Bitcoin

                                

What is cryptocurrency?

A cryptocurrency  is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.

So, now that you guys have a basic intro on what crypto-currency is , I would like to talk about the worlds leading crypto-currency that is bitcoin.

Bitcoin Logo


Bitcoin is a peer-to-peer digital crypto currency introduced as open source software back in 2009 by a developer referred as to Satoshi Nakamoto, though it seems that nobody knows the real developer’s name. Bitcoin is called a cryptocurrency, because it uses cryptography algorithms to control the creation and transfer of the digital money.  Bitcoins can be obtained by the process of the so called mining or in exchange for products, services, or other real currencies. There are multiple Bitcoin exchanges where you can trade BTC for other crypto currencies or real money, both buying and selling.

Commercial use of Bitcoin is still very small in the form of goods or services that you can purchase for bitcoins compared to its use by speculators on exchanges, which has fueled price volatility. The fact that the exchange rate of a single BTC can greatly vary not only form day to day, but it can also change very quickly in just a minute is one of the most serious concern to merchants that are considering of accepting bitcoins as a means of payment, but still the high exchange rate that is currently over $800 USD for 1 BTC makes it attractive alternative to real money, especially when you also consider the very minor taxes you need to pay for a Bitcoin transaction as compared to credid card processing taxes for example.

 Unfortunately , nowadays bitcoin is a form of  an untraceable bank account that cyber terrorists use to conduct transactions. This came to the spotlight when the ransomware attack took place all over the world. Despite the best efforts of intelligence agencies worldwide , the cyber terrorists were not caught as bitcoin is a virtually untraceable form of currency in which account holders are given  free reign over transactions with there being no transactions recordings or any form of money trails via digital or traditional means. This event could also justify the reluctance of many governments to allow bitcoin transactions to take place in their respective countries.

Comments

  1. pslvseo a86 December 2018 at 03:52

    Bitcoin News
    This is arguably the largest resource for all things bitcoin. The news sections cover the latest insights from the best writers in the fintech sector. In addition to this, the site is filled with numerous tools that help investors make informed decisions. What I like about the convenience of finding all you need in the same platform.

    ReplyDelete
  2. pslvseo a510 December 2018 at 01:37

    CoinDesk
    This is one of the top new sources for bitcoin enthusiasts. In fact, it is the largest bitcoin news media platform in the world. The site is packed with reports and tools that break down the trends and patterns in cryptocurrency. I recommend checking out the reports on the research page.

    ReplyDelete
  3. pslvseo a111 March 2019 at 22:59

    Thank you for sharing this information.
    CoinOrbisCap is the best user-friendly financial app who take digital currency seriously. Gives you quick access to crypto prices, market cap, coin chart, crypto news on over 1500 currencies.

    Download here for FREE!!

    ReplyDelete

Post a Comment

Popular posts from this blog

My view on Amanda Johnson's article on Kinetic Typography

Image
Amanda Johnson through the article conveys to her readers about what Kinetic typography is and of how it has impressed her as she considers it as a tool which will help her in her career as a teacher. She explains that kinetc typography  is a kind of animation upon a screen that goes along with the text being portrayed. She considers Kinetic typography to be a form of art that makes it interesting to read texts .  She then goes on to compare the Kinetic typography  made for the song Help! By the Beatles and talks on how the video made by Bold Agency and Asktomato.com Studio   beautifully combined Kinetic typography with the songs lyrics to make viewing the lyrics a fun experience.  Amanda ends the article by talking about how it will be helpful for teaching children as it interesting to watch . She also expressed an interest in using videos like this when teaching children songs.
Read more

A new Tomb in Egypt

Image
It is after a long while that the international media has its attention turned towards Egypt a land full of pyramids telling the story of their pharaohs. On 9/9/2017 , Egytian archeologists have found a tomb of the royal goldsmith of Egypt that goes back to the time of the reign of  the18th dynasty that is almost 3,500 years ago. This tomb was found in the southern city of Luxor. The tomb, located on the west bank of the river Nile in a cemetery for noblemen and top officials, is a relatively modest discovery but one that Egyptian officials hope will help boost the country's slowly recovering tourism economy. El-Anani the antiquities minister  said the tomb was not in good condition, but it contains a statue of the goldsmith and his wife as well as a funerary mask. He said a shaft inside the tomb contained pottery as well as mummies and coffins belonging to ancient Egyptian people who lived during the 21st and 22nd dynasties. The minister also identifies
Read more