BIT ABOUT BITCOINS – THE DIGITAL CURRENCY

BIT ABOUT BITCOINS – THE DIGITAL CURRENCY

Posted by Unknown on Saturday, 5 September 2015 0

Launched in 2009 by an unidentified person or group known as Satoshi Nakamoto , bitcoin started it’s journey through internet.Bitcoins are encrypted sets of digital currency.You can call it as an open source currency.It is also known by its abbreviation BTC.It is powered by a peer-to-peer network similar to torrent file sharing networks.It cannot be manipulated by governments and political parties.It cannot be inflated or deflated manually.No central bodies issues bit coins too…All transactions are directly between the two parties involved with no financial institutions in between.No wonder that bitcoin enthusiasts are growing tribe.They seek  to free currency from the hands of government or financial institutions.?Governments do not always manage money wisely.right?

Another reason bitcoin are famous is that payments are that the bitcoin payments are irreversible. There  were some 11 million bitcoins in existence,with 25 being added every eight minutes.Around the year 2140,there will be around 21 million.That is the max currently permitted by the system.

HOW and WHY BITCOINS?

Bitcoins can be broken into small units of upto eight decimal points and re-transferred like e-mail.Life made easy.Don’t you think so?They are used to pay for goods and services on websites that accept them. There are portals which provides bitcoin payment gateways which can be integrated in your website for free.Coingate is one such payment gateway which I came across recently and it will be useful for developers.There you can accept payment in bitcoins and you will receive it in rupees.

There are trading platforms for bitcoins like buysellbitco.in,rbitco.in and few more.The thing is that not much people are aware of bitcoins and always early adopters are highly benefited.It sounds like an opportunity that no Indian e-commerce portals accept bitcoins.People use it for oversees business.Many online stores offer discounts on bitcoin payments to increase their  coin holding for future. Demand for bitcoins,the virtual currency maintained by peer to peer networks  in India is largely from speculators.

There are lot more to share.about how to get and use bitcoins,about bitcoin wallets,the dark side of using the emerging digital currency,how to stay safe etc..I will continue in my next blog posts.Stay tuned.