Bitcoin Wiki | Rate | Satoshi | gold | Cash | Mining
it is the first global, decentralized currency in which you can send money from one person to another without involving a third party broker, such as a bank. You only need your computer to make transactions because it is fundamentally software.
Understand the Bitcoin
• Bitcoin – The first and most popular decentralized cryptocurrency
• Satoshi – Unit of measurement of a bitcoin (1 satoshi = 0.00000001 bitcoin)
• Altcoins (Alternative coins) – Other cryptocurrencies
• Blockchain – A blockchain is a digital ledger, maintaining records of transactions
• Cryptocurrency – A digital asset designed to work as a medium of exchange
• Mining – Process by which transactions are verified and added to the public ledger(blockchain), and also the means through which new bitcoins are released(as reward for verification)
• ICO (Initial coin offering)–Similar to an IPO,a cryptocurrency can enter the market through an ICO
Market Capital
# More than 1300 Cryptocurrencies exists right now, the total market capital of over 300 billion USD, with bitcoin dominance at 55%
• Then Indian crypto wallets/exchanges undertake self-regulation – asking users for PAN/aadhar, and linking the wallet to user’s bank account
Returns
• It has reached an all-time high of $18000 on 15th Dec 2017
Popularity | Price
• 90% correlation between price of bitcoin and the volume of Google search requests
Benefits |Loss
Benefits
• One currency for One world,
• No Restrictions because No intermediary
• cryptocurrency Saves time
• The fiat currency can be replaced
• Nominal transaction charges or fee for making payments
• Increasing demand justifies the rising price because supply is limited (only 21 million Bitcoin )
• Nobody controls/alter it because of decentralized data which ensures that everybody has access to it
• despite many mini bursts, the price of bitcoin has always recovered
• Reducing volatility
• Many Countries are discussing, whether to accept or not accept bitcoin
Loss
• It was created out in suspicious environment
• Nobody knows who created Bitcoin because It was Introduced by an anonymous individual Satoshi Nakamoto
• The Primary Purpose was that It would be a medium to buy and sell goods but as of now It cant be used for the same
• The Regulatory Body does not exist
• Block-chain technology is sustainable but bitcoin does not seem so.
• instead of understanding cryptocurrencies, People are blindly investing for great returns,
• Many countries (Thailand, India, China, Bolivia, Germany, Taiwan) have already put a ban on bitcoin.
• Bitcoin was first divided into bitcoin cash, then bitcoin gold, and will undergo another division in future, that’s indicating the shortcomings in core bitcoin.
Conclusion
• The Final Conclusion is that cryptocurrency is a rare investment/speculation incident
• it has a dramatic behavior like many of the popular bubbles, but it is still doubtful whether bitcoin is like other investment options.
• By the end of this year, it will be traded on the Chicago Mercantile Exchange (CME)
that makes the main cryptocurrency is entering the formal financial marketplace
• The future of blockchain /crypto story is uncertain till whether governments regulate cryptocurrencies out of existence or co-opt blockchain technology for technology for their own purposes
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