Imagine a life without having to carry your wallet around! A life without having to worry about losing your wallet or your money, would just be a great life to most of us! This has turned into a reality with the introduction of virtual money. Virtual money would mean digital money, which can be accessed by members of the online community. In the midst of the technological advancements and numerous innovations, Satoshi Nakamato invented Bitcoins, which was published in the year 2008. Bitcoin was released as an open source software in the year 2009.
For any layman, who is not aware of the concept of the Bitcoin, this is a form of a virtual currency which is not associated with any national government.
• This digital currency can be used to purchase any physical goods and services.
• This form of digital currency can be transferred, stored or traded electronically and therefore is different from physical currencies such as coins and notes.
• These are managed by the developers and Bitcoin is the first decentralised digital currency. This means banks acting as a middle man can also be eliminated.
• Since bitcoins are not country specific, it has advantage of having no boundaries and can be used in any part of the world with no hassles.
• Additionally, they also do not charge additional charges for the services they provide.
• People can buy Bitcoins on exchanges or using the services of several online wallets, using different currencies.
Another huge advantage of using Bitcoins is that they can transferred to any other person with the help of the phones or the internet. This would mean no friend would have a tough moment being money less and money can easily be transferred to anybody in any part of the world without any hassle. The concept would work similar to making online transfers or sending people cash using digital technology. If you are wondering on how Bitcoins are stored, these are stored in digital wallets, which exists in the science of cloud computing or on the user’s own computer. Bitcoin transactions are recorded in a public log, however, the user’s identities are kept discreet and therefore their transactions would remain private. With the changing regulations in the countries across the world, including India, laws are just warming to welcome this new age technology. People can now also buy Bitcoins India, using services of a number of applications.
People could get started on their usage of Bitcoins for their transactions by just having to download Bitcoin app on their phones. Most of the applications provide tight security for all the Bitcoins services and transaction, making this form of digital currency usage more trustworthy among the people. These services would definitely revolutionise the world of money and finances in the near future, with more and more people showing great interest in this form of digital currency.
