As from the ancient time we came across many time periods, and own thing stood the same “MONEY” as we know that money equals to value. We all agree to tis fact that we only getmoney when we are ready to provide a value of that particular amount. From the stone ages money has been represented with different sort of things like gold , cereals then these things were not so easy going for the people so the kings started to introduce coins which were made of different metals in which copper was the one which was highly used. And these coins are still in trend but there is one more coin in this new and digital era which is called as Bitcoin is a socalled virtual money designed for anonymous payments made completely outside of banks and governments authorities. In recent years, Bitcoin has drawn a lot of attention from many different angles. Payments made with Bitcoin utilize a new a unique technical solution that differs from conventional payments. So in this article we are going to dive in this whole new era of a virtual currency. Or we could say it as the future of finance. Payment circumstances, Lower prices, speed, and other benefits are possible with bitcoin. Compared to conventional payment methods, anonymity, etc. But using might also be riskier. Because the laws that control other forms of payment mediation do not immediately apply to Bitcoin .It may be challenging for Bitcoin to succeed because of inadequate consumer protection. Becoming a viable and widely used form of payment. Payments made with Bitcoin and different needs which are being full filled with the help of this kind of digital money. We are also going to see how the bitcoin works and what kind of benefits it will be providing to the future generation.
Need of Virtual currency
As we came across so many changes from the past two decades that now we know that how we are going to accept the things and step into a new world which is more often a digital world full of different technologies and this has taken place in every field. So there is a change ion payment option too. As the world is becoming a global market so this has given rise to the cross-border marketing and we are aware of the online shopping and its growth is tremendous to witness. People are demanding of more such payment options which are easy and safe to use. Due to the lack of such payment options, Bitcoin might be considered as a response which is frequently brought up in conversation among friends, at work, and in the media in the recent past years there are many problems related to the currency has become a serious issue that now, we are on a conclusion that banks are not the guardians of our money, as well as the alleged anonymity for users and the capacity to conduct international payments. The alleged user anonymity, the absence of banks from the transactions, and the currency’s global payment capabilities are just a few of the characteristics that have raised questions about how the money functions. It is simultaneously challenging to comprehend.
What and how Bitcoin actually functions
Bitcoin is a decentralized virtual currency which is having a bidirectional flow. It is an independent form of payment which has no government involvement in neither payment nor transection. On a different and futuristic level bitcoin works as electronic cash. To buy bitcoin there are some bunk full of applications and websites from where you could buy your bitcoin and then it could be changed in the national currency and the exchange rate is decided by the market as a functioning of supply and demands.
The payment can be made between any person with required software on their computer, smartphone or tablet. Yet bitcoin should not be considered as digital cash. As bitcoin is not a digital note or a coin having its own value as it should not be viewed as a cash but rather it should be consider as a fund in a digital account. When the payment is made from one person to another then they won’t be sending digital cash or coins to the person, the payment occurs by debiting the senders account and crediting the receivers account. All the payments are made by just exchanging encrypted message which are then verified within the users network.
Crypto currency for your investment portfolio
• Firstly there is no superior authority like government to cherish the power of your money. This means there is no central bitcoin issuer as the value is created automatically in the network itself. And it does not come under any kind of authority or any national legislation, and there is nobody to whom we could claim for, things are very direct. The payment is very anonymous and we can’t share that payment details with anyone.
• System keeps an overview of all the currencies. As the value is very sensitive and it only depends upon the system and the major exchange rate gains or losses can be made. Whether this is bad or not depends on the purpose of holding Bit coins.
• Crypto currency is all digital they don’t have a physical existence so there is no chance of getting robbed. And as they won’t be exchanging any personal information with any party. It is best to keep your identity private.
• This currency could be generated too by mining. There set of computers to solve the algorithm and when the transaction is successful then they get that particular crypto-currency.
•This whole system runs as a distributed and block chain format so there would be no hacking and no individual party enjoying the power. So the power is distributed amongst the chain and this is the best thing which could be offered by the bitcoin and this digital transaction. This one and the most important set of advantages that the distribution in equal in each and every sector.
Future prospects for virtual currencies
Bitcoin is thought to be used for payments on a very small scale. The currency is kept instead for speculation or savings. If Bitcoin is to displace conventional currency on the market, therefore, it must be utilized for payments in a lot more ways than just through payment services. Presently we can’t see the future but it is the future of this digital era.
As there is no conclusion for this topic because it’s just a starting and we all are stepping in a new format of cash and this would be helping us to reach on the heights of the new era.
The world has got a new currency, and we need to learn about it not only the pros and cons.