Just type the word, Bitcoin in any browser and the very first search results show 1 Bitcoin equals 5,79,776.01 Indian rupees. What is this that has such a high value? Every country of this world has a currency of its own. In layman’s language, bitcoin dice is the currency of the internet. Interested to know more? Stay on the page.
Features of Bitcoin
Here is a list of some of the important features of bitcoin:
- Bitcoin is digital coin. It’s circulated on the internet and can a by anyone.
- There are limited numbers of bitcoin available. The exchange rate of bitcoindice depends on its supply and demand.
- It is not governed or controlled by any authority. Thus, it has low processing fees.
- It is kept in digital wallets. It cannot be frozen or seized by anyone.
- One can buy bitcoin by paying in traditional currencies.
- Using bitcoin is as easy as sending an email.
- The P2P network is secured by individuals who are called miners. Their job is to verify bitcoin transactions over the internet. Miners are rewarded in bitcoin for their inputs.
- All the transaction done in bitcoin is recorded on a public ledger for transparency. However, the users remain anonymous.
What does the future hold for bitcoin?
This novel concept of trading in virtual currency has its share of controversy. Economies have been skeptical about it. Countries like the US, Canada, European Union, Australia, Finland, Germany, Bulgaria, UK, Cyprus, Belgium have shown a positive stance towards bitcoin. Although, it is used conservatively and monitored very strictly.
Bitcoin has been banned in some countries like China, Russia, Vietnam, Ecuador, Bolivia, Columbia. Bitcoin is considered as a threat to their economy.
The major concern is that bitcoin will be used for illegal activities. Drug trafficking, money laundering, funding terrorism will become too easy for various cartels. There are genuine concerns when it comes to the risk associated with bitcoin. It is open-source and decentralized makes it a target for hackers.
On the other hand, we see numerous startups coming up in the fin-tech industry aiming to ride the wave, which seems to be getting bigger and better day by day. One thing is for sure, no matter what we think of bitcoin and its legitimacy, bitcoin is here to stay. The world economy cannot ignore it for long. Cryptocurrency is going to change the face of payments.