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Why Bitcoin?

What is this Bitcoin

Bitcoin is a digital currency or a form of cash in an electronic way which is not centralized by any authorities or any particular organization. Nowadays Bitcoin has become the world’s most popular cryptocurrency. As cryptocurrency is that kind of medium of exchange which is very precisely designed for the safer transaction of money, so using bitcoin for any kind of transaction is the most easier way of connecting with digital market. There is no visual form of bitcoin, the only existence of it is in the digital transaction world. These days we are dealing with a very busy life. So having a safer easier and faster process of transferring money internationally through bitcoin seems a pretty convenient process for anyone.

Bitcoin was first introduced to us in 2009 by Satoshi Nakamoto. In the very beginning it was not used that much in any kind of transaction but after a time, now it has become the most popular and easier way of dealing with money internationally.

Transaction Process

As there is no central bank or any kind of money transferring organization involved in the transaction process, so the question is how actually the whole thing happens. Actually, the whole process relies on a process named Blockchain Technology. Blockchain Technology is nothing but a network of many specialized computers which are connected to each other to complete the whole transaction process. It ensures from where the money is sent and who is supposed to receive the money. It also can exchange the money from the real currency into bitcoin depending on that particular country currency. The whole transaction process is divided into those computers which are involved in the whole process.

Bitcoin Mining

The use of bitcoin is not only to purchasing anything or transacting currency throughout the world but also this is a wide platform for earning. The earning process using bitcoin is called bitcoin mining. This is nothing but having a good set up of computers with some required tools such as GPUs with a good amount of VRAM, constant power supply so that the mining process can carry on without any interruption at all etc. If you have a bunch of computers with a good setup then this is very easy to earn money from bitcoin mining. In fact, you don’t even need to invest all your time into it as this is sort of an automatic process your computer setup would do all its job just if you have some specific apps.

Advantages of using Bitcoin

§ This is probably the most easier, quicker and safest process of money digital money transaction.

§ As this process is a decentralized process so we don’t need to worry about the transaction fees which are required for any transaction through a centralized process.

§ This is not only about transferring currency but also an easy process of purchasing anything.

§ Users don’t need to bother about the security issues as the process is run through a whole set up of computers and the process is divided between the computers so this is not that easy to trace any information of any sort of transaction.

The users don’t need to deal with so many security codes or information for the transaction.all they need is to create there personal key and senders or receivers account details.

§ There is a limit of a transaction in the market of bitcoin which is 21 million.so the process is not able to go beyond this amount.

Disadvantages

§ As this is a technology-based process there might be some difficulties sometimes or maybe some concern about the whole thing.

§ There are also some hackers who really tries to hack the process and earn that bitcoin through the process.

§ What determines the bitcoin prize is the demand and supply of bitcoin.so the value of bitcoin might not be the same always and if you invest a lot of money on it then there always remains a risk of falling the market prize of it and you might face some loss.

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NSU ACM Student Chapter serves primarily the wide scope of ACM to advance computing as a science and profession by supporting and training NSU students. The scope of this publication is to connect NSU ACMSC with the outer World.

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Neshat Mouri

Neshat Mouri

Creative writer

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