BitCoin – Things to know !
Well with opening of the very First ATM in Vancouver, Bitcoin has come to attention of a lot of regular users as well. What was considered just as a currency to be used in Dark Net is now fast becoming main stream. Here are few of the interesting things that you need to know about Bit Coin.
1. What is BitCoin : Its a peer to peer digital currency, not controlled by any Governments or Company.
2. Who Started BitCoin : It was developed by Satoshi Nakamoto, He is supposedly Japanese but real identity is still not clear.
3. Why BitCoin : Bit coin transactions are anonymous, Which means that the buyer can’t be traced. This make BitCoin very useful for the dark internet, where it can be used for purchasing drugs and perform other illicit trade.
4. BitCoin transactions are irreversible and its very volatile : Its fairly easy to loose money with Bitcoin since the transactions cant be reversed and currency is as secure as your PC which hosts the software.
5. Where to Buy and Use BitCoin : BitCoin can be bought at various exchanges such as https://coinbase.com/ and can be used on various online market places.
6. BitCoin is still experimental, with just 21000 Bitcoins to be produced it has inflation build to its core. A lot of economists are of the opinion that BitCoin would not be successful as the entire model is insecure and flawed.
A lot of people have made a lot of money investing in BitCoin when it was around $2 in 2011and selling it at its peak ( its around $514 today). But to make serious money with BitCoin you would have to invest a serious sum and the risks still outweigh the profits. I would say its an interesting concept and this definitely would define the shape of things to come.