Money is an important creation of human to simplify transactions and exchange. While it was created to simplify things, the innovation and improvisation of currencies have made the world of finance more complicated. Latest is the addition of cryptocurrencies to the world of finance. While the emergence of digital currencies is inevitable, industries and economies should quickly learn to adopt them and take advantage of the bitcoin which is the most prominent cryptocurrency in the current time.
Amidst these confusions and mysteries, Cryptbuzz aims to highlight the various facades of the most popular cryptocurrency – Bitcoin for awareness to the general public –
Nature of Bitcoin: Launched in 2008, it is one of the oldest cryptocurrencies. It is also one of the highest priced and traded digital currencies traded globally. Firstly, Bitcoin provides three important opportunities to its owners. It is a lucrative mode of investment which can provide returns beyond expectations. It is assumed that price of one Bitcoin will reach $50,000. Secondly, it is a digital currency and can be used for regular transactions. Thirdly, it is accepted beyond boundaries. National boundaries and regulations can impact little to its use and acceptance in the market.
Origin of Bitcoin: The Bitcoin has supposed to come into existence with the due grace of a techie named Satoshi Nakamoto whose identity is still to be revealed.
Use of Bitcoin: Like any cryptocurrencies, Bitcoin can be used for any practical transactions. There are many restaurants and food chains who accept payments through Bitcoins. Though it is the most popular virtual currency, it still needs to be popularized to become a currency to be used daily.
Reason of Popularity: The promise of being free from government control, independent from bank charges and very high returns are making it popular. The most important USP of Bitcoin is anonymity of its traders. Since it works based on Blockchain technology, it is difficult to track its users.
Various governments are working on framing laws regarding cryptocurrencies which will by default include Bitcoins.
Value of Bitcoin: Bitcoin is one of the most highly traded and priced digital currencies. Price keeps changing.
Mechanism of Bitcoin: Bitcoin works on a public ledger called blockchain, which holds a decentralized record of all transactions that is updated and held by all users of the network.
Limits of Bitcoin: Even though it is digital in nature, it has a particular limit when talking about numbers. And this limit is a whopping figure of 21 million! However, it looks meagre when put in use to the scale of global financial markets.
Number of People Using Bitcoins: According to a research from the University of Cambridge, currently there are about 5.8 million users that have cryptocurrency wallets and the number of users is rising every day.
Investment in Bitcoin: Bitcoin is gives very high returns to investors. Bitcoin price has increased 300% over the last six months. However, investors need to properly analyze and research before making considerable investment. They should have sound knowledge about the technology based on which Bitcoin and other cryptocurrencies work.
Users should know Bitcoin fully so that they can harvest the benefits of the historic change in the world of finance.