Bitcoin – A digital currency or future currency?

Bitcoin Digital Currency

 

Bitcoin is famous digital currency nowadays. In the year of 2011 its worth was only $0.05 per coin and people didn’t know about the power of this coin. Nowadays, its worth is at $8000 approx. as an average. It took height in the beginning of the year of 2018, but it is falling from its peak. Most of the analysts are saying that this coin will boost its price till the end of 2018. The symptoms are saying something else. Due to massive selling and profit taking the coin is under pressure. We will have to see the basics of bitcoin, so that we would be able to understand what it is and how we can use it.

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Bitcoin was invention of Satoshi Nakamoto, that’s why we see the friction of bitcoin in Satoshi. Satoshi Nakamoto is a Japanese person, who invented the bitcoin. The peer to peer system. It was a decentralized system. Satoshi is the least part of bitcoin. A satoshi is equal to a hundred of million part of a bitcoin. In the beginning of this digital currency, its worth was too less. People didn’t understand the actual worth of this digital currency. Time passed slowly and then people understood that this is a decentralized system that doesn’t need any identity. They can use this currency anywhere in the world without regulations or any transaction footprint. It is the safest way to use your money anywhere in the world.

 

Properties of Bitcoin

 

Due to this property of bitcoin, people started buying this coin and it’s price boosted from $1 to $1000. At that time, the price of one ounce gold was equal to $1200 and people were thinking that it will not rise more than one ounce gold. As people thought that it is a baseless digital currency and there isn’t any ground behind this coin. It was backed up by the finance minister of Japan. Basically it was backed up by Japan government. That was the first support for this coin. That was not a new thing that people started thinking about peer to peer system. But all of them failed due to some technical errors.

 

Satoshi Nakamoto got success to invent and get the accurate formula for this decentralized system. The bitcoin miners can mine this coin. It is not a big deal to mine a coin. But it will require high end hardware for computer or computing system. It will require CPU, GPU Graphic cards etc. You can also mine a bitcoin using your personal computer, laptop, tablets or even your mobile phone. This technology has raised its web and now people are using this technology to harvest cash. It is based upon the electrical power. The higher coins the higher power consumption. There are several people offering your bitcoin, if you install an extension of chrome or your browser. That’s sound great. But in real, it is using your computer and electrical power.

 

Mining of Digital Currency

 

Due to heavy use of your computer and electrical power, it produce a lot of heat. As a result you may see a burst in your computer and that may cause failure to boot your computer or laptop. This is not a new thing, a lot of people suffer this kinda situation. This is a precaution for those who are willing to mine bitcoin from their personal computers or other appliances. If they want to mine bitcoin then they should buy proper hardware and prepare a mine rig or they may use antminer for this purpose.

 

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