make large investments behind the scenes.
Once you grasp the concept you’ll want to maximize you investments, so be sure to look at our Bitcoin Multiplier.
*Giving Credit to Abhijit Chatterjee, for writing this piece originally. It was too informational not to share.
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