A PIECE OF”WHITE PAPER” PUBLISHED IN 2008 BROUGHT REVOLUTION AND BROKE ALL THE MYTH OF GLOBAL BUSINEES BY CREATING ITS MONOPOLY IN THE MARKET BY THE END OF 2017.
THE PAPER DESCRIBED THE CONCEPT AND FUNCTIONS OF “BITCOIN”
Bitcoin is a digital currency invented and released in the global market by an anonymous Satoshi Nakamoto in the year 2009. It is a first decentralized currency under which direct transactions between both the parties can be done without the help of any financial institutions (Banks, middleman etc…).
Bitcoin is awaiting to get legitimate status in the international syndicates and entities. No country has yet adopted bitcoin as its official or partner digital currency. Bitcoin is not issued by any country or central bank, it is in the form of digital tokens which can be exchanged for traditional and native currencies.
Bitcoin is not in physical form but the balances are kept on Blockchain (public ledger) which records bitcoin transactions and process are saved in cloud storage. All the records keeping services of bitcoin are done with the process of mining through the use of computer processing power.
Bitcoin can only be transacted through its associated wallets. Any person can be the part of bitcoin family by registering and accepting the norms and terms. It’s a seal-locked process without any chance of counterfeit due to its use of peer to peer electronic cash technology.
WHY TO BE APPRECIATED:-
- Due to the rapid appreciation in the prices of bitcoin globally.
- Due to the secured and authentic transactions.
- It has become the priority for the merchants, which has crossed remarkable figure of 100,000.
- Due to less service fees charged in comparison to other cryptocurrencies.
- Best option for an investment. Gained market recognition by winning the first place in Forbes for being the best investment of 2013.
WHY TO BE DEPRECIATED:-
- Doesn’t have legal recognition all round the globe.
- Due to the heavy consumption of electricity consumed by mining (process of record keeping of bitcoin).
- Value of bitcoin can also swing, as it’s a subject to market.
- Risk of hacking and malware while exchange of digital currency(bitcoin).
- No cover in case of loss.
Abhinav P. Srivastava