Bitcoin - cryptocurrecy

Say there’s a coin that worth thousands of US$, but it’s not made of gold, platinum or any other precious metal. In fact, it’s not the type of coin that you can hold in your pocket or stick in your piggy bank, here we are talking about Bitcoin. It’s a digital currency that means it only exists electronically and it’s the first cryptocurrency. Bitcoin doesn’t work like most money It isn’t attached to a state or government so it doesn’t have a central issuing authority or regulatory body.

     Bitcoin is founded by Satoshi Nakamoto in January 2009 but the identity of Satoshi Nakamoto is still not revealed it is anticipated that big corporate’s or mafias are behind this. Bitcoin is generated by using bitcoin miner then these coins are stored in the digital wallet. If Bitcoin is digital currency than what ’s stopping anyone from making a bunch of counterfeit & become wealthy, well unlike MP3 file Bitcoin isn’t a string of data that can be duplicated. A Bitcoin is actually an entry on a huge global ledger called blockchain. The blockchain records every Bitcoin transaction even though the blockchain is a central record there’s no official group of people who update the ledger and keep track of everybody’s money.

Bitcoin is transferred from the peer to peer network from one person to another person without any bank in between due to which transfer cost is low. Bitcoin is a currency which can fluctuate up to 80%of its value in a few seconds.

Some of the benefits of Bitcoin are-

-          Payment Independence

-          Security and Control  

-          Counterfeit-Proof

-          Low processing Fees

-          Easier

-          Faster                    

It may seem like perfect currency but is n’t, there was a company Mount gox based in Shibuya Tokyo, japan  this company was commenced in the year 2010, Mount gox was handling 70% of all bitcoin transactions worldwide, as the largest intermediary of bitcoin it made a great fortune, afterwards mount gox had to filed bankruptcy as 85000 bitcoin were stolen belonging to cutomers of the company valued more than 450$ million at that time, In feb 2014 Mount gox suspended trading and shut down its Website and filled Bankruptcy.

  As Bitcoin is decentralized many countries have also banned Bitcoin first in the list is Thailand then china and other countries are Russia, Vietnam, Taiwan, Colombia, Ecuador, Bolivia, Bangladesh, Kyrgzstan and India.

The future of Bitcoin is still not decided because many economy’s do no want there country to get affected by Bitcoin.

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