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Bitcoin is a form of digital money – also known as cryptocurrency that is free from the influence of any bank or governing authority. Bitcoin is used to make transactions anonymously on the global scale. The currency was created by a group called Satoshi Nakamoto and first came into circulation in 2009. The identity of group members is still unknown.

The usage of Bitcoin is increasing and the number of people making Bitcoin transactions is growing each day.

If you are one of the people who feel fascinated by this form of money and want to discover more about it, here are some intriguing Bitcoin facts for you.

Bitcoin facts:

There Is No Authority to Control This Currency:

You might be surprised to know that there is no entity that controls Bitcoin. The general concept of money is that it is controlled by a bank or other concerning authorities. But this is not the case with Bitcoin. The currency is autonomous from all sorts of regulatory authorities. The only person who can control the coins is the one who owns it.

Bitcoins Are Finite:

As bitcoins are not printed into cash or molded into physical coins, most people think that there should be an infinite number of bitcoins in existence. But this is not the case because if it were true, the coins would lose their worth. In order to keep them worth having, bitcoins are kept finite. The exact number of existing bitcoins is 21 million.

Bitcoin Has No Set Values:

There are no set values on Bitcoin. In fact, how much a bitcoin is worth depends on the popularity of the currency. The more people use it, the more it appreciates in value.

Bitcoin is Transparent:

Bitcoin is completely transparent in terms of transactions and amount. Each and every detail related to a transaction is available on blockchain. This openness, as a result, induces trust and security among the Bitcoin users.

Bitcoin Mining:

In Bitcoin mining, the users are supposed to solve mathematical problems using a specialized software to verify transactions around the globe. The users in return, are paid if their efforts were successful.

Want to learn more about Bitcoin mining, read our guide on what is Bitcoin mining and how does it work.

Bitcoin Transactions Are Irreversible:

The Bitcoin transactions are irreversible and a user can never be forced to pay. Once the bitcoins are paid, there is no way to revoke the transaction or force the receiver to pay back your coins.

It Costs Little to No Money to Make a Transaction:

Bitcoin transactions cost little to no money. There are no taxes on the currency and it doesn’t matter to which part of the world you send the money, there are no cuts on transactions and the receiver gets the exact amount that was sent to him.

Lastly -Bitcoins Are Stored in Digital Wallets:

Bitcoin wallets are equivalent to bank accounts for real cash. These wallets are used to store, withdraw and transfer bitcoins from one wallet to another. The wallets are protected by a security key and only the owner can know about it until he reveals it someone else.

Tags: digital currency bitcoin

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Cryptocurrency Project Controlled by China’s Government: Have a closer look!

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legal digital currency

 

China is among those countries that have exerted more control over cryptocurrency and continues to go forward in its exertions to present a government-controlled cryptocurrency. Recently, a group of Shanghai reporters learned about a secretive cryptocurrency projects during the Global Blockchain Summit Forum.

Last week, the ministry of industry and information technology of China revealed that a study searching for a framework in order to regulate blockchain technology locally has been already conducted by it. The embracive perspective for blockchain technology is exactly opposite to the Chinese crippling curbs against the local cryptocurrency markets that have called on ICOs (Initial Coin Offerings) ban and cryptocurrency exchanges phased out to effectually broad up the local trading markets.

Progress

According to a report, 22 blockchain technology invention patents have been applied by the China Boxer Blockchain Technology Research Institute. The primary technology architecture by the team has been finished and according to Yifeng, the digital billing business of central bank has been also completed. At this time, it is encouraging the opening and closing of a blockchain registration platform.

According to Yifeng, the most crucial part of the blockchain is to advance the technology with the real business while searching for application scenarios. The members of the platform cannot only use it, but they’ll be also able to conduct the institutional certification and attain shared trust and assistance amid all parties.

Yifeng said that the major difference between the current electronic payment and digital currency is that it can be both “account-based” and “non-account-based.” Digital currency appears to ease the expediency, speed and low-cost of a trade payment system, although simultaneously, delivering protection and security of the privacy of the user.

