A Bit About Bitcoin
To put it simply it is a crytocurrency or a digital currency which acts a medium of exchange through peer-to-peer technology in financial transactions and transfer of assets without any interest. It was created in 2009 by an unknown developer working pseudonymously under the name Satoshi Nakamoto and gained significant attention especially in the year 2013 when it reached the value of $266 per bitcoin, which stands at $8613(Rs621,664) as of now. The network does not come under the control of any central authority or the ownership of an individual or group and hence is free to be used by all.
The main features:
So if you’re planning on investing in Crypto Exchange any where in the near future, here are some points to answer the general queries:
1. Since it does not have a central authority, you are free to use it at your own pleasure, all you need to do is download a software on which you can engage in Bitcoin transaction, after which you have to go through a KYC (know your customer) verification process to confirm your identity and you’re good to go.
2. No matter where you are, the transaction can be done in a matter of minutes to anyone around the world through a network of computers present globally.
3. The transactions are anonymous as they are sent on specific addresses which are actually chains of about 30 characters, so your privacy won’t be compromised.
4. Since the funds are secured by a Cryptocurrency Exchange system, it is quite safe and you don’t need to worry about someone breaking into your account (phew!).
5. And last but not the least, the one thing you have to keep in mind while making a transaction is that once it is done, it cannot be reversed under any circumstances unless the receiver wishes to do so. Therefore, be careful while operating so as to not fall under the schemes created by scammers on fake websites.
The Present And Future
With the worldwide success and popularity of Bitcoin, a couple of alternative cryptocurrency were introduced as well namely Litecoin, Ripple and Mintchip. However, there are certain limitations faced by these cryptocurrencies, such as your entire digital fortune might be erased by a computer crash or virtual vaults could be infiltrated by hackers or malware, something that might be solved in the future.
Having said that, the increase in the value of cryptocurrency is at an all-time high and it is perhaps the best time to invest in one. Sure, like other investments, it is also subject to market risk but with the onset of the digital era and the ever-growing value of digital currencies, it is safe to say that it if it could just deal with the problem of hackers and frauds amongst its network, it could becomea much wider and recognised means of transaction in the future.