We are hearing about Bit Coin a lot now-a-days. Bin Coin domination is there in market around whole World. Some Lakhs Crores of Stock Market is done by using Bit Coin as medium. Bit Coin is just a Virtual Currency which is available only on Internet.
Interesting Facts About Virtual Currency
Why people from all over the world are showing such interest on Bit Coin?
Many people don’t know the facts. We have very Interesting facts about Bit Coin.
Now-a-days we are hearing a lot things about Bit Coin,World Wide. When Bit Coin originated its cost was less then ‘$’. In the span of 9 years Bit Coin value has grown a lot. So many people are showing interests to do trading with Bit Coin. As of now Bit Coin value is 18000$. It is ruling the stock market. The Bit Coin originated in 2008, this Bit Coin isn’t not Currency of any Country. This Bit Coin is not made by any Country,it is just a Virtual Currency. Also called as Digital & Crypto currency.
Bit coin is only valid on Internet. The Computer Generation is running with Bits & Bytes. This Currency is only Valid in internet,so it is named as Bit Coin. Satoshi Nakamoto was the person who made Bit Coin available to whole world, in the year 2008. But their no person who is named Satoshi Nakamoto in the World. Some Unknown person started Bit Coin. In the same year that person started Bitcoin.org Website. From that Bitcoin website many of Transactions are being done Actively.
After 2 years Bit Coin creator left it,from then some group of Software employees are running it. From 2010 people started doing Trading with Bit Coin as Crypto currency. Before that Bit Coin has no value. But from 2010 Bit Coin value was 0.003$. After some span many Investers started trading with Bit Coin, so its value increased a lot. Comparing with all currencies Bit Coin value grew a lot. In regular trading there may be ups & downs,but in Crypto currency there is no downfall till now. So because of this reason many people are showing interest to invest on Bit Coin.
Bit Coin is a peer-peer electronic cash system. There are no medium between Sellers & Buyers. Without Interference of 3 party transactions are done. Because of this only many people are showing interest on Bit Coin. As Bit Coin is the Virtual Currency we must buy it with actual currency. Then only we can use Bit Coin on internet. This Currency Mostly used in online games at first. If we transfer Bit Coin from 1 person to another the we have less processing fee. Even if we transfer very high amount of Bit Coins,we have less processing fee. The transfer details are so confidential,cannot be known to 3 party. The details of the person who sends us Bit Coin’s are even made confidential too. Same way if we send Bit Coins to other person,then our details are not displayed to them. Information is made very Confidential. As Bit Coin is not under any Bank & Finance Organization So they cannot avail any tax on these transactions. So Bit Coin have reception all over the World.
Why the people are investing lot of money on this currency which has no value. Where did this Bit Coin Start first?
As per official announcement of Many Countries that they are going to recognize Bit Coin as official currency,then its value grew unexpectedly. There is no Guarantee for the Bit Coins we buy. Any Country Court or Law will not be Guarantee for Bit Coin. If any Fraud happens while transactions no country is country Govt is responsible for it. Because it is not in sight of law, they cannot take any action. The person who want to buy Bit Coin must read all these before hand,& then should make transactions. We must buy Bit Coins with original currency. We must pay some charges if we want to convert our Bit Coins to original currency. Bit Coin Exchange Companies will work for this. To make easy transactions with Coins public can use Bit Coins. The people who buy Bit Coins for the 1 time,they will be given Bit Coin Valet. That Bit Coin Valet will have User Name & Password. These both are combined called Private Key. By this way 2 people with private key can transfer Bit Coins using their public key. There is no Guarantee for Bit Coin from Govt. Public Ledger is Guarantee for Bit Coin.
Public Ledger is the record of Bit Coin transactions. This record have whole transactions of Bit Coin. Public Ledger is placed in the server which is maintained for Bit Coin transactions. Every Bit Coin transaction is recorded as soon as possible. By this they try to stop many Irregularities. For this processing they create new Bit Coins.By using there computing Knowledge they feed Bit Coin transactions in Public Ledger. This task is called Mining. Bit Coin miners make special servers for them & do mining by using Bit Coin Software. They are in different countries all over the world. They mange Bit Coin Network by connecting there servers to internet. The people who have software knowledge can join in this. When a transaction is done between 2 people or companies,using related software they will update it on network. Bit Coin server copies it into Public Ledger. After copied into Public Ledger they even get copied to remaining servers. The all servers Public Ledger’s get sinked. So that without depending on 1 sever they can work with different servers. By doing this our information will be safe. We will have no fear of losing data.
The word we hear mostly in Bit Coin transaction is Black Chain. Black Chain means it collects data of last 6 approved transactions unites them & places it in Public Ledger. This Complex is called Black Chain. Immediately after A black chain gets registered it gets copied to all servers. By this they can eradicate duplicate data. The proof to show that Bit Coin is in Working state is Black Chain. This is available for public. So that there will be no cheating. We cannot say that Bit Coin data is safe even if it is in Servers. If there is a problem in Software then Bit Coin users must face a Great Loss,because it is a virtual currency. In past, Bit Coin Software got some problems. So Bit Coin faced lot of problems in Trading. So the Developers made Software version a Step-down. In that way Bit Coin Came Out from problems. Based on these issues,lot of interest got developed in Bit Coin users about its Security. Famous IT companies are using this Bit Coin these days. They are using Bit Coin mostly for payments. We can transfer bulk amount of money to various countries using Bit Coin without help of any Bank. So demand for Bit Coin have increased a lot. The Convention in Bit Coin have become gift for Financial Offenders. Some experts tell that Bit Coin may have Bubble Growth means having huge value than in Market. The same thing is happening now in Bit Coin market. The prize of Bit Coin is more than the prize shown by Exchange Companies. Its been 9 years Bit Coin have come into market,but it is still in the form of Virtual Currency. Soon Bit Coin is going to release Real Currency. Some Countries may recognize Bit Coin as Real Currency. There are news that they may release Bit Coins which can be held by hand. That bit coin will have Bit Coin address which can be used in the Internet.
By using this Bit Coin we can buy Virtual Bit Coins. The physical Bit Coins are being sold now. This Bit Coins are sold as Original Bit Coins. We have Gold,Silver,Brass coated coins. Based on coating coin value varies. In today’s trading world Bit Coin value is increasing.But never got decreased. Because of no law Support ,Govt recognition there is still a fear in every once heart about Bit Coin. As the technology is growing investment in Bit Coin is Safe. But there is no security for our investments. No law can refund our Money.
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