Bitcoin is a cryptocurrency, as well as a payment system that is entirely different from usual currencies. It is the first invented digital currency by Satoshi Nakamoto (2009). Bitcoin is an open source network that means no particular person, company or country owns it (such as the internet). It follows peer-to-peer network, i.e. interested participants can transact individually without any inclusion of bank/any central authority.
Some investors choose to invest in Bitcoin, whether others find it risky even now. The technology being introduced by Bitcoin will never lose its charm. And the technology behind it can be altered according to any context as per the need. A bitcoin transaction is made successful using a series of unstoppable servers.
There are still many people who do not know about Bitcoin. Only those who love technology and are interested to know more about it can understand the techniques behind Bitcoin. In order to amplify the users of Bitcoin, technology should be brought closer to people to make their lives better. It would be the best way to grow usage of Bitcoin among ordinary citizens.
Bitcoin is open to all and the ones who want to use it, must have full knowledge of the cryptocurrency system. Little knowledge may prove to be really dangerous in case of cryptocurrencies.
The main thing that invites more people towards Bitcoin is the advanced level of security it offers. Due to the implementation of blockchain technology in Bitcoin, it cannot be counterfeited, hacked, change or manipulated. Bitcoin transactions are being processed using cryptography, and once bitcoins have been sent, the process cannot be reversed. Bitcoin decreases the possibility of intrusion. Unlike credit cards (pull mechanism), Bitcoins use a “push” mechanism that avails the bitcoin holder to transfer anything without adding any extra information. While performing a transaction, there is no need to provide your name as digital wallet IDs function well with Bitcoin.
Bitcoin user acceptance is growing all over the world. There will be more investors investing in Bitcoin and more sellers/merchants using it as a payment mode. Its increased usability has also helped in growing capital market investment of Bitcoin. The countries rapidly adopting Bitcoin are India, China, South America, Africa and much more. When Bitcoin was launched, it was being used for only private exchanges, but now, its applications have grown, and more people are being supportive towards this concept. Decentralized nature of Bitcoin makes it an asset that can drag anybody’s attention due to the benefits it may introduce. Extreme returns and adoptable volatility are responsible for increasing its demand.