What the heck is BITCOIN?
Bitcoin is the world’s “first decentralized digital currency,” according to bitcoin.org. It was launched in 2009 and it has several features that make it different from common forms of payment:
i) First, Bitcoin is considered a ‘cryptocurrency’ because it uses military-grade cryptography to secure transactions.
ii) Second, Bitcoin payment processing is conducted through a private network of computers, and every transaction is recorded in a public record known as the “blockchain.”
iii) Third, new Bitcoins are only generated to pay “Bitcoin miners”—the people whose computers participate in this network and complete complex mathematical tasks to approve Bitcoin transactions.
iv) Last, Bitcoin has no government affiliation, central authority or banks. It’s based strictly on peer-to-peer technology.
PROS AND CONS For Consumers:
Bitcoin protects your identity and money. Against every transaction a hash ID is generated that is used to get the transaction verified through miners.
It is nearly impossible to hack BITCOIN. Why is it so?
Every person who is mining bitcoin is called miner and is also a node in the system. When the transaction is made, the records at every node are update at the same time. So basically in order to hack BITCOIN you'll have to compromise all the nodes at the same time.
You can send and receive payment at anytime at any place. Bitcoin is an international currency and it has removed all kind of strings that were attached to conventional banking system.
It is the most valuable asset that you can even buy today.
Many investors claim that bitcoin value is not even closed to what they are expecting its value will be in near future.
Bitcoin in many countries is not considered a good thing. Why?
Where bitcoin has many advantages, at the same time, it also have some major disadvantages as well.
Bitcoin can get you illegal weapons, fake passports, fake id cards and stolen goods.
That's the reason in many countries, it's not considered a good thing to deal in bitcoins because most of the bitcoin goes on to darkweb where it is used for illegal purposes.
It's the only currency through which you can make purchases on darkweb.
The purpose of writing this article was not to promote Darkweb or illegal use of bitcoin but to aware the bitcoin users that they should keep their coins safe as it can be used for wrong doings.
