You must have heard the term Cryptocurrency many times. Around the year 2007 to 2009, the term was buzzing around the globe. This modern currency has given birth to a new version of currency known as digital currency. These digital currencies are type of currency that have been used for various transactions and exchanged objectives. Bitcoin is also a type of Cryptocurrency that was used for the very first time after the origin of this digital currency movement.
Bitcoin were originally started around the year 2009-10 and they are referred as the first Cryptocurrency which was not centralized by any bank or financial institution. This is a type of digital money that works without any supreme authority’s supervision. There is not any central bank, individual finance agency or administrator. According to the surveys done around the year 2014-15, large amount of population has been seen using such type of currencies as an exchange medium for another currency.
Workflow of Bitcoin:
These bitcoin works as an international payment system. They are exchanged and used worldwide as payment methodology. The whole process of money flow is peer to peer networking technique; even the transactions also take place without any mediator and used direct user interface process. When it comes to safety and reliability, they are quite secure and protected as comparing any other money transaction or exchange mediums. Numerous online websites provide free bitcoin to their customer for ease and convenience along with safety.
How can they be reliable?
Bitcoin are basically a Cryptocurrency, they are safe and protected with an encrypting method known as cryptography. Their invention was happened with an objective of mining process and later became the foremost choice among users. These coins have numerous of applications from being an online payment system to exchanged currencies. Along with these factors, safety and security too is a considerable one. They are generally being verified by specific network nodes, these nodes uses cryptography