What is meant by bitcoin?


What is meant by bitcoin?

Posted OnOctober 20, 2019 0

The new kind of currency which has created a rage in recent times is nothing but the new evolved concept called bit coin. This currency is not controlled by any single government or authority. This has got many advantages as well as many disadvantages. Not really accepted yet, but it is creating a buzz. It is generally stored in a digital wallet called bitcoin wallet, or maybe in another computer. And can be encrypted in a computer.

bitcoin wallet

Though the number of bit coins in a bitcoin wallet issued is less, but they can be of vast usage. Privacy is sealed completely and it is safe. The seller and buyer do not share information. But it does not come with a guarantee. Many say that it seems to be more valuable than it is actually, because of the rumors and hype. The bitcoin exchange is easy to purchase and are not very pricey. It is decentralized. The most special feature is its anonymity; it’s basically deciphered from the codes used. And also works with computers. And hence, it’s hassle free. Often related to barter system, it may replace cash and cheques in the near future. But it can also be used in illegal and criminal activities, if we look at it from the negative point of view. It can be paid for online payment as well as offline. The operation may need around fifteen minutes to an hour or so. People are investing in bit coins these days. It will gain popularity, surely and it is here to stay.