Introduction To Cryptocurrency: Bitcoin

The popularity of cryptocurrency is at the peak and on the peak is all the confusion regarding the trading with all the uncertainties and doubts. To get simple yet detailed information about the bitcoins, read the full article.

Started in 2008, bitcoin was an experiment to create a stronger and better financial system. Earlier, cryptocurrency was greatly used in the black market trades like dealing in drugs, ransomware payments, tax evasion and laundering of money.

What are bitcoins?

Bitcoins are a form of digital currency that is not controlled or issued by any authority. The digital currency is used to transfer any amounts and store them securely. Bitcoins can buy goods and services from all over the world without having to gain permission from any third party. The dematerialized concept of this currency makes it free from the terror of being stolen or hacked (if stored properly). If not stored properly, the currency can get seized by high authorities like government. It is regarded as the “digital gold”, although it is very different from the physical gold in a variety of aspects including being cheap, fast and efficient to store and transfer.

Some amazing benefits of bitcoins

Bitcoins are packed with some amazing and unique advantages. Some of them are:

  • Bitcoin can be divided up to its eighteenth decimal place and because of it being 100% digital the transfer of funds to any part of this world is easy.
  • It is nothing like the “fiat” currency and is free from the fear of being devalued or manipulated.
  • Another great advantage of the Bitcoin is the extremely low transaction fees. And it is most helpful in international transactions where the rate of exchange keeps on fluctuating, and the huge taxes imposed on it makes International transactions expensive.