BITCOIN AND ITS DIFFERENT ASPECTS

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BITCOIN

                  Bitcoin is crypto currency and a new payment system in which the secrete techniques are used to produced the units of currency is called bitcoin.

 

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DEFINITION OF BITCOIN

                                                      Bitcoin is the network payment system through which the units of the money can be generated through block chains and the and no one is controling the bitcoin except the person himself who is using it through secrete codes by sloving certain mathematical problems.It is decenterlized peer-to-peer system as well.

 

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In the modern age the new techniques to save the money are much but the most safest way to hold the with yourself where ever you are if you need money so any thing you can buy with the bitcoins.

DEVELOPER OF BITOCIN

                                                       SATOSHI NAKAMOTO is the inventor of bitcoin he invented the software to handle the bitcoin in 2010 and till now many other crypto graphers are changing it day by day. 

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DIFFERENT ASPECTS OF BITCOIN 

                                                                           There are many aspects of the bitcoin some of them are as follows.when the mind is not clear about something which is relatively new in the market you have lots of questions about it some question that are most common about bitcoin are as follows by different means.

 DIFFERENT THAN THE NORMAL CURRENCY

                                                                                                    The bitcoin looks too different than the original currency that we are using there is one thing that is special to bitcoin is it is not controling by any one in the world like the money that we are using is controlled by the banks in this case there is no bank to deal with.

 

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ANY PRINT REQUIRED ?

                                                The bitcoin is not in the print form like other currencies.it is generated by the people by the time of using it.Bitcoin can be joined by anyone of us.

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WHAT IS THE ORIGIN OF BITCOIN ?

                                                                            Just like the original money that we are using in our daily life there is a silver or gold behind it if you handed over the money the money back to bank and that sense you get the Gold or silver of the money back.

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MAKING PAYMENTS BY THE BITCOIN

                                                                                  Payments that are made in bitcoins is so easy for this purpose you need to have the recipient certain address and the payment can be send within sometime ans this is the most safest way to proceed and there is merchant's account is required to do so payments should be made from the wallets that are available in the phones or in the computers.By pressing send option the money is just one click way to send or to receive.

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SOME ADVANTAGES OF USING BITCOIN

No ristriction in making payments

                                                        Its is easier to make payments with the bitcoin any where in the world there is no need of the banks to wait for the bank holidays.Bitcoin is giving the possibility to its users to make their money save.

 

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Limited fee deduction 

                                    The that is deducted by the wallet to to wallet transaction is minimal as compare to the banks overall around us and some of the wallets that are having fees limited just nothing like some satoshes which is a very little as compare to the transaction.Fees is same wether you send 100000 bitccoins or 1 bitcoin.

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At a very few risk

                           In this case the bicoin is very safe and sound because in it the user does not need to give his personal information either to give or to share with the person and there is no need of the credit card.the bitcoin saves not only the users but also the merchants from the frauds or any risk that can damage their goodwill in the market and through they can easily make their payments around.

 

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More secure and holds the control 

                                                         Bitcoin is more reliable and most secure because of its validity and the users that make the transactions over the period and it also more secure because the merchants can not claim and not able to force the users to make payments for the transactions that are no happened.The payments that are made in full confidence and no personal information is required in it.

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Visible and partial

                              The information is based on bitcoin is completely secrete and based on mathematical orders and no one easily understand it .Nobody either it is organization or the person can't change the bitcoin protocol because it is graphically scripted and more secure than any other.

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SOME DISADVANTAGES OF USING BITCOIN

                                                                                                   There are some disadvantages of using bitcoin some of them are most General in this regard,are as follows 

The acceptance of the bitcoin

                                                 Of course bitcoin is using all around the world but there are many people around the world which does not know the ABC of the bitcoin or even the bitcoin is banned.But the people in the list of not knowing it are small and the the internet is the global network and they are getting aware about the benefits of it.

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 The value of bitcoin

                                 Due to the value of the bitcoin still its use is not too much its because of the users are not aware of it and the small businesses that are using it and in the trade as well where its acceptance is not at higher level.

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The on going development process

                                                          Even though it is more secure but the development is need to enhance its features in respect of its software and its on going process but still many of the users and the businesses are using it because of its reliability as for as its incoming results.

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IS IT TRUSTWORTHY FOR ITS USERS ?

                                                                                   The first thing that comes in the mind is it is not holding by anyone or the company is not trustworthy can go easily after taking our money.It is not controlled by anyone of us.There is no need of third party to receive the fees for the transactions or to blackmail everything is transparent and in a full confidence so it is trust worthy and people are able to trust in it.     

