Bitcoin: The Virtual Currency of The Real World

You probably might have heard about the buzz that bitcoin is creating. Might be thinking what really Bitcoin is? Or are you wonderstruck by Bitcoin price?

Bitcoin is a cryptocurrency and the first decentralised digital currency accepted almost everywhere in the world as the payment system. There is no central bank or a single person who administrates the whole system. The transactions are peer to peer and take place between the users directly. All the transactions are recorded in what is called the blockchain.

What is cryptocurrency?

Cryptocurrency is a digital currency which has been designed to work as a medium of exchange using cryptography to secure the transactions and verify the assets while exercising control over the creation of new assets. Bitcoin was the first cryptocurrency which was decentralised and was created in the year 2009. Numerous other cryptocurrencies have been created after Bitcoin and are called “altcoins”.

Bitcoin is the virtual currency of the real world

What is a Blockchain?

The ledger which is distributed publicly is called a blockchain. In simple terms, the blockchain is a database which is distributed on multiple computers at the same time. The blockchain grows continuously as new blocks are constantly added. All the blocks are interconnected, have a timecode and form a chain together. This is how a blockchain is formed. Easy, isn’t it? And you thought it was too difficult to understand! The old blocks of the blockchain are not deleted and are preserved forever. This is the key to its power really.

Complete Transparency

All the blocks are encrypted in a unique way which makes it possible for everyone to have access to the information. But only the user who has a special cryptographic key can add a new record to the blockchain.

Bitcoin being anonymous in nature has the potential to change the world by changing the way we bank, undertake daily transactions and above all, view money.

Price Bitcoin and how you can benefit

How to earn Bitcoins?

You can, of course, buy Bitcoin. Bitcoins can be purchased by exchanging the existing currencies like Dollars or Euros – a number of exchanges provide the facility to buy Bitcoin with a click of the mouse – it’s that easy to buy Bitcoin!

What if you wish to earn them yourself without a transaction? Bitcoins can be earned by mining. Also by getting paid in Bitcoins by selling goods. The Bitcoins are safely put inside a wallet which is provided by a service provider. The number of merchants who accept Bitcoin is also on the rise. The number of Bitcoin ATMs is also growing day by day. We can certainly say that –

Bitcoin has revolutionised the world!

Bitcoin Exchanges – Bitcoin Price Updates

An exchange is a place where one can sell and buy Bitcoin. You can also buy Bitcoin in exchange for other currencies like Dollars and Euros. Exchanges provide privacy, security, and safety. Some of the famous exchanges are – ZebPay, Coinbase, Bitfinex, Bitstamp, etc to name a few. These exchanges also allow users to trade cryptocurrencies. You’ll be able to obtain real-time updates of current Bitcoin price.

My thoughts

More and more people are adopting cryptocurrency as the currency of the future. Crypto has its own advantages in comparison to the traditional banks. The whole system being decentralised is quite transparent. The market today is flooded with cryptocurrencies each claiming its dominance over the other. Bitcoin, “The Grand Daddy Of The Crypto World” being the first cryptocurrency of the world still holds position number 1 and continues to be on top ruling the real world.

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