The Real Digital Currency

According to Yifeng, the statutory digital currency that is issued by the central bank is the only real digital currency. For him, the digital currency that bitcoin represents is, in fact, a digital asset with firm qualities, less intrinsic value and more volatility.

Yifeng said that the coins issued by ICO are more preposterous. He added, how can an autonomous credit currency turn out to be a payment and liquidity instrument. He furthermore added, there’s no clear schedule for the launch of the legal digital currency.

The Blockchain Technology Research Institute will be establishing obliging associations with numerous research institutes and universities to encourage research in extents like distributed technologies, cryptography algorithms and zero-knowledge proofs.

Based on blockchain technology, the Digital Billing Platform which was taken on back in 2016 by the China Boxer Blockchain Technology Research Institute was effectively established on the Stock Exchange. According to the chairman of China Bills Credit Card Industry Development Co., Ltd., Fan Guiluo, blockchain is a trusted technology and it will be used under the reliable system of the China’s banknote printing and issuing company.

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European Union Official Says Blockchain is “Going Mainstream”

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According to the latest blockchain news 2018, the vice president of a European Commission has officially asked the EU nations to commit to blockchain-technology; which, according to him, is going mainstream. The vice president of the European Commission said this in a speech on “digitization,” and highlighted the blockchain technology as an area that EU nations must be committing to. European Commission vice-president, Andrus Ansip highlighted blockchain technology amid the parts where Europe is top-positioned and is playing a leading role along with AI (Artificial Intelligence).

EU Blockchain

EU’s Opening Remarks

The official offered the “opening remarks” of the annual ‘Digital Day’ of European Union, which was initially held in Brussels this year, where Ansip stated:

“I would like to see EU countries make a similar commitment (as with AI) to blockchain technologies – now moving out of the lab and going mainstream. As with AI: we should make the most of this new opportunity to innovate.”

In order to achieve their aim, the European Commission’s official called on national governments as well as private sectors to subsidize the cause and stated the EU’s own “public purse only goes so far”, demonstrating almost 1% of the yearly-wealth produced by economies of EU and added, that they need a hard crash.

The remarks were quite noteworthy as they came up just within weeks, earlier in the month of February, when EU launched its own “Blockchain Observatory.” The EU blockchain establishment was first announced by the EC last year and was a response to an European Parliament mandate to reinforce the technical proficiency of EU in innovative technologies.

European Blockchain Partnership

According to the European Commission, it will be investing €300 million in projects that are linked to the use of blockchain technology directly. The EU also unveiled that it is placing the groundwork which is required to create a “European Blockchain Partnership” for promoting interoperable-infrastructures, amid EU nations, to boost and stand-in trusted digital services. In the meantime, the officials of EC previously hinted that they’d be presenting a regulatory framework for cryptocurrencies.

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Bitcoin Is Worth More Than Gold – But Way Behind In Stability

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Ever since its creation, Bitcoin has had its ups and downs in terms of both survival and price stability. However, as of late, the currency has been on the rocket-ship ride; going past $4000 mark for the first time last week.

Some investors view Bitcoin as something which can be compared to gold, and rightly so. Because just like gold, Bitcoin is not governed by any government or a central authority. One of the advantages of Bitcoin’s autonomy is that it makes Bitcoin insulated to any financial or economic crisis in a country. On the other hand, the fiat of that country can’t really cope with the crisis and more often tends to take a nosedive.

In fact, Bitcoin can benefit from the uncertainty and crisis, just like gold does. A recent example is Donald Trump winning presidential elections as both gold and Bitcoin surged 3% and 4% respectively in the aftermath.

Some investors are also relating the latest spike in Bitcoin to the potential war between North Korea and USA over NK’s nuclear problem.

Regardless of all the similarities, there is still one noteworthy difference between gold and Bitcoin: Gold is substantially more stable and the graph below shows it all:

The graph comprises of the data taken from Onvista and Coindesk. So, if you are looking to make a safe investment, Gold is still the way to go.

News Credit: BusinessInsider

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