What is Bitcoin?
It is the first decentralized digital currency i.e, the system works without a central repository or a single administrator. It was created in 2009, and there are no transaction fees involved to process a transaction involving bitcoins. You can buy web hosting services, pizza or even a manicure service!
Why use Bitcoins?
Bitcoins can be used to buy commodities/services anonymously. Bitcoins are not tied to any country and are not subjected to any regulation. There are no credit fees involved either, which makes it all the more enticing. Bitcoin makes it easy to send real money quickly to anywhere in the world!
Acquiring and owning bitcoins
- Buy on an exchange: There are several marketplaces that allow people to buy and sell bitcoins using different currencies
- Transfer to a friend: Sending bitcoins is similar to sending cash digitally. People can send bitcoins to each other via mobile apps or their computers
- Mining: People compete to “mine” bitcoins using computers to solve complex math puzzles. This is how bitcoins are created.
Owning bitcoins: Bitcoins are stored in digital wallets, either on cloud or on personal computers. This is kind of a virtual bank account.
What’s new in the bitcoin world?
Bitcoin prices have risen in the past year-and-a-half. It has hit all-time high of above $10,000. It is also rising above other international currencies such as the euro and yen. The sky is the limit, seemingly! It seems that the believers have been rewarded tremendously.
At the moment, this rise appears to be revolutionary. I only wonder, how long will the party last! Any views?!