Nowadays, Bitcoin is being discussed aloud in the cyber space. 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 invented the currency 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 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.
According to a survey, more than 1.1 Crore (approximately 55000 Crore Indian Rupees) Bitcoins are available in the world. In 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 Bitocin’sopenness allows people to create their own unregulated ways to utilise 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 the Bitcoin 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.
Bitcoin embodies the Internet culture
It is open, free, “unbreakable” and decentralised. The Internet was started to share information, and Bitcoin is a revolution in that idea. Bitcoin is 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 similar 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 decentralised cryptocurrency, meaning that it cannot (easily) be shutdown.