Bitcoin- The Baton Holder for the Digitalization of Finance Industry
Nov 19, 2017 Posted / 6402 Views
The central idea of this cryptocurrency is decentralisation, giving the freedom to people and investors to place their money on Bitcoin to make great gain gains in future, without any government norms and regulations. The supply of Bitcoins are not regulated by the central and state government or any federal/ financial institution, instead, the company itself govern the supply chain. The above is the aspect, which has also drawn great criticism from a section of the crowd, for being non-transparent, unregulated to the government.
The Bitcoin currency uses the Blockchain ledger to keep a record of every financial transaction that takes place through this currency. The blockchain is a distributed, transparent ledger where the special people known as the miners verify and record the transaction. The Blockchain ledger is shared over all the computers in the network, and this is usually in great number, thousands. This is the thing, which makes Bitcoin network robust security wise, as the hacker with an intention to get hold of the system, need to perform his or her magical act of hacking of all computers in the network (thousands), otherwise, it will be a failed attempt. This is the reason, we have never come across stories of Bitcoin, where since it has been in the global market. Furthermore, the data once added to the Blockchain ledger can be modified or deleted.
Similar to the precious metal Gold, the Bitcoins are also unearthed, not printed, and it's worth also depends upon the supply(inversely proportional to it). Mining is a process by which special individuals have massive supercomputers and a special software, solve complicated math problems to create Bitcoins, and get some Bitcoins in reward.
1. Ease of Payment at Merchant Outlets-Hassle Free Pay Off
Bitcoin currency is all about the ease of payment, both online and offline. With, the continuous mushrooming of Bitcoin exchange platforms, you can easily create an account on a reputed service provider, and pay off your bills anywhere to everywhere with just a few clicks. Plus, there are Bitcoin payment apps available for both Android and iPhone users, further, taking the ease of payment to next level of simplicity.
2. Greater Acceptance- More and More Merchants Accepting Bitcoin
The increase in the figure of online and physical merchants accepting the Bitcoin currency has also ensured that the Bitcoin occupy a significant fort in our daily life. Being a global money, the advantage you get with Bitcoin is, you don’t to fill your backpack and pocket with hard cash when you are out on an international vacation. Plus, unlike, credit and debit cards, your account won't be freeze by your bank while spending in a foreign territory. With Bitcoin, you get the freedom to spend as per your wish, no regulation whatsoever from the government. So, in a nutshell, a couple of years from now, you will see Bitcoin acceptance hoarding everywhere, right from a veggie vendors, restaurants to gas stations.
3. Low Transaction Fees-Won’t Make a Hole in Your Tight Budget
Agree or not, transaction fees of our monthly credit and debit cards, do show up significantly. And, the popular payment platform like PayPal, have also not helped the cause of commoners. But, the Bitcoin transaction fees are quite low, you say it's negligible. This is one of the biggest driving force, which has powered this cryptocurrency to get recognition at the corporate level. Top giants in the world of corporate are embracing the Bitcoin currency with great enthusiasm for its low transaction costs. This ultimately will save businesses from paying million dollars for massive deals.
4. No Need to Provide Any Personal Data
Irrespective of the magnitude of the monetary transaction, the sender has to provide all his or her personal and financial details, right from name to bank data to the merchant. But, Bitcoin gives people the luxury to provide information as per their wish, like you don’t want to disclose your name to the receiver, no problem, your transaction will be through in seconds.
After going the above highlights, it is fair to say that the Bitcoin currency is going to transform the financial industry for the betterment-ease of payment and more transparency. Bitcoin, undoubtedly, the future of our digital society. Not just through its own operation, Bitcoin is changing the dimensions of the financial industry, though, all the cryptocurrencies, which portrayed its core technology, Blockchain.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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