Bitcoin- a digital currency
There was time when there was no currency people use to buy things with another product. But with the change of time this medium of exchange is gone and a uniformed currency taken its place. We call it money. We all need money for living in this world. Whatever you want to buy you need money. And every country has its own currency which is different from another. But some country use similar currency. But the problem is you have to carry cash or cheque with you if you want to buy anything. Now there two another way by which people generally buy things and those are credit card and debit card. With the passing of time currency is changing. Now another most popular currency is Bitcoin. Bitcoin is a digital currency. It is also called electronic cash. Bitcoin is a cryptocurrency. In this currency there is no need of central bank or any administrator or intermediary to transfer the money. This currency is transferred from user to user through Bitcoin network. And all these are executed across internet. If you are thinking about the security of the transaction than you should know that these transaction are secure by network nodes. These nodes verify these transactions through cryptography. There are several advantages of Bitcoin and they are-
- Secured: Transactions with this currency is highly secured. There is no chance of transferring you money to the wrong person or place.
- Fast: This currency is faster than any other currency. You just have to do is give command and money will be transferred to accurate receiver.
- No hard cash: Because of this cryptocurrency now you don’t have to carry a big amount of hard cash with you or any credit card or cheque book.
These are the best advantages of Bitcoin. There are more advantages too which are enough to your faith on Bitcoin. With the increasing popularity of Bitcoin different types of Bitcoins are developing like- Ethereum Bitcoin, Zcash Bitcoin, Dash Bitcoin, Ripple Bitcoin, Monero Bitcoin, Cours Bitcoin etc. These are some Bitcoins and there are more. Bitcoin network requires a ledger to keep the record of all transaction and Block chain is that ledger.
You can keep your Bitcoin safe in Bitcoin wallet. Some best Bitcoin wallets are- KeepKey, Trezor, Coinbase, Nano Ledger S, MyEtherwallet, TLDR, Electrum etc. From these wallet you can transfer your money to a specific destination or address. This is an identifier. It is a 26 to 36 numbers or letters which is starts with 1 or 3. With the ease of use and safety the popularity of Bitcoin is increasing every year. Now many of the businessman use Bitcoin for transaction. It make them enable to transfer currency from one Bitcoin wallet to another Bitcoin wallet from their computer or mobile phone. Though it is not as like as usual currency but it has three features or qualities those are important for money and they are-
- Hard to earn
- Limited in supply and
- Easy to verify