What is Bitcoin?
We all are familiar with the name bitcoin and it is a digital currency or cryptocurrency which was created in January 2009 whose founder is Satoshi Nakamoto. A weird thing about bitcoin is that it doesn’t have any central bank or administrator. Every decentralized currency is more of like the internet. No single organization or body owns it. People face a lot of problems when they need to exchange their money as they rely completely on the banks or the government for it, basically third parties. They even kept the transaction records they made. So, to remove this problem from our lives, Satoshi Nakamoto came up with the idea of a decentralized currency named bitcoin. We can use bitcoin, the digital currency, to make transactions, Cryptocurrency Exchange or buy goods, just like the normal currency.
What are the advantages of Bitcoin?
- Every transaction/payment is carried out by reliable computer algorithms, so, it is safe, transparent and secured.
- A community runs it which means no third party is involved. It doesn’t need any staff, paperwork or any kind of investment except for buying the bitcoin.
- It is a digital payment system so you don’t need to submit any kind of personal documents to anyone.
- It may replace the current currency ad can be called the future of currency in the world.
- Its value is increasing day by day so it won’t be a loss to invest in it.
Is Bitcoin legal?
Now, the most important question of all arises. Is Buy bitcoins even legal or not? Well, bitcoin is pretty much legal in the US, the UK, Japan, Canada and many other developed countries around the world. However, it was banned in China, Russia, and Vietnam, etc. It was able to have an impact on the world because of bitcoin’s digital nature. For now, bitcoin is legal in some countries but because of a few other laws, issues may arise in the future regarding security and several other issues. Tax evasion and money laundering are the main two issues that may arise sooner or later in the bitcoin business.
Conclusion: the future of Bitcoins
Bitcoins can prove helpful to a large number of people in this world. From the above information, we have understood the fact very well that bitcoin is an international currency and we can use it anywhere anytime without the need of converting it into some other pre-existing currency. In addition to that, blockchain technology is super secure which makes it easier to do transactions. All of these advantages will increase bitcoin’s users in the future. It has a great scope of expansion. Currently, bitcoin sure has its disadvantages, but we all know it’s because bitcoin is a new concept and it will take time to settle in this technological world.