Monday 13 April 2020

Bitcoin in details

Bunny'sBlog April 13, 2020 Bitcoin , Bitcoin in details , Bunny Blogger 15 comments :

Bitcoin

Technology has made an greater effect on human beings it has changed our way of living and has also impacted on our daily life. There are 195 countries in the world today and each country has their own cultures,heritages and most important "currency".
For example, America has USD ($), India has INR (₹) and many other countries have their respective currency's But, apart from that there is also one currency the "Cryptocurrency"
It is the digital asset designed to work as a medium of exchange that uses cryptography to secure financial transactions and also verify the transfer of assets and one of it's example is "Bitcoin".

Bitcoin is cryptocurrency which can be sent from user to user on peer to peer bitcoin network it is a digital currency. It was created by a "Satoshi Nakamoto" which is said to be mysterious figure. The bitcoin can be used to buy or sell items from people and companies that accept bitcoin as payment method. The bitcoins are generated by competative and decentralized process which is named as 'mining'. It is said that to mine 1 Bitcoin it can take a time of almost 10 min. They are created as a reward for mining process but however bitcoin also has some advantages and disadvantages which are enlisted below;

ADVANTAGES

a} It has Greater liquidity than any other cryptocurrency
b} It has been observed that acceptance of bitcoin as payment has increased widely
c} It has mad International transactions easier than regular currency's

DISADVANTAGES

a} Their are chances of exposure to BTC scam or fraud
b} There are no chargeback's or refunds
c} It also has some environmental ills in mining of bitcoin

It is being said that there are neraly 18,209,525 bitcoins in existence, If the exchange platform gets collapsed than the value of the virtual currency may change quickly reducing the value of your investment, and. losing your money. So we can conclude that bitcoins has future but investing money in bitcoin is risky.

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