Update: This article was last updated on 12th Jan 2019 to reflect the accuracy and up-to-date information on the page.
Bitcoin – a cryptocurrency that is increasingly being adopted by businesses, and to be precise, out of the total cryptocurrencies, bitcoin compromises 34% as of January 15, 2018.
A software developer with the name of Satoshi Nakamoto is believed to be responsible for the introduction of bitcoin to the world. The main idea behind bitcoin is to enable individuals or a business to make quick payments without any traditional banking system hassle.
However, there is no central establishment to monitor the transactions done with bitcoin, and it cannot be traced to the source. The users can use the bitcoin with no validation required for the use of bitcoin.
The bitcoin is maintained by a small community of coders. Hence, as with the banking or other institution dealing with your revenue can monitor all your financial activities, there is nobody that does the same in bitcoin.
When compared with the national currencies, the bitcoin is in limited supply. The national currencies such as Dollar can be transacted as desired by the users. There are no limitations to the supply of the currency. However, with bitcoin, only a limited number are rolled out in fixed periods of time.
From the year 2009 to the smashing records at the end of 2017, bitcoin has surely made a strong challenge to prove its dominance in the economy. The bitcoin hit an all-time high in December 2017 and was worth $19,783.21 to become one of the most popular mediums in the near future for making payments and further transactions in a business.
However, the year 2018 saw bitcoin values fluctuate on a regular basis and saw a decrease of 84 percent as compared to last year’s highest value.
This infographic will let you explore the basics of Bitcoin by defining its usage for individuals as well as businesses.
Along with that it also explains how businesses and individuals can make use of this virtual currency to make easy and secure payments.
Talking about individual perspective, the processes involved in choosing bitcoin wallet, buying & selling of bitcoin is also defined. How businesses can take advantage of by using bitcoin and the corresponding queries related bitcoin can also be considered in this infographic.
Comments (1)
I wonder how tough it must have been to bring this concept into the market, it’s very hard to shift people’s mind.
It’s a different concept with great potential, the thing is how are they planning to get it out in the market.
Have used BITCOIN for personal transactions, it’s a safer option. But the price of the currency never remains constant, so that’s a concern.
Ultimately what you look for in an alternative currency option, is the security it provides to its customers. In Bitcoin’s case all aspects are very much there.
The difference that Bit Coin will bring into the market looks very defining, it’s a great alternative for those who trade 24/7 on internet.
Although people will very rarely move to this option because the currency that is being used currently has way more influence.
Bit Coin has a long way ahead as the user database is growing gradually, moreover people are skeptical of this option.
The concept encourages you to move to this option, but also makes you think about the pros and cons of this type of currency which is present virtually only.
More and more organizations should accept this form of currency, only then it could bring better results.
Layers of safety that Bitcoin offers to its customers makes you believe that this option is very much likely to attract many in the future.