Importance of Bitcoin and Crypto Currency became now global phenomena. Till the date Crypto is digital currency that does not have any physical existence. Generally the system of currency regulated by the Government or any regulatory body. But in the case of Crypto there is no regulatory body or system. It is decentralized. The first decentralized crypto is Bitcoin.
The transaction of crypto is totally transparent in nature because it is not under anyone’s control. Payment system of crypto is defined under an algorithm which is called Block Chain System. When a person transfer an amount that is recorded in a block. That block verified by a miner. Miner is an appointed employee who get salary through crypto currency. Miners verify all transactions made through the servers. After verification the currency finally deliver to the other person’s account. The entire process from 1st person transfer, verification and finally deliver to 2nd person is called a Block Chain.
Bitcoin Is First Decentralized Crypto
Bitcoin is the first decentralized network followed by Etherium. First bitcoin was created in 2009 by Satoshi Nakamato. Over the past few years Bitcoin became the most popular among other crypto. Bitcoin already has a big impact in world economy. Today in all digital transaction including international digital transactions are allowing a part payment or full payment through Bitcoin. Wikipedia disclosed that around one lakh merchants and vendors world wide accepting Bitcoin as digital currency transaction method. Crypto currency wallet users increased to 2.9 to5.8 millions and most of them are Bitcoin users. Globally Between two Countries proper medium of exchange currencies are improving the process of trade is Bitcoin. The transactions are extremely easy , saving times and effort, as a result Crypto could be replaced major currency bank.
So we found in the discussion, for the popularity of Bitcoin 8 reasons are Followed ;
- Easy Transaction : Digital Transaction through Bitcoin is easy and fast, that save times and effort also.
- Low Fees : Digital transaction fees are extremely low.
- Security in Transaction : Transactions are secured through Block Chain.
- Transparency in Transactions : Transactions are once saved cannot be changed. Each transactions are unique and have own record to the users.
- Privacy Of Transactions : In digital transaction, Every transaction has its own terms of negotiation and it’s a push concept that provide the basis for information exchange. Nothing will be disclosed except what you allow. So transaction will have complete privacy and identity protection.
- Irreversible : After confirmation the transactions can not be reverse by any one.
- No Need Of Any Permission : Crypto currency transaction system is govern by decentralized method. So no body there to interfere or grant a permission.
- Peace Of Mind : The most important is the peace of mind, after a transaction you need. Through decentralized Block Chain system digital currency transactions are really provide a full satisfaction to the users.
- Profitable Returns : Any body can invest in Bitcoin also. If you invest small amount in Bitcoin it could be most profitable return after some years. As popularity increase, the demand of Bitcoin also increase day by day that push up its rate higher.
These are the reasons why Bitcoin Became most popular crypto currency . It’s easy access system gaining popularity day by day. All you need the basic understanding of crypto transaction system. In short these are the primary advantages of using Crypto Currency.