The Bitcoin Gamble

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    The Hollywood movies of the past decades are actually becoming a reality in the modern times and if we see the likes of star wars or even the funniest of the lot “Back to the future” it appears to be very likely to be true and with the banning of old notes by the current government has boosted the growth of Digital transactions and it has changed the way we transact in our daily lives.

    One such Digital sensation in the present day is Bitcoin, which is changing the dynamics of the global finance every passing hour.

    Bitcoin, a currency ?

    Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! Bitcoin can be used to book hotels,pay at bars and markets. But much of the hype is about getting rich by trading it. The price of bitcoin skyrocketed into the thousands in 2017.

    Bitcoins, why the new Fad when we have all in place !

    Bitcoins can be used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. Small businesses may like them because there are no credit card fees. Some people just buy bitcoins as an investment, hoping that they’ll go up in value and there are no regulation at place and mostly it is being used to for illegal transactions without any system in place for check.

    Where to buy Supermarket or Online Marketplace ?

    Buy on an Exchange
    Many marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies. Coinome is a leading exchange, along with Koinex and zebpay. But security can be a concern: bitcoins worth tens of millions of dollars were stolen from Bitfinex when it was hacked in 2016 and recently there was an exchange in south korea
    that went bankrupt after being hacked in 2017.

    Transfers
    People can send bitcoins to each other using mobile apps or their computers. It’s similar to sending cash digitally.

    Mining

    People compete to “mine” bitcoins using computers to solve complex math puzzles. This is how bitcoins are created. Currently, a winner is rewarded with 12.5 bitcoins roughly every 10 minutes.

    Storage

    Bitcoins are stored in a “digital wallet,” which exists either in the cloud or on a user’s computer. The wallet is a kind of virtual bank account that allows users to send or receive bitcoins, pay for goods or save their money. Unlike bank accounts, bitcoin wallets are not insured by any guarantee of the Government.

    Ownership Identity

    Though each bitcoin transaction is recorded in a public log, names of buyers and sellers are never revealed – only their wallet IDs. While that keeps bitcoin users’ transactions private, it also lets them buy or sell anything without easily tracing it back to them. That’s why it has become the currency of choice for people online buying drugs or other illicit activities.

    Back to the future

    No one knows what will become of bitcoin. It is mostly unregulated, but some countries like Japan, China and Australia have begun weighing regulations. Governments are concerned about taxation and their lack of control over the currency.

    Whatever may be the future but it is here to stay for the moment making out some millionaire and some Billionaires on one hand and thousands bankrupts on the other hand like a mirage in the desert which can lead you to treasures or end of the world ,time will tell the next story of the Bitcoin gamble.