Bitcoin is a new kind of Money. It is the first decentralized digital currency. It is introduced by Satoshi Nakamoto in 2008. Like other money transactions it is not included in any regulations. Nobody can control it. It could not be covered by any previous payment system. Anyone can use it.
- Instant peer-to-peer transactions
- Worldwide Payments
- Zero or low processing fees
Advantages of Bitcoin:
- Ease of Transfers: If we want to transfer money from one person to another person, we need a bank and we have to pay some money for it. This traditional way of transfers are replaced by bitcoin. In bitcoin we can transfer money from person to person without any bank.
- Security: Its network is secured by a process called Mining. There
are Miners who controls the network and verifies all transactions and then they publish it in the public ledger.
- Decentralized: No one can control Bitcoin.
- Investment Option: One Industry professional told that he got 200% return in the span of 2 years. Which equity or commodity market is giving that much return in short span.
How to Use it?
You can buy bitcoins from markets or any other exchanges in any currency by normal paying methods. There are some companies like Unocoin provides Bitcoin Wallet. It is similar to a bank account. Here you can store Bitcoins. This Bitcoin wallet is similar to the App or Software that you have to run in your computer or Mobile.
We can buy anything using bitcoins and we can transfer it to any person easily without any banks or clearance houses. But there are few disadvantages for using them.
Disadvantages of Bitcoin:
- If any virus injected to your device and then system crashed. We will lose all bitcoins. No chance for recovery.
- If anyone steal our password or if we forgot our password there is no chance to change it. Once we are lost we are gone.
- It is a digital currency. Hence we can’t use it in physical stores.
Even though having few disadvantages, still Bitcoin is the new future. It will change our traditional Money system. Whole world will change to it soon.
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