What is BITCOIN? Why it is called as New FACE of Currency
BITCOIN is the newest and wildest growing currency in the world. Though lots of government and regulatory agencies are opposing and restraining people from using it, BITCOIN is becoming popular day by day. The main difference between any other currency and BITCOIN is you cannot feel it, but you can store it on your hard drive.
BITCOIN is the decentralized digital currency – no one regulates it, no support from any government. It is a contract between two parties that they can exchange in BITCOIN and trade in it. BITCOIN can be generated through the process of MINING. MINING is nothing but solving a mathematical problem through computing. After solving the problem BITCOIN is generated.
Why is BITCOIN superior to other Currencies?
Today’s computer world has already put a lot of online now using BITCOIN you can buy, sell and trade online using the computer. More exciting is you can store millions on your hard drive. It includes a protocol log like blockchain with that it includes lots of android applications. All things like BITCOIN wallet, exchanges are of the digital nature you don’t have to bear currency physically.
Some economists are talking pessimistically about BITCOIN. They are suggesting that BITCOIN’s value is highly volatile and lots of speculation is going about it. Many countries are already opposing BITCOIN to currency conversion which will affect BITCOIN demand. When we apply the simple economics of demand and supply to the BITCOIN market then a picture of its high pricing value will be crystal clear.
BITCOIN was introduced in 2009 at the very low dollar value. But as the popularity of BITCOIN increased its demand increased. So the actual value of BITCOIN reaches $ 1000+. There is another reason why the value of BITCOIN increased. It is because investors feel insecure in the traditional market. They feel like BITCOIN is the future. so the value of BITCOIN is flying high.
We always think, the US as a dominant economy and that’s true up to some extent. US server holds the maximum number of BITCOIN. But China holds the key to all things. Until September the value of one BITCOIN was around $ 1200. The Chinese government denies the conversion between BITCOIN and yuan which leads to falls in the price of BITCOIN. Right now BITCOIN is traded at $600+.
In India, RBI also warns traders against BITCOIN which leads to higher speculation in the BITCOIN market. For additional information, India rank 16th BITCOIN in term of holding the number of BITCOIN.
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Yeah, you have heard right!
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