Insight

Un-coining Bitcoin!

In the modern digitized world, everything earthly thing has a digitized equivalent on the internet. Bitcoin is considered as the digital equivalent of real money i.e. Bitcoin is the digital currency of the internet. They are also referred as a cryptocurrency. It is said that Bitcoins originated in 2009 by a developer called Satoshi Nakamoto.

Bitcoins are basically lines of codes which hold some economic value.  These codes can be stored online, known as hot storage, and offline in hard drive, known as cold storage. Cold storage doesn’t possess the threat of being stolen virtually like hot storage does. But if you lose the drive then the Bitcoins are as good as nothing because they can’t be retrieved then. Anyway, with a little care, cold storage is the best way to store Bitcoins.

The main advantages of Bitcoins are:

  1. They don’t require being stored in a bank. So the time isn’t wasted in over long queues of the bank.
  2. They can’t be faked like normal money. Because the creation of codes for a Bitcoin costs so much that its forgery isn’t beneficial and other than that intelligent brains are needed for replication.
  3. Their market value is increasing by leaps and bound. So investing in Bitcoins is a great strategy to make in current times.

Main Reasons behind popularity of Bitcoins

  1. They are not under the regulation of Government or bank. So government agencies like police and bank etc. can’t keep a track of the money.
  2. As there is no bank involved, owners can save the extra slice that banks take for making the transactions. Not only that, no limits for withdrawing can be forced on Bitcoins i.e. the allowance is in owner’s hands.
  3. They are far better than virtual bank balance which is in the consideration of banks. Bitcoins are present in the hands of owner themselves.

Bitcoins have gained attention due to definite reasons. It is one of the most popular crypto-currencies in the world right now. We will see how the trend follows in the coming time.

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