Bitcoin, a purely virtual currency backed by no
central bank. Surprisingly it is oscillating impressively in the world which is really
achievement. In simple words we can refer Bitcoins are digital currency. It is
an uncomfortable combination of currency and commodity. The commodity value of
bitcoins is embedded in the currency value. It allows a direct transfer of values between
two people across the world.
It is actually designed by a pseudonymous
virtual denizen known as Satoshi Nakamoto. He introduced in February in the year 2009 to
the world. Nakamoto boasted about his currency that it is decentralized with no
trusted parties. He also said, if you
hold dollars it means you trust the US but bitcoins is based on mistrust. It is
specially designed so that it is every ones.
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Bitcoins |
It is
the first anonymous payment mechanism for the digital world. One of the best things
about bitcoins is once you send them, they are sent. Likely if somebody sends you,
the bitcoins will be yours. And really you don’t need to know who the sender
was. The transaction cannot be reversed. If the coins arrive, you just need to save or
shop in the virtual world. It is the perfect designed digital currency for the
virtual world. These bitcoins will anonymous, frictionless, and
cryptographically secure. There will be no cheating, no hidden extra charges
like banks and other service providers. It cannot be printed, inflated, counterfeited or
devalued over the period of time. Bitcoins can be operated for free from any
computer or high-tech smart phones.
The major fact to know about bitcoins is that
it is invisible to any law bodies or to any bank. In fact there are no
influences from any banks, organizations or control from the government. Gradually
it is increasing as a virtual emerging market.
There are lots of things that a person can do with the help of bitcoins.
It can be converted to any currencies, can be used for gambling online casinos.
It is no means confined only to laptop or computers.
In reality, it is much more like a volatile
commodity. It does not actually behave like a currency. To be lucid, it is the
most fungible commodity the world has ever been experienced. To the point, it
erases effectively the difference between a currency and a commodity.
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