Bitcoin is a cryptocurrency community that is decentralized and provides the simplest ways to make transactions. It is handy for everyone counting from businesses to developers and also to the individuals.
For individuals, it provides a simple, two-step process of carrying the transactions i.e. scan and pay. Just ask the other person to scan the QR code from your mobile and you are done with the payment.
Not only around your place, using bitcoin you can make international payments too and that also without paying any extra fee.
HOW IT WORKS:
It is the best platform for the purpose because it entirely relies on blockchain technology and makes it comfier for startups to raise funds. The blockchain technology is used by bitcoin so that the transactions can be carried while maintaining proper records. Another engaging feature of this platform is that it provides its users with the perks of cryptography i.e. every individual account is secured from any mal activities around. No other else than the owner can spend even a single bitcoin from someone else’s wallet or neither there can be interference from external sources in a personal wallet.
The transactions made between different bitcoin wallets are also a part of the blockchain technology. To keep up with the need for transactions being secured and its authority being encrypted solely for the user a private key is maintained by the server. This private key has that specific piece of data which has the ability to prove that the person making transactions is authorized to do so and is real. Your private key is stored on your own computer and is a secret which is not to be revealed to anyone else because doing so will give the person access to your wallet.
WHY IT IS THE BEST:
Unlike other technologies that people generally use in their day to day, life bitcoin is a peer to peer technology and doesn’t involve any central authority i.e. is decentralized.
The bitcoin transactions are fast though not as light but much faster than other wallets around. The time taken for a payment to get its confirmation ranges from few seconds to 90 minutes but an average estimated time is 10 minutes.
Bitcoin is censorship resistant which shields its payment from being blocked or freezed by any authority for any reason whatsoever.
Bitcoin takes full responsibility to provide steps for protection against frauds. Most prevalent frauds in digital currency systems includes chargebacks or unwanted charges, and bitcoin knows how to shield against them. Users can back up their wallet which further makes it impossible for fraudsters to steal information from your hardware data.
Bitcoin has the ability to turn the technology of “micropayments” as small as hardly one could imagine in reality. It enables processes like being paid for the kilobytes used while accessing the WiFi-hotspot or skipping the ad of seconds, payments so small for the present economy to handle.
Though being virtual, it holds value because it is rotated in an economy is the form of money. The reliability it holds can be considered with the number of users, merchants or start-ups associated with it.
The law of supply and demand directly controls the value of a bitcoin. In simple words, if the demand of a bitcoin increases so does its value and when demand drops down the value also decreases. So it is a fair and justified way of assigning value.
WHAT ABOUT THE LOSS?
If once lost, the bitcoin wallet can’t be earned back because without of its unique private key the transactions can’t be made. Though even after being lost, the bitcoins remain in the blockchain and being based on the law of demand and supply it rotates in the economy.
WHAT YOU NEED TO KNOW?
Before going on with the bitcoin wallet few things one must be aware of are enlisted below:
- Security is always in the hands of the user. More diverse features and services accompany with them more responsibility so if the services are used correctly one would never regret investing time in it.
- Bitcoin price is prone to fickle. It decreases or increases within seconds like it can be at heights a moment ago when it faced a sudden drop so it is recommended not to use it for preserving savings. There are many service providers who can convert it into your local currency.
- Once a payment made can’t be reversed. So it is recommended to make payments from the organizations or individuals who are reliable and trustworthy.
- The user‘s identity is secured but the transactions made are not anonymous. The transactions made are transparent and can be easily seen by everyone on the network through the available address.But the identity of the user is kept private until disclosed in some circumstances.
- Bitcoin is on the path of growing so it goes under certain transformations which though make it more appealing but also builds up challenges. These challenges are in every way for the benefit of not only the firm but also of the customer.
MOST TRUSTED SITE TO PURCHASE BITCOIN
“KOINEX” is the leading and India’s best digital assets exchange platform. Since the inception of bitcoin, thousands of tokens have come into existence and while whole world was diving in the pool of cryptocurrency somewhere India was lacking unless this platform stepped in.
It supports cryptocurrencies like Bitcoin(BTC), Litecoin(LTC), Ethereum(ETH) and Ripple(XRP), Bitcoin Cash(BTH) and is on its way of supporting many others soon.
The time taken by different cryptocurencies to get deposited differs from one to another and is based upon number of block confirmation required and traffic on network like bitcoin takes just 4 block confirmations whereas bitcoin cash takes 8 block confirmations.
The price of cryptocurrencies on koinex is determined by the comparison of buy order price and sell order price. That is the price is solely dependent upon the users. The last traded price is the price where the buy order price matched with the sell order price.