The Apex Crypto Currency: Bitcoin
Just as goal rules the original market, bitcoin rules the digital market. It’s the gold of the digital market. Bitcoin is the digital currency or a cryptocurrency Shop Journey Blog. It was founded in 2008 by an anonymous person, using the name Satoshi Nakamoto. Nobody knows that ‘Satoshi Nakamoto’ was a single person or a group. The best thing about bitcoin is that there is no need for intermediaries. Suppose you do an online purchase; if anything, you have to pay through your debit card or credit card. In this process, the card companies charge you their service fee. Bitcoin solved this problem.
There are many cryptocurrencies, such as ripple, Cardano, Stellar, EOS, NEO,ethereum, etc. But bitcoin is supreme of them all. It’s so powerful that, when bitcoin fell over 10% recently, 150 billion dollars wiped off the cryptocurrency market. The total number of bitcoins is a 21million, but right now, 18 million are in circulation. More powerful computers will be needed to mine more bitcoins and take the numbers high. But this is nearly impossible. That is why it’s said that bitcoins, just like gold, are in limited amounts. Yet in abundance, but still limited.
Are bitcoin safe?
Now the question arises that ‘are bitcoins safe.’ The answer is yes, but that depends on a few factors. First of all, the place of storing the bitcoins. If your password for the site of storing bitcoin and amazon accounts is the same, chances are you’re going to get thrashed by the hackers. This way, hackers can easily access your accounts since there have been reported cases of compromising personal information. Another risk is if sim swapping. Hackers can access your phone through your wireless network carrier. They set bait, making sure that it is you or not by simply sending a text or making a call. Hackers have discovered some of these spooky ways to access exchanges.
Another question. How is bitcoin different from other cryptocurrencies?
Former is the oldest of them all and the greatest, as mentioned before. For comparison, let’s take the second-largest cryptocurrency, ethereum. Bitcoin is more about investment ( that’s the reason behind calling it ‘digital gold’ ). Ethereum, on the other hand, alongside other cryptocurrencies, is called ‘digital oil.’ Ethereum is considered as a digital platform, unlike digital gold. Finance websites are made in there.
Bitcoin is becoming more and more familiar to people now. Even the most prominent business personalities like Elon musk are bending toward using bitcoin. Elon is one of his interviews, said that one of his friends had him taste the piece of bitcoin cake a few years ago. And he loved it. Elon further stated that he would have started trading bitcoin back then. But he’s now planning to join the game.
So let’s see how far bitcoin is going to go, and what possibilities it’s going to push, and its future in India. All these questions remained answered. Let the future reveal all the answers to these questions.