we have probably heard a lot about Bitcoin over the past few months,So In This Blog I am going to to tell about Bitcoin.
WHAT IS BITCOIN ?
Bitcoin is essentially a digital currency - a form of money stored in an owner's online like "virtual wallet", free from the control of governments or central banks.
Bitcoin was released in 2009 by someone going by the pseudonym of Satoshi Nakamoto who wanted a virtual currency that was unrestricted by regulation.
WHY BITCOIN IS IN NEWS THESE DAYS ?
Eight years later and Bitcoin has hit headlines like a rocket.The Market Captilization is approx US$240.5 billion and
each coin worth of US$14500.But Eight Year ago the cost of one Bitcoin is US$1.The value of Bitcoin is increased by
14000 times in the last eight year that is why bitcoin is in media.Which is impressive for an invisible currency with
no inherent value.But this isn't some sort of magic bean commerce like Facebook Credits. The tech heads love the geeky
details, but this is the first virtual currency that has the potential to turn the world economy on its head.
IS BITCOIN SAFE? ?
The cryptographic technique that Bitcoin is based on is the same type used by commercial banks to secure their transactions.
The thing with Bitcoin is that it is purposefully designed to be non-manageable.There is an inbuilt algorithm which determines the number of Bitcoins in circulation at any given point in time.
So technologically speaking, it should be pretty robust. But there are always risks, and if loopholes were to be exposed, it could have dire consequences.
If you are wondering whether bitcoin is a safe investment, the short answer is
NO. That is not necessarily a knock on bitcoin: All investments bring some risk of losing money.
Deepak Kumar On: 10/12/2017
Great deeds are usually wrought at great risks. by: Herodotus
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