Simultaneously with the advancement of the technology, evolution is also observed in the field of the banking industry as well as financial services. This evolution makes the method of transaction easier than the earlier period by introducing several new trends. The bitcoin is also one the newly evolved trend which succeeded in giving us the concept of the digital currency for the first time. Though it is quite interesting as well as uncommon too here we are going to discuss the top 10 facts about the bitcoin in the following. Let’s have a glance over the following facts to be surprised:
10. Invention of bitcoin: The bitcoin is solely a digital currency which does not have any particular form e.g. ‘notes’ as well as ‘coins’. Though the actual identity of the discoverer of this digital currency is still a mystery, it is thought that the bitcoin is invented by the person named Satoshi Nakamoto who has the citizenship of Japan but he possesses the e-mail id of Germany. The more surprising fact is - the letters present within the name of the inventor is taken from the title of leading brands of Japan i.e. ‘SAmsung TOSHIba NAKAmichi MOTOrola’. The bitcoin came into existence in 2009.
9. Limit of bitcoins: Though bitcoin is actually a digital form of currency, you may think that like the other existing physical currency i.e. dollar, GBP, Euro, INR, the bitcoin has also no such specific limit. But this thinking is completely wrong with respect to the bitcoin. To avoid the devaluation of this currency, there is a fixed number of bitcoins exists at present i.e. 20999999.9769 which is approximately 21 lakhs.
8. Inherent value of a bitcoin: All the physical currency has a specific inherent value e.g. 100 dollars, 100 euro or 100 INR but in case of the bitcoin, it is a little bit controversial. Some persons claim that each bitcoin has specific value whereas some strongly oppose the same. According to the opinion of the opposition, the value of bitcoin determines on the basis of the ‘Supply and Demand’ theory. Though the number of the bitcoins is fixed when demand increases automatically the value of the bitcoin gets elevated. In fact, it can be said that the nature of the bitcoin is volatile only.
7. How does it act as currency: Though there is no physical existence of the bitcoin, you may think how does it work? The answer is very simple – ‘Yes, the bitcoin can be used for purchasing different kinds of commodities’. The reputed companies which accept bitcoins in the recent days are Wikipedia, Microsoft, Dell, Expedia etc. Apart from these giants, several foods delivering companies also accept this as a convenient payment method.
6. Offers the easiest way of International transaction: Though ‘SWIFT’ is still considered to be the efficient International currency transferring method, it not only requires lots of time but also you will be charged the conversion charges while transferring the amount to any other country. For this reason, if you are thinking this process if little bit problematic then bitcoin is the perfect solution for this. Apart from experiencing the instant transfer of the bitcoins, you will not be charged a single penny for the bitcoin transactions.
5. Experience transparent transaction always: Being a part of the blockchain, providing transparency to the users can be considered as one of the key reasons behind the popularity of the bitcoin as a medium of transaction. Being a bitcoin user, you can see your transaction history anytime just by entering your existing bitcoin address.
4. Revoking any transaction is disallowed: Just as same as the online transaction while using the physical currencies, the bitcoin has also the same property. Once a certain amount of bitcoin becomes sent to the beneficiary, the successfully sent amount can never be reversed. You can only get back the same if the beneficiary returns that to you. This protects the loss of bitcoins due to incorrect entry of bitcoin address. But you should be very careful about the entered beneficiary address as well as the amount before performing any transaction.
3. Verification of transactions: From the above point, it can be inferred that no transaction is revocable while using bitcoins as the payment mode. There is a separate rating for every processed transaction by the aid of the bitcoin. According to the verification score, one can assume that how much is it to revoke the transaction? Though the usual time required showing the verification score is 10 minutes from the occurrence of the transaction, it may take from seconds to 90 minutes depending upon the technical condition. You may consider any of the unconfirmed transaction as an unsecured transaction too.
2. Keeps you anonymous always: Like the online transaction of the physical currency, the bitcoin transaction never reveals the identity of the sender to the beneficiary. The KYC concept is totally ignored under this mode of payment. If you don’t want to let them know about your own identity, your actual identity will never be revealed.
1. Access only via online wallets: Have you ever used the traditional internet banking facility or any kind of digital wallets? Bitcoins is exactly as same as the other digital wallets. You can only aware about the exact amount of bitcoins by logging into the wallet after being online. The interesting fact is that bitcoins are solely associated with the online wallet. If the wallet gets lost, you will lose all the stored bitcoins in that wallet. Being a part of the block-chain technology, the lost bitcoins can never be used by any other person in the future. They will be lost from the circulation forever.
That’s the most interesting facts about the bitcoins. I think you have now a clear idea about this digital currency. You may give it a try to experience something now. Don’t forget to know us your experience after reading the entire article by commenting in the following comment box.
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