What is Bitcoin
The first digital
currency ever known to the world is BITCOIN. It could be the future of
ecommerce as it is paving a way for virtual money. Just like the conventional
currencies- dollars, yen and Euros, it can be traded, exchanged and holds a
value in the market. The fact it is inflation immune has bestowed Bitcoins with
worldwide popularity in a short span of time. Without any intermediary like
bank or paypal, Bitcoins can be transferred online at a faster rate, with no
requirement of personal details that are otherwise required.
Though it’s just
the beginning of this new currency to hit the mainstream, yet it is widely
accepted as it is not controlled by any central authority. It works through a
decentralized, peer-to-peer network for convenient, prompt, secured and
transparent operations.
How does Bitcoin work
Since, Bitcoins are operated without the
involvement of bank, agency or government no one can take away your money from
you. The currency is decentralized and thus you own it completely. For those
who lack trust in the banking system or third party payment, it’s a huge
benefit. A transaction through Bitcoins is signed digitally and hence
completely secured
how bitcoin works in 5 minutes (technical)
What are the strengths and weaknesses of Bitcoin
Decentralized structure is a pure
core innovation in Bitcoin. It has neither central control nor central
repository for information, thus it works flawlessly without failures at
central end. Without permission from third party, it facilitates the user to
directly trade coins or store them in local wallet. Further, it is a deflation
currency since only 21 million Bitcoins can only be created ever. Though
Bitcoin allows transparency yet can be as much private as you want. Basically,
it has a transparent anonymity nature due to which one can know how much a
specific Bitcoin address holds in transactions but no one knows who holds a
particular Bitcoin address. In short, user remains completely anonymous while
using this currency until he submits his both personal details and Bitcoin
wallet address. The anatomy of Bitcoin is such that you would be charged
minimal during transactions or sometimes noting at all.
Like everything,
Bitcoins have a flip side too. They are non recoverable which means once sent,
they are gone forever unless the recipient returns them to you. Else, if you
lose your private key or wallet seed or the hard drive with wallet gets
corrupted, you can’t have your Bitcoins back. Let’s take an example of a
British man who has thrown his hard drive containing around 7500 Bitcoins in
2009. By the end of year 2013, the value of Bitcoin was $1200 which means a
hard drive worth 8.25 million dollars was lying somewhere in the dump.
Due to the absence
of central issuing body, production and transfer of cryptocurrency is handled
by the process called mining. It involves complex mathematical calculations on
specific software programs to produce Bitcoins. The mathematical formula is available
freely to be used by anyone around the world. However, for performing
cryptological functions, advanced computer systems are required that can
perform billions of calculations precisely.
So then, what is Bitcoin
Bitcoin is a peer-to-peer payment system. Its unique properties attract many followers and opponents.
Many people have inclined towards the peer-to-peer payment system of Bitcoin currency in the last few years. As far as future of the Bitcoin is concerned, it is hard to tell whether it would be able to establish itself as the sole payment system or not but certainly, there is a huge interest and demand for it nowadays.
Still, there are few hurdles that put the future of Bitcoin in the dark including legal uncertainty (government might ban its use), low social acceptance and unstable exchange rates. Some people correlate the popularity of Bitcoin with the internet. It has been said that as Internet future was unpredictable in the late 90’s and there were low chances of its acceptance, Bitcoin ascendance is going through the same phase.
As for now, people have accepted this digital currency and coming together to build an entirely new and unique economy with Bitcoin.
As for now, people have accepted this digital currency and coming together to build an entirely new and unique economy with Bitcoin.
Benefits of
bitcoins –
Freedom –
once can send and receive money from anyone in the world
No bank approvals
needed
No border or
exchange restriction
Bitcoin gives full control of your money
Low fees –
Bitcoin
transactions run on a distributed peer to peer network
Computerized
work so no Empolyees needed
Hence, less transaction
fee
Secure –
Mathematically
secured
Impossible to
fake
Transactions
are irreversible and do not disclose any personal information
Uses of
Bitcoins –
You can use
bitcoins to buy almost anythings today, including flight tickets,Hotel room
rent,buy pizza food,
You can
use Bitcoins to purchase anythings in uk, us, Singapore, Malaysia and many more
countries with bitcoins. while doing so,there is no need to convert Indian rupee
in us Dollars ,Singapore Dollars Directaly you can purchase using bitcoins. You
do not need to convert your country currency to other country currency for
purchasing.
Payments are
straight forward using wallet application. A wallet application is software
similar online banking account where you can hold your bitcoins.
Basic plan - starter pack
400 GHs Mining Power
SHA-256 ASIC Mining
18 Months Contract
Approx 10% RoI Per Month
Referral output additional
Starts ฿ 0.05 Per Month
฿1.00 / per contract
6000 GHs Mining Power
SHA-256 ASIC Mining
18 Months Contract
Approx 12% RoI Per Month
Referral output additional
Starts ฿ 0.83 Per Month
฿12.50/ per contract
last ball plan - Maximum Profit
12400 GHs Mining Power
SHA-256 ASIC Mining
18 Months Contract
Approx 12.5% RoI Per Month
Referral output additional
Starts ฿ 1.38 Per Month
฿25.00/per contract
