What are Bitcoins and its future

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Bitcoin uses peer-to-peer technology and is not controlled by any central authority or banks. It involves a complete network of users in order to manage the bitcoin currency transaction. Its design is public and has no ownership issue as it is not owned by any individual or any country and everybody has an equal right to be participant in its transaction. There are multiple benefits of Bitcoin which is completely different and convenient from any other currency being used in the world.

When world faced the attack of “ransomware” virus, the attackers asked victims to pay only in Bitcoin currency which ensured their safety as could not be tracked by any government. It could look like that it is fuzzy currency but it allows its users to pay online and purchase goods without involving any bank or any other agency.

Users create coins by a process called “mine” by lending computing power to verify other users' transactions.

The value of one bitcoin was $1,734.65, according to Coinbase, a company that helps users exchange bitcoins making Bitcoins more valuable than gold.

As of now it is secure mode of transanction for tech-enthusiast and sometimes cyber criminals because of its anonymousity. A bit coin miner who is mostly tech-savy person keeps the system honest by providing their computing power into a “Blockchain”, a global running tally of every bitcoin transaction.

Last year one Australian citizen came forward to claim that he is the founder of Bitcoin however he retracted later on saying that he do not have enough strength to publish the proof about his claims.


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