The Virtual Currency - ‘BITCOIN’ and some interesting facts about it..

BITCOIN

Hello everyone !!

I shall talk about one more amelioration in the fields of Technology. Today’s topic on which I shall discuss is ‘BITCOIN’.

With the digitalization of this world, many things which we came across in our daily lives has been digitalized.

Digitalization has its firm feet in the field of finance too. Let us understand its impact by an example. Earlier a person who had to deposit or send money in the bank, had to stand in a queue for a long time. Even the processes were very much complicated. So after the things became digitalized, everything became much easier where a man can even do transactions without going to the bank and everything happens with a lesser time being spent.

Bitcoin is actually digitalization of our currency.In addition to extensive transactions,banking, funding, and stock options that have become a norm online, there are Bitcoins that have been fostered.

Bitcoin is generally a virtual currency which maintains security and validity that can be exchanged globally with a unchanged value.The transactions are done online which make it more easier and serves as a standard mode of currency in transaction.

Following are few interesting facts on BITCOIN:

-> No Single Control Over The Currency:

There is no bank or organisation which control and formulates the circulation of currency and its use.In fact it is controlled by everyone who uses Bitcoin as software for currency logs.

BITCOIN BABY

-> This baby girl is known as ‘Bitcoin baby’ as she was born in a special fertility clinic, where doctor C. Terence Lee accepted all the payments through Bitcoins.

-> There are exactly 21,000,000 number of Bitcoins existing.

-> There are 31,000 number of lines of computer codes behind Bitcoin which makes it hard to fake or replicate.

-> Bitcoin was invented by Satoshi Nakamoto in the year 2008.

-> One cannot run a reverse transaction once done.

-> Bitcoins are held in digital wallets. And once a user looses his wallet would never get his Bitcoin back again.

-> Physical Bitcoins began to be marketed in 2011 by a company in US.

-> There is a ban in trading of Bitcoins in some countries.

-> Lamborghini is the first car company to accept Bitcoin in exchange of cars.

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Thank you for reading.