Written by Suryansh agarwal
What if I tell you that there is a technology, which houses the potential to revolutionize the way we think of currency exchange? What if there is a technology, which has the power to influence the very ways our economies and governance systems work? This technology already exists and is called the bitcoin.
Bitcoin is a peer-to-peer electronic currency, which provides quick and efficient transaction methods with nominal chances of frauds and errors. It operates on a user-verified medium, wherein transactions are approved by users worldwide before the actual transfer of currency.
Privacy is ensured as user’s identities are shielded through maintenance of anonymity. A 26 to 35 digit alphanumeric address is maintained as an individual’s username and the same is used during transactions.
To prevent unauthorized transfers, a unique 32 digit alphanumeric password is sent to the user for confirmation of the transaction.
Open ledgers are maintained and are accessible to every bitcoin user worldwide. A mere app or website on your mobile or personal computer contains the wallet which subsequently houses your funds.
Bitcoin acceptability over the years has improved manifold and thus made it extremely convenient for laymen to use. E-commerce giant Amazon has also commenced the acceptance of payments in bitcoin. Several nations around the world have legalized its use too and have been repeatedly implementing policies and campaigns to boost public knowledge about the currency and its use.
The advantages being many, there is no limit to what extent this technology might slingshot the development of this world community today.
Being in use in almost one-third of the world already, there is no scope for denial of the fact that Bitcoin is a viable currency option for the future.