What is Bitcoin and How does it Works

What is Bitcoin and How does it Works

Bitcoin this, bitcoin that. You must have heard about Bitcoin many times but ever wondered what Bitcoin is and what is it’s functionality where does it come from . In this article I will tell you about the history of the Bitcoin , everything about Bitcoin and what is the future of the Bitcoin in cryptocurrency market .

So what is Bitcoin ?

A Bitcoin isn’t decentralized currency which was established in January 2009 by satoshi nakamoto . It is in digital currency which can be used to purchase goods or services online without any interference of intermediary like banks etc. I hope you must know about cryptocurrency right ? If you want to know about cryptocurrency you can read an article from here . A Bitcoin is a type of cryptocurrency because 8 uses cryptography to make it secure from any public intervention. A cryptocurrency is an intangible currency which can only be used online and it is well encrypted .

So where does it come from and how it is generated ? 

Bitcoin is regulated through Bitcoin mining will you stop Bitcoin mining isn’t process of recording the transaction of the bitcoins . As Bitcoin mining is very harsh process and it uses Lots of amount of resources to mine Bitcoin mining is not really environmentally friendly. So from the fast past few years we are saying that cryptocurrency is becoming very popular and reason being is that crypto currency is in digital currency which distinguish the intermediary and it’s peer to peer connection please stop and as the Bitcoin is the first cryptocurrency we have seen are dramatically rise in the price of the Bitcoin. Bitcoin is the first cryptocurrency and it is the most famous cryptocurrency.

Bitcoin works to end blockchain technology . A blockchain is a type of recording information in a Ledger which is very impossible to break or to hack .  It consists of records later called block and pick connects from one block to another that is why it is known as blockchain.

No as you know the benefits of cryptocurrency that cryptocurrency is very easy to transit. You can just use an app or in wallet for any cryptocurrency transactions .Also you might know that it is incredible Incredible secure and it has shot settlement time and no fees which makes it very much easy to use and thus making it the future of the digital currency as it might be used as a medium of exchange many experts say that Bitcoin or cryptocurrency has very exponential industry Rd and from my point of view they are right because Bitcoin or crypto currency is equivalency industry is one of the fastest growing market and it is the most growing market that we all have seen in our lifetime . Well years early when Bitcoin has been created it essentially has no value but during the following time off but here’s the price of the Bitcoin or the value of the Bitcoin has been essentially grown and it has outperformed.

So I’m gonna tell you the pros and cons of the Bitcoin .

Pros of the Bitcoin –

  1. It has very high returns

Though bitcoins price is highly volatile changes very drastically but Bitcoin has been seen very exponential growth In few years . One example in March 2017 the price of one Bitcoin was $975 end in just a few months the price of Bitcoin rose two $20,089. So it can be clearly seen that in a matter of few months the price of the Bitcoin rose dramatically. Few experts and investors believes that Bitcoin will gain its value by reaching to five Lac dollars by 2026 .

  • It is very fast

If you are sending any amount of bitcoins to anyone regardless of any quantity for its destination, The transaction of Bitcoin is very fast and it can be sent to any user or to any company for buying any services or product in a matter of one or two minutes .

  • No barriers

There is no barrier while sending the bitcoins to any users across the world Bitcoin is just like any Internet or any email which has no borders and can be sent to any person across the globe please stop so this advantage gives users the freedom To send or receive any Bitcoin from any person across the world.

  • It is totally yours

The Bitcoin which you own is totally yours. It belongs to you 100% and there is no intervention by anyone or any central authority the money is totally yours .

  • There is no intervention of central authority

As the Bitcoin is in decentralized currency which means that it is not limited by any government or any central government or any bank of any country . This means that no authority will freeze your coins or your account . And the price or the volatility is not linked to any government policies so this is the main advantage of a Bitcoin order cryptocurrency .

Now let us talk about the cons –

  1. Very high volatility

When did coin was established the owner of the Bitcoin satoshi nakamoto created a set of limit which was 21 million Bitcoin that could ever exist also experts says that there is some immaturity in the name of Bitcoin by investors that causes high volatility.

  • There is no government regulations

Do it is considered as the advantage but it can also be the disadvantage of the bitcoins since the Bitcoin is not regulated by the government it is very likely that a scam could occur as it does not come with legal protections and it is not reversible .

Another issue that is created because of decentralisation nature of the Bitcoin is that there is no guarantee of the valuation of a Bitcoin when it comes to the minimum value . Suppose if there are group of big group of investors who suddenly stops investing in Bitcoin and sell them the value of the Bitcoin will drastically degrees and it will affect the users with large chunk of money .

  • It is Not accepted widely

Since there are many growing companies but Bitcoin is still not accepted widely . This is the main disadvantage of Bitcoin.

These are the pros and cons of the bitcoins. I hope that you have learned something new from this article. You can read more articles about cryptocurrency from here.

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