They say ‘Science never stops’. They rightly say! As every now and then, an idea comes which leaves the world in bewilderment. Talking about the current era, there is a lot of uproar about crypto currencies these days, especially the term bitcoin and how it is implementing in the world.
When I first heard about digital currencies, I thought how it is even possible! But now as the years passed, we have seen that it has already been adopted by major brands and platforms, be it IBM or E Bay. In spite of the fact that a great number of people are really into the idea of a world of digital currencies, still a layman needs to know what actually a bitcoin is. So, it is basically a digital currency which was based on a protocol that allows users of the network to perform transactions with virtual money that’s exits only in their computers in a fast and secure way.
Bitcoin promises lower transaction fees than traditional online payment mechanisms. It is the first decentralized peer-to-peer payment network that is channeled by its users without the need of a middle person.Block chain technology gave rise to the application of Bitcoin and it has shown increased advancement in a number of easy to use and fast but irreversible payment transfers too, where the exchange time between the currency and goods is less. Examples include online services, ATM withdrawals, vending machine payments and fast food payments.
Transferring money through bitcoin is happening as it is still a more efficient and cheaper way to transfer money across borders, and many individuals feel less threatened and more secure holding a part of their wealth in safe entity such as bitcoin, where a central authority cannot breakthrough or block access. To cut the chase short, Bitcoins have revolution the concept of banking in such a short period as people are paying much more attention to digital currencies over the past several months.
In the words of Meni Rosenfield, the chairman of Israeli Association, ‘In the following decades, cryptocurrencies will coexist side by side with traditional currencies but it is plausible that within 30 to 40 years, they can replace them completely‘. So let’s keep our fingers crossed to witness the validity of this claim.