What are Bitcoins and its future

Image result for bitcoin

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.

Comments

More from Political Space

Demonetised notes still being being found stashed with people. Police seizes 1.5 crore worth of old 500 and 1000 notes. Yuvraj Singh and his family has been charged in domestic violence case filed by his sister-in-law Here is how India prepares to bypass Supreme court's ban on sale of fire crackers in NCR. Policemne ready to provide patronage to shopkeepers. Two Suspended in the same case. Korea has hired hackers from India says media reports Sanjay Dutt's biopic's new poster has been released. Here is the new look This is the one question we are still asking but can not find a proper answer. Have you seen Najeeb somewhere? 3 People injured in an heart wrenching accident. ANI reported the news.

More News

Did anyone notice or found mention anywhere that J&K felt low intensity earthquake this morning at around 6:30 am. The police has realesed probable sketch of the Gaurio Lankesh killer sust=pected to be involved in her murder. This is the most disgusting pictures coming from one of the most learned states of the country. Bihar has always lead country to greatness but when we such pictures we surely want to hide our face in shame. The Bihar school asked question which kept Kashmir as a separate nation. The opposition was quick to pick up the issue and bring it to the notice of the general public and blamed it on the mismanagement of ruling party especially on the inefficiency of Nitisk Kumar, CM, Bihar. Dera Sacha Sauda chairperson Vipassana Insan reaches Panchkula police station, she will be questioned along with Honeypreet The sad news of "Amrapali" director Lekh Tandon passing away came in just now. All his fans must be saddened to hear on the demise of the great creator. Big on Hosting. Unlimited Space & Unlimited Bandwidth

International Tweets

Nuclear war may break out any moment: Says North Korea Will you agree to what the survey has to say?