 

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 POSSIBLE TO MAKE MONEY THROUGH BITCOIN ?

                                                                                                             Bitcoin is crypto currency in which the software is used to mine the bitcoins and with the day by day change in the market the prices can stay at one level today it is at the peak on the other day it could be diminishing.Although it is possible to make money through bitcoin by using it like starting a new business in which the medium of payment is used to as bitcoin or mining and speculation and various other sources.

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ANY PHYSICAL APPEARANCE ? 

                                                                  Bitcoin has its physical appearance and it used use to pay for Goods and Services any where and the credit cards are also available bitcoins usually pays by the help of smartphones to be more secure and its value remains the same because it is more virtual than normal.

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IF THE BITCOIN IS LOST ?

                                                   IF anybody's bitcoin is lost there is not a problem there are many ways to get it back.the lost bitcoin can be recovered from the wallet through the block chain and also by using the secure keys added to it if somebody finds it he is not been able to get it at that time when he gets the private key of the wallet.Bitcoin is always secure as compare to any other material thing or currency or theft.

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BECOMING THE MAJOR LEVEL OF NETWORK OR NOT ?

                                                                                                                        Bitcoin is also making transactions of the people in numbers but still it will take some time to mature at the high scale and getting high rate of return in this regard.It will take some time in the future to progress because the people are not aware of it.

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BITCOIN OF ITS LEGAL ASPECT

 BITCOIN IS LEGAL OR NOT ?

                                                              Bitcoin allow its users to make payments or to receive payments in the privacy mood where there is no information is required.Bitcoin is not made illegal by the legislators but in many of the countries it is banned.

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IS IT POSSSIBLE TO USE BITCOIN FOR FRADULANT ACTIVITIES ?

                                                                                                                                              Yes of course so for Bitcoin is a type of money and is more secure than the normal money so far it can be used as fradulant activities possibly.Bitcoin is formed in case to secure the money as it can be used to decrease the crime related to finance.

 

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BITCOIN AND TAXES 

                                             Although bitcoin is a legal and it is using as the medium of exchange of goods and services in many of the countries and according to the jurisdictions the law should be made to at least to made it for taxes on the income earned in shape of capital earned and the profit and payroll as well.

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BITCOIN BY THE ECONOMICAL ASPECT

                                                                                        Bitcoin is generated by the mining and it is more secure no one is holding it and it completely decenteralized.every new unit is produced with the fix rate.

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BITCOIN IS VALUABLE OR NOT ?      

                                                                     so far the bitcoin is generated virtually and because of its properties it has the value and with the more circulation in the market and security in it it can be trust worthy.as it is growing day by day it can be used as the medium for payments sending and receiving.bitcoin holds the value because of its characteristics the transaction is made in it by the mathematical orders and the short keys are used rather than giving personal information giving to it.

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AFFECTED BY INFLANTION OR DEFLATION

                                                                                                 bitcoin is not affected by inflation or deflation in the it is just because of its virtual form and the and is generated by the help of mining and also no one is holding and controlling and it is growing day by day and the circulation of money it is also be circulated we see when the market goes down the prices seems low and the purchasing enhances in the market.The only thing that deflates it its circulation in the market when people are not curious about their wallets or not able to recover their money in the wallets.

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WHO SETTELS THE PRICE OF BITCOIN ? 

                                                                                     Nobody is settling the price of bitcoin.Not much of the bitcoins are in circulation and the price of the bitcoin decreases and the when the demand of bitcoin is high in the market the prices automatically starting to climb up this is the general phenomena.bitcoin is not much in circulation because of people not much aware of it so thatswhy the accurance of demand and supply made it crucial some times.

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TRANSACTIONAL ASPECT

                                                         when the bitcoins are send  or to receive their is confirmation notification required to receive and when it is received the link to be clicked.each confirmation required some time to be finished it takes approximately 90 minutes or so as average.

The transactions are made when it comes to sending the btc's the fees should be deducted from the transaction.Transaction fee is the protection against the bitcoins and it is the guarantee against the bitcoins that  you make for.The transaction fee should be given to the miners to providing the facillity of secure network.

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SECURITY OF THE BITCOIN ? 

                                                           security of the bitcoin is the major concern in this regard.it has full proof security system and the data is available in shape of block chain for its users.bitcoin wallets are secure as well because of using special keys and numbers so in case of loss or stolen it can be informative and can be detected where,whom and how it had happen.

 

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QR SCANNERS USED 

                                            QR scanners are used to find out the private keys when at the time of receiving money or bitcoins so it is completely safe and sound.making payments with it is possible and even on line shopping as well some of the online stores accepts bitcoin.

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