Bitcoin : A Digital Currency

Everything You Need to Know About Bit Coin...

Is it a scam? Is it a get-rich-quick-scheme? Deystifying bitcoin , the flavour of the Season 

 

Recent News of a new virtual currency called BitCoin that regularly appreciates in value has been prompting many people to wish they had started investing in it when it was cheaper . Digital currencies , which had almost totally disappeared after failing to catch on with users , are now back in the news . To put it simply , BitCoin is a currency for the Digital world . It doesn't require any bank or middleman . 

Bitcoin is like any other  currency , with the exception that it is decentralised and not regulated by any  authority  . The original Bitcoin algorithm was created by a group of developers . But now the currency is created , traded and controlled by  the Bitcoin Users itself rather than by a central authority  such as a bank or a Government . Bitcoins are completely digital . Ultimately , a Bitcoin  is just a number associated with an address . A physical Bitcoin is just an object like a coin or a piece of paper with the number carefully embedded on it . 
Bitcoins are by design , in limited supply . The Algorithm that derives network forward is designed to generate only 21 million bitcoins , and it automatically  maintains itself to make sure Bitcoins grow at a steady pace . At the current rate all Bitcoins are expected to be generated by 2140 !!!!!!!!!!! In fact , since the Bitcoin  network prides itself on its openness it tracks and record every Bitcoin transaction , so anyone can check exactly how many Bitcoins have been created till date . There are several websites such as www.blockchain.info that monitor the network and host wallets , the containers used to store individual's digital wealth . 
Bitcoin buzz is at its peak right now . Bitcoins were valued at $15 (approx Rs 811) in January and hit an all -time high of US$260 (approx Rs 14,063) before settling at around $70 .
However it would be wise to not take the plunge into virtual currency just yet . As technology has proven , what's great one month could very well become outdated next . 

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