Blog By Reema Singhal
Bitcon Currency: A Revolution in the Era of P2P Cash Transfer
While Peer-to-Peer (P2P) funding is in the headlines for its extensive benefits over the tradition brick-mortar institutional funds, Bitcon is another revolution that has given P2P a new edge. Peer-to-Peer funding is basically a mechanism where fund transfers are done without any involvement of any financial institutions.
A process Mining has leads the inception of Bitcoins which are meant to be exchanged for other countries. This cryptocurrency is powered by the users and is no more than a computer programme as well as it has no middlemen or any central authority. Bitcoin.org offers a personal wallet where the users are allowed to send or receive these bitcoins. This peer-to-peer payment network was first published in the year of 2009.
A Japanese national Satoshi Nakamoto is named behind this concept of Bitcoin however he denied to have any role in its inception. This fast-picking concept is already been used by NemeCheap, WordPress, Flattr as well as Reddit. To a surprise, even few small physical stores across world are also accepting Bitcoins. The transactional volume of Bitcoin at the end of 2013 was estimated to $1.5 billion. On an average million dollars of Bitcoins are exchanged on the daily basis.
With unique keys, Bitcoins are held only in the virtual wallets with no physical existence. Under the bitcoin network, a cryptographic process is verified by the various computers across the network in order to send the bitcoins from one wallet to another. From their respective addresses, every Bitcoin user has access to transfer these Bitcoins. Infact, every transaction executed is minutely detailed with the Bitcoin network.
With effective security track, the cryptography and the protocol used for exchanging the Bitcoins make it a safe deal and hence ranked the entire Bitcoin network as biggest distributed computing project world-wide. The only threat associated with the Bitcions files so far is their accidental loss or deletion. Like you store cash in your locker, if stolen then next to impossible to recover, the same applies to Bitcoin.
Places like Russia and Argentina has debarred its citizen to use Bitcoins while the rest of world has not still made it illegal with its jurisdiction. But due to the lack of its jurisdiction, Bitcoins are prone to high volatility. Right from nefarious transactions to drug dealings, it has been used to as a source of payment.
There is still a long way to go for bitcoins to be accepted as world-wide currency and it is still in its experimental phase. It is worth notable that the virtual currencies like Flooz, Beenz or internetcash.com have already observed steep failures in past, with the potential of technical failures, it also has a fair scope to fail. However no currency can be termed as ‘safe’ because the world has also witnessed the failure of Zimbabwean dollar as well as German Mark as failure.
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