The mechanism of this software works through a Blockchain which is basically a network of computers enabled by software for the purpose of maintaining a collective book keeping via Internet. The book keeping maintained is neither in control of one party nor closed rather it is public and available in the form of a digital ledger which is fully distributed across the network.
Why Bitcoin?
Bitcoin makes it fast and cheap when it comes to processing a transaction. It doesn’t demand any person or organization when it comes to trading. Being decentralized, If this currency is owned by someone then it can only be accessed by that very person and other people or organizations can not simply help themselves to it. For the people who have trust issues with traditional banking system, Bitcoin doesn’t have any central authority and so the banks do not have access to them. Having no chargeback system helps to stay away from any kind of fraud or cheap tricks as in case of credit cards. Moreover none of the personal information needs to be unveiled for processing any sort of trade which gives a good comfort to privacy.
It Can be Mined Too!
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Bitcoin can be bought or can be mined which is no offense and is encouraged. All it needs is to have enough computing power to solve the mathematical equations it needs to dig those out. Having your computer to earn money while you are asleep, What else could be better? What about having a savings account with ability to store infinity amount of Bitcoins and sell it whenever you feel good.
No Helplines Available, You are on your own!
There is another side of the coin too. Bitcoin doesn’t have any sort of helpline. Incase of thefts or unprocessed transactions, If there is loss of Bitcoins from the wallet then the money is irretrievably gone. All the help you can receive is from the people you know having better knowledge of Blockchain or on the web from your own research. Not everyone around us is aware of Cryptocurrency, So it makes trading with Bitcoins a little bit of issue. Moreover in many countries Bitcoin is not considered a legal currency and they find it a threat to their economy. Bitcoin wallet is stored in a hard drive as it needs some space. Now if the hard drive crashes or is cracked into, the wallet is gone with all the Bitcoins in it but you can save via saving your private key.
Being volatile in nature, Bitcoin doesn’t have a fixed price of it. It keeps on increasing and decreasing according to the demand. 21 million Bitcoins are stated as its limit which raises another problem known to be deflation as 16 million of them already exist in the market scenario and this system was designed to reward early adopters. Having positive and negative factors, Bitcoin has a great influence when it comes to changing the world. Earning Euros, Dollars, Pounds or any another currency of the world can be done by working or exchanging but here is something new, Bitcoin can be mined.
Bitcoin's growth is unstoppable!
World is adopting this currency lately and this can be observed in last few years. From 4 ATMs to more than 2000 across the world in no time, from as much as 36000 to an increase of 82000 merchants accepting Bitcoin for trade in exchange of thriller goods and services which include market gains like Microsoft and Dell. It can be easily concluded that trading in Bitcoins can although be arduous but bring a significant change in development that is yet to come.
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