Today, in the 21st century. We are living in a digital era. Today everything around us is digital or virtual and now there is also digital currency. Yes, you heard right Now, there is an exchange for your typical paper currency and metal coin. The digital currency is also known as cryptocurrency. Cryptocurrency consists of more than one type of virtual currency, but most famous and successful are Bitcoins. Today, bitcoin is a very common name. Most of the people around us have heard that word at least once in their life. It’s hard to find someone who would act strange on hearing the word Bitcoin.
So, what is Bitcoin?
Bitcoin is a virtual currency. Which allows you to buy goods and commodities from selected merchants. Bitcoin is completely independent, which means it doesn’t involve banks. So, it is tax-free, but it is not risk-free. Today bitcoin is more valuable than a couple of ounce of gold. Bitcoin doesn’t have a fixed price per unit, its price increase or decrease periodically. Bitcoin was first introduced to the world in the year 2009 under the name of Satoshi Nakamoto. Bitcoin was programmed by an anonymous group of programmers. After the introduction of bitcoin for commercial use in 2009, its price per bitcoin was basically ZERO until March 2010. In April of 2010, the price per unit slightly increased and was now 0.003$/Bitcoin. Just after a couple of months bitcoin’s priced was raised by more than 1000% in July of 2010 the price was 0.08$/Bitcoin. In December 2013 bitcoin price crossed it’s first big milestone in this month the highest price was 1,242$/Bitcoin and recently on June 12th, 2017 Bitcoin surpassed it’s own record by reaching a price of 3000$/Bitcoin. This was the highest of all time, until now. Experts say that Bitcoin has a potential future and it will surpass the price of 100,000$/Bitcoin in the next 10 years.
Bitcoins are popular among everyone because it is easy to store. You can store bitcoin worth millions & billions in your pocket, but you cannot store that much amount of physical currency in your pocket. Bitcoin is just a computer program, so each time you send it to someone else, the owner’s signature of the program changes. So, it is easy and fast to spend them. Bitcoin is the best way to ask or send money to anyone by keeping your identity a secret. Bitcoin is more popular among criminals because they can make transactions without revealing their identity.
How to use Bitcoin?
Bitcoin is very easy and simple to use. In order to use Bitcoin, you must set up an account in a bitcoin wallet. A Bitcoin wallet is a software that allows you to keep track of your Bitcoins. There are so many bitcoin wallets out there in the market but the most trusted are Blockchain. Once you have completed setting up your account, you will be provided with a wallet address. This address is like your bank account number. Now, in order to spend some Bitcoin, you should first have some. You can buy bitcoins online or you can ask your friend to provide you a little amount of it. Once you have a bitcoin, you can spend them easily across the world with a merchant who accepts them. In order to spend some bitcoins you have to just ask a merchant for their bitcoin address and then send the amount of order on that address and that’s it. You are done with your first transaction.
In the last, I would like to say that Bitcoin is a revolutionary thing and it is the future of money.