B itcoin is a worldwide cryptocurrency and digital payment system called the first decentralized digital currency, as the system works wi...
Bitcoin is a worldwide cryptocurrency and digital payment system called the first decentralized digital currency, as the system works without a central repository or single administrator. It was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009. The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain.Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Bitcoin can also be held as an investment. According to research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.Bitcoin is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.
From a user perspective, Bitcoin is perhaps best described as ‘cash for the Internet’, but Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.It is also known as digital cash, cryptocurrency, an international payment network, the internet of money – but whatever you call it, Bitcoin is a revolution that is changing the way everyone sees and uses money.There are many calculators on the web that shows you exactly what the ROI is on any given hash rate when you take into account cost of electricity. Based on how much you spend on your computer hardware or cloud contract and what your electricity cost is, the payback for profitability might be 9-12 months out. So why do miners continue to mine? Because the calculators only take into account what Bitcoins are worth today. At the time of writing, each Bitcoin is worth $4,000. But if Bitcoin’s value rises to $10,000 by next year, then the ROI on your mining significantly dropped to maybe a few months. And if Bitcoin’s value rises to $100,000 in 3 years, then your ROI would drop to mins. And whatever Bitcoins you’ve mined would be worth 25x more. Remember Bitcoin has a finite number and as we approach the 21st million Bitcoin, the value will significantly rise.There is no single person or group of persons who control the Bitcoins. There are many stakeholders. These are people like us. They want to see a new economic system in the world as they believe the current one is broken and outdated. These people do not know each other. They work because they believe in Bitcoins.Legality of Bitcoin is a topic of debate. Many countries recognise Bitcoin but they have not yet declared it as a legal payment method. Japan now identifies Bitcoin as a legal tender. We have Bitcoin ATMs in US, Singapore, Canada and Europe. We have strict Bitcoin rules in China. India is still not decided on its stance on Bitcoin.
COMMENTS