What is Bitcoin? How to use and its Pros and Cons ?
At present, few technologies are having the ability to agitate passionate online debate and bewilder the majority of the population as ‘bitcoin’. Still, the word ‘bitocin’ has been the source of interest and confusion since it was found more than eight years ago. And today, the interest in Bitcoin has been reasonably increased than ever! You may have questions like, what is Bitcoin? What is it for? Is it a currency? Is Bitcoin the future of currency? Why and How to buy? Read on to have all your questions answered.
What is Bitcoin?
“Bitcoin is a cryptocurrency and a worldwide payment system”
Bitcoin was the first invented cryptocurrency ever and are designed for most anonymity! No one knows who invented bitcoin exactly but, they have first appeared in the year 2009 from a developed named Satoshi Nakamoto.
“Bitcoin is the virtual banking currency of the internet...!”
It is first decentralized digital currency ever that has worked without a central bank or even a single administrator. Since 2009, advancements and updates on Bitcoin have made by a network of developers who were partly funded by the Bitcoin Foundation.
How does Bitcoin work?
“Bitcoins can be exchanged for products, currencies, and services”
Bitcoins are virtually designed to be self-contained for their value with no need of bank monitoring and storing the money. Once bought, it can be just used in trading activities. Users can buy Bitcoin with cash or by selling products for Bitcoin. A Bitocin value is stored in wallets and can be used as the digital currency across the world. Today, anyone can easily locate many apps for Bitcoin transactions and Bitcoin exchanges.
Bitcoins are controversial yet..! Why?
It can be easily found that there are plenty of reasons have converged to make bitcoin currency as a sensational media. It has been controversial still because of the traders who made bitcoins familiar by buying them in batches of millions of dollars. Another reason is that, it can take the power of making money away from banks and giving it to the general public.
How to invest in Bitcoin?
“Bitcoins are forgery resistant and computationally intensive”
Being a secure, a global, and a digital currency, it is no doubt that the Bitcoins are gaining the interests of investors as they can make them delve into a new asset class. Investing in Bitcoin will depend upon the country and moreover, the developed nation may have numerous options and more liquidity. One of the advantages of using the Bitcoin is that it can be stored offline on anyone’s personal hardware and it can be protected from others using it.
In reality, there is no official price for Bitcoins and it can be set by people whatever they are willing to pay!
“Its price will be generally shown as the cost of one Bitcoin...!”
Pros and Cons of Bitcoin
The historical report of Bitcoin seems to be very interesting and many people feel wondering about it! Being, a cryptocurrency - a digital form of payment, it has several pros and cons as listed below.
- Enables fastest online transaction – being transferred instantly
- Low charge
- Easy to track a& eliminates fraudulent risks
- Private and limited supply
- Keeps data secured
- Convenient payment system (even the micro payments are also possible)
- Risky to use because of its price fluctuations
- Transactions are not reversible