Bitcoin is a digital currency and payment system that is completely different from usual currencies. It is the first invented cryptocurrency by Satoshi Nakamoto (2009). It’s called as a decentralized digital asset or digital gold. Bitcoin is an open source software which means that not any particular person, company or nation owns it (just like the internet). This follows peer-to-peer network i.e. 2 or more participants can transact individually without any involvement of bank or any central authority.
Some investors prefer to invest in Bitcoin while others find it risky even now. The advancement introduced by Bitcoin will never fade away. And the technology behind it can be modified according to any context as per the requirement. 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 for all and the ones who want to use it must have full knowledge about 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 blockchain technology being used 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 send anything without adding any redundant information. At the time of the transaction or before that, there is no need to provide your name; Digital wallet IDs work 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. Many new tools have been discovered to make Blockchain more advanced. When Bitcoin was launched, it was used only for private exchanges but nowadays, its applications have increased and more people are being favorable 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 to increase its demand.
If we see the growth chart of Bitcoin, we can easily see the difference coming from its invention till now. Bitcoin’s usability has increased to the greatest extent and now this cryptocurrency has properly stabilized and still, its value is increasing with time. Considering all of the facts, we can conclude that Bitcoin is a technology, developed with an intention to be used by ordinary citizens.