In simple words, Bitcoin is a cryptocurrency, a form of electronic cash. It is Magical Internet Moneyin the sense that it does not require any central bank or administrator for transactions, it can be sent from one user to another on the peer-to-peer blockchain of the bitcoin network. It just gets transferred from one user to another just like magic.
How Does It Work
- The cashless Cryptocurrency Exchange or the bitcoin is stored in a digital wallet app on a smartphone or a computer.
- It is used by referring the purchaser to your signature in the form of a security code encrypted withseveral 16 different symbols.The code is decoded by the purchaser with his smartphone to get the cryptocurrency.
- All in all; cryptocurrency is an exchange of digital information that allows you to buy or sell goods and services.
- The blockchain is used to recordevery single transaction on a public list.
- This is done in to make sure that the history of bitcoins can be traced and people can be prevented to indulge inillegal activities like using coins they do not own.
- No boundaries on transactions
- Users can send the currency from anywhere in the world at any time.
- No banks Required
- One does not have to worry about banks being closed to carry out a transaction.
- Complete control of the user
- Users are in complete control of their money. No interference of central authority.
- Bitcoin users do not need to give away any of their personal information.
- No identity theft
- Protection from identity theft as no bitcoin user is required to reveal their identity.
- As bitcoin transactions are recorded in the blockchain, everyone can see those transactions making the process more transparent.
- Bitcoin is highly volatile
- New to the market
- Not many businesses are ready to accept bitcoin as a payment method
- No physical form
- Since bitcoins do not have any physical form, it cannot be used in physical stores. It would always have to be converted into other currencies.
- Limited Capacity
- There are only a limited number of bitcoins available (21 million)
While the bitcoin was made to make transactions hassle-free, it has stooped to a new low.
The value of the bitcoin is constantly dropping, bitcoin trading has slowed. After all, this what hasn’t been stopping and dropping is the use of bitcoin to buy legal items. Illegal drugs and other types of illegal activities are the only things associated with bitcoin economy that are still strong.
There are always two sides of a coin and so is the case with Buy bitcoins-Magical Internet MoneyTo be able to make a good decision, you need to weigh the good and bad side thoroughly before finalizing your choice.