Something About Bitcoin

What is Bitcoin?

Bitcoin is a digital currency(Cryptocurrency) which is traded on applications based virtual exchanges throughout the world. Bitcoin is often quoted in dollar terms but is widely traded in local currencies of the respective nation. Bitcoin just hit the record high of $11,000 which a lot of dollars. According to market watchers, one bitcoin costs about $700 but now it costs about $11,000.

Bitcoin creation

Bitcoins are created through a process called mining. There are many Bitcoin miners in the world, reportedly most of them located in Japan, China, US and Singapore. 

Bitcoin's Smaller Unit

If you want to invest in Bitcoin then there is no obligation that you should buy a whole one unit of it. Bitcoin has a smaller unit called Satoshi, which is named after the anonymous inventor of cryptocurrency, Satoshi Nakamoto. One Satoshi is one-hundred-millionth of a Bitcoin. According to a price of $16,000, one Satoshi equals $0.00016.

How is Bitcoin price calculated?

As of now Bitcoin is not regulated or governed by anybody anywhere. Bitcoin prices are calculated based on the demand and supply on respective exchanges.

Is it legalized?

Bitcoin is a legal currency in over 60 major nations including the United States, China, Japan, United Kingdom, Mexico, Canada, Hong Kong, South Korea, Singapore, Germany, Switzerland. Interestingly, Bitcoin has not been legalised in India but many Indians are after it, in order of quick millionaire dream. Apart from India, Bitcoin is also stated as illegal tender in Pakistan, Bangladesh and Nepal.

Physical form of Bitcoin

Yes, Bitcoins are also available in physical form. In the United States, there are several places which have Bitcoin ATMs also.Bitcoin ATM is just like another ATM machine, a difference is just that it gives out Bitcoins after you insert money into it. Reportedly there are about 1,400 Bitcoin ATMs in over 50 countries, as of August 2017. 

Future of Bitcoin

Amid the rapidly rising popularity of Bitcoin, very recently, leading exchanges such as CME Group, CBOE and NASDAQ have announced that they will be offering future contracts over Bitcoin. Now, this is like anticipating the future of something, if you can't anticipate its underlying asset.

Difference of bitcoin(BTC) and Bitcoin cash(BCC)

Bitcoin cash is the fork of Bitcoin which is less expensive than Bitcoin.Bitcoin Cash was created as a solution to the long-awaiting debate in the Bitcoin community in regards to the Bitcoin scalability issue. While the block size limit of Bitcoin stands at one megabyte, Bitcoin Cash has pushed the limit to 8 megabytes. This allows for a greater number of transactions processing per day. These two cryptocurrencies do not differ a lot, aside from the transaction potential.

Some experienced people who learned about Bitcoin

Blockchain (Blockchain a technology in which transactions made in digital currencies are recorded chronologically and publicly.) is even more interesting then bitcoin.

The Blockchain (which Bitcoin is built upon) will be having a large impact in the future. It’s important to learn about how it works now  as Many companies(small companies as well as multinational companies) are developing technologies which utilize the Blockchain, so

Never underestimate your vulnerability to an outside force. This doesn’t mean you should live in fear, but just be aware that you’re never 100% safe. 

Never put all of your assets into one account. That applies to regular fiat currencies, cryptocurrencies, and any other type of asset you hold. You must diversify where you hold your wealth.

However, invenstion of Bitcoin remains a mysterious question till now. A person using the name Satoshi Nakamoto invented Bitcoin in 2009. According to Newsweek, he is an American-Japanese living in California with a full name Dorian Prentice Satoshi Nakamoto. There's an alternative who thinks the skyrocketing price makes bitcoin may likely to fall than rising: like ethereum, ripple, litecoin, IOTA or dash but for now, Bitcoin is a King.