Before 2016, You might heard about Bitcoin or Cryptocurrency. But in 2016, Bitcoin is the biggest discussion topic in all over the world. More and more people are leaning forward to this Cryptocurrency because of its growth. Pundits say that in 2017 it’s growth might be going to double its value. A significant amount of people investing into it to get higher profits it small time.
Current rate in USD
What is a Bitcoin?
Bitcoin is a cryptocurrency and a payment system that created in 2009 by an unidentified programmer, or group of programmers. Regular currency based on gold or silver. But Bitcoin or cryptocurrency relies on the mathematics. People around the world use a mathematic formula to generate this. The formula is open source register under the name of Satoshi Nakamoto. Anyone can use this method to make their Bitcoin.
Who Invented this?
Nobody knows that who invented this. There have been various speculation or rumor concerning the identity of Nakamoto, but none of them are confirmed.
Why use this?
Before using it, you need to know that Bitcoin is a decentralized currency. Decentralized means one central authority doesn’t control its network. All the transactions are made anonymously as the names of buyers and sellers are never revealed – only their wallet IDs and also all the local or international payments are very cheap. You can send any amount of money from anywhere, anytime. Or you can buy bitcoin as an investment and hope its values get higher, which is exactly happening now and people are making a lot of profit from it.
How does it work?
You’ll have to install a Bitcoin Wallet app on your phone or computer, then buy them from a bitcoin exchange. When your wallet created, you will get a wallet ID. You can use this wallet ID while you made transactions. Or you can install Bitminer software in case of generating your own.
Fast and Secure!
Bitcoin is a very quick and safe network. You can use it from anywhere as you only Internet access. Since it’s a decentralized currency, only you are the owner of your wallet. There is also some drawbacks like if you sent some bitcoins to the wrong address, then there is no coming back unless another side of account holder sends it back.
Exchanges where you can buy or sell
Finally, What is the Future?
Currently, people are investing more and more in Bitcoin, but nobody knows what it will become in future. Governments are concerns about the currency because they did have control over it. They can’t get taxes from it, and there is no trail of the money where it comes and goes unless you deposit money to your local bank account. Besides this, some countries are allowing Bitcoins as purchasing currency one of them is Singapore.