Bitcoins

Bitcoins

We are living in an era where technology is evolving now and then. At times, it just makes us feel the awe of the when spoken in regards to the technological advancements. Back then, around 3000 years ago people traded goods to avail stuff from other countries. Slowly, they started using gold and silver instead of exchanging stuff. It turned out to be quite beneficial. Well, today after several generations we see coins made of aluminum as well as notes made of paper being utilized to avail stuff that one likes. This mode of transaction is always considered to be safe and secure. In the year 2009, a guy named Satoshi Nakamoto invented an open-source software termed as Bitcoins. People were quite astonished as well as surprised when this technological advancement arrived. His identity is still not confirmed but had made sure to rock the nation with the achievement. 

To understand, people must first know the basics of Blockchain. The blockchain is nothing but a decentralized, public ledger in a digitized format for all digital transactions. People can utilize this as an open-source distributed ledger which is a completely tamper-proof record for the transactional data. The decentralized database is managed by computers belonging to a peer to peer network. As all the data are updated and validated simultaneously, there is no way that the data gets corrupted or hacked. It can be considered as one of the best points of utilizing blockchain as the prime way for secure transactions. 

Bitcoin is a technology that utilizes blockchain as a source for its operation. During its initial stages, the value of a bitcoin was quite low. people who invested quite a bit of an amount could reap enough profits. People also transformed their daily incomes to such an amount that it was enough for several years. Unlike blockchain, bitcoin is an open-source method to perform transactions throughout the world. People from any place can perform financial transactions with full liberty. It utilizes the mode of cryptocurrency at its core of the operation. As it is a peer to peer network transaction of bitcoins without the need for intermediaries, people need not worry about any involuntary involvement of other officials.

For around eight years people were reaping quite an amount of profit through the investment in bitcoins. Some of the prime players reaped profits while others did face a certain amount of loss through this medium. There are certain claims that these transactions are illegal, the price being volatile, thefts through exchanges, which certainly specifies bitcoin as a bubble at its core. In recent years, alike bitcoins several other modes of cryptocurrencies came into existence. Some of these are Litecoin, Ethereum, Zcash, dash, ripple, Monero, which are some of the prime competitors of bitcoin. Though these are some of the competitors of bitcoin it is the sole father. As in the recent times, the loss for people who had invested in bitcoin resulted in huge losses, it is up to people to decide whether to invest in this mode of digital currency or find some other way to earn more income.