Bitcoin, The Cryptocurrency

Bitcoin, The Cryptocurrency

Bitcoin is a digital currency that means it not in the form of notes or coins rather its online form of money digital marketing in malaysia . It was invented in the year 2008 by a group of unknown people under the brand name Satoshi Nakamoto and was officially launched in 2009.it can be sent from one person to another without the help of the involvement of an intermediate. It involves a safe end to end transfer without any encrypment. However, the transactions are recorded in the bitcoin network. 

 

Origin and history of Bitcoin

• Bitcoin originated in the 1980s
• It was later preceded by bit gold One Search Pro, which was a new  type of cryptocurrency
• Nick Szabo later developed it in the late 90S
• Bit gold didn’t gain much popularity or success, and it had many features common with bitcoin, like protection against duplication, public key identification.

 

Advantages

• The Identity of the user is hidden. That is; it is autonomous
• Prevents double spending of money
• Has transparent record system
• Bitcoin currency has high return rates on investment
• Transaction fees are also very less
• Buyers are at lower risk of getting involved in fraud
• No threat of inflation, almost zero.
• Very accessible and easy to use.
• Involvement of any third person is not required; only buyer and seller are involved.
• It contains privacy keys that have owners’ identities, and through It, they can do transactions.
• Bitcoin wallets are present, which contain cloud storage
• Miners are individuals who prevent fraud and keep the privacy of the bitcoin community and keep the information encrypted

 

disadvantages

• One .client can be exposed to fraud and theft
• 2. money ones can’t be refunded
• 3 . Previous scams and frauds have tarnished its image
• 4. Threats of hacking of accounts
• 5. No protection from the government, so the risk of fraud is very high
• 6. Not accepted by all online merchants, so it can’t be used everywhere.
• 7. Conversion of bitcoins into fiat currencies is very costly
• 8. Various scams are being held. The most popular one was of Mt. Gox 
• 9. It can be slashed down by bigger companies shortly, which is more powerful and better than it.

 

How Bitcoin Works?

• Bitcoins are like virtual coins. They hold their value 
• They don’t require to be stored in banks or to be shifted here and there
• They can be transferred from one personal account to another with great ease through online bank transfers via mobile phones, laptops
• They can be used to purchase goods through web portals
• They can also be stored and used later when their value increases.
• Transactions can be made from one individual’s wallet to another with full privacy.
• Wallets are databases that can be stored in our laptops, smartphones, tablets.

 

Bitcoin is a digital currency; it is a very popular form of cryptocurrency. It came into force during the 90s, money can be transferred from one account to another with the involvement of anyone else, no bank transaction fees are involved because the bank itself is not involved, but the identity of the user is hidden so any fraud can take place with the user like scams, scandals, etc. But the buyer is at lesser risk, so one should be very careful while using it and should be extremely cautious so that he might not be cheated upon by any other user.