Meaning of Bitcoin
The organizations and individuals involved in the whole transaction are called “miners”, and they are attracted to the rewards. The mining of Bitcoin is a process, which requires solving many difficult algorithm puzzles in order to reach a block, which will be present in crypto. The individuals or miners receive few bitcoins in the form of a reward, for adding every additional block to the blockchain but this process, gets difficult for the miners with each block getting added to the blockchain.
Bitcoin wallet is not present in a physical form, only amounts kept in the cloud. They are not given or trusted by any banks or governments. Despite it not being legal or widely accepted in many countries many people still show their interest in them and believe that it will lead the future. The popularity was sudden and massive which lead to the formation of several other currencies.
The rate of bitcoin scenario in the current world market!
Businesses started making investments, resulting in a new form of millionaires – the Bitcoin Millionaires.
Just like the value of gold is due to the faith of the people in it, such is the value of Bitcoin. The value increases and decreases with people’s trust in it. As of Nov 2019, there is about $146 billion worth of Bitcoin and a total of more than $214 billion of cryptocurrencyin circulation today.
In 2009, 1 Bitcoin = $0.06
At its peak in 2017, 1 Bitcoin = $19,000
The final verdict!
As seen in recent times of large-scale bank frauds seen in India and many other economic superpowers, it is not an unwelcome change to remove the managing of money from the hands of banks. Nonetheless, a centralized system is needed to watch over the transactions made by users. So that the users can report for any issues faced during transactions.