Bitcoin: All You Need To Know About it
Nowadays, Bitcoin is being discussed aloud in the cyberspace. So, for your knowledge, let me tell you that Bitcoin is just a virtual currency and not in the physical existence. Various websites accept this currency for online shopping. A Japanese computer programmer, under the name of Satoshi Nakamoto, invented the currency on 31 October 2008 to a cryptography mailing list. Officially, it was released as open-source software in 2009.
Bitcoin is the series of characters and numbers, which can be placed safely inside a virtual wallet. No central bank issues this currency and no government agency manages the Bitcoin. How to open a free bitcoin account has been explained here.
How Bitcoin is created
New Bitcoins are created using an open source software and this process of creating new virtual currencies is known as mining. Everyone can perform mining to create Bitcoins. But, to create Bitcoins, it is necessary to have high-speed Internet and high-performance computer power.
Recently, the world’s first Bitcoin ATM came into being in Canada. Using this ATM, any official currency can be converted into Bitcoin.
READ ALSO: How to Buy and Convert Bitcoins into Cash in Nigeria
According to a survey, more than 1.1 Crore (approximately 55000 Crore Indian Rupees) Bitcoins are available in the world. In the case of India, approximately 21 million Bitcoins are hidden across the Internet. These Bitcoins can be bloomed around 2040.
Bitcoin is pure, unregulated, and open
Pure may sound like a nebulous idea, but it isn’t. In regards to Bitcoin, it means that the price is regulated by pure supply and demand. Without any demand, the price will drop. This also relates to commodities in that sense. Ever since governments stepped in, it seems that it’s doing worse and worse.
This also means that Bitcoin’s openness allows people to create their own unregulated ways to utilize it. Whether it be peer to peer lending, to stock markets of Bitcoin service companies, Bitcoin creates an economy of its own, by the people, for the people.
According to cryptocrooks.com, Bitcoin will never die as long as individuals run it’s software. Typically, an Internet wallet has servers that run the software, but that’s a bit more complicated to describe. If someone wants to become a Bitcoin node, they run the software and start to process transactions.
It embodies the Internet culture
It is open, free, “unbreakable” and decentralized. The Internet was started to share information, and Bitcoin is a revolution in that idea. As an idea, firstly, that financial property can be directly controlled by its owner. As we mentioned, banks own the money under deposits, they’re free to do whatever with a percentage of all deposits. When someone owns a Bitcoin, it operates similarly to cash in the fact that the one in possession of the private key has the ability to do with it what they please. Bitcoin is a decentralized cryptocurrency, meaning that it cannot (easily) be shut down.
What is the worth of bitcoins currently?
2017 saw bitcoin hitting an all-time high. Currently, a bitcoin is worth 285,367.95 Nigerian Naira, not a small amount by any means. The unit of account of the bitcoin system is bitcoin.
As of 2014, small amounts of bitcoin used as alternative units are millibitcoin (mBTC), microbitcoin (µBTC, sometimes referred to as a bit), and satoshi.
Named in homage to bitcoin’s creator, a satoshi is the smallest amount of bitcoin representing 0.00000001 bitcoin, one hundred-millionths of a bitcoin. A millibitcoin equals to 0.001 bitcoin, one thousandth of bitcoin. One microbitcoin equals to 0.000001 bitcoin, one millionth of a bitcoin.
Where is it accepted?
In February 2015, the number of merchants accepting it for products and services passed 100,000. So far, Amazon, JC Penney, Ebay, Target, CVS, WordPress.com, Subway, Victoria Secret, PayPal, Expedia, Home Depot, Kmart, Sears, the Apple App Store, Grooveshark, Dell and Zappos all accept it as a form of payment.
What are the dangers?
However, it is not a stable form of currency and is still not accepted in most countries. Also, bitcoins are untraceable, so if you lose it you lost it for good.
According to expert, Ivan Razl, there is no mechanism to recover stolen or lost Bitcoins. If somebody hacks into your wallet where you store your Bitcoins you lost them for good. The best way to store your Bitcoins is on disk that is disconnected from the internet.
Many countries are gradually accepting it and recently, Nigeria is already contemplating it. However, it is not useful in many places, so you are more likely to buy or mine it now as an investment.
So, Now that you know all about Bitcoin, Why not invest in it?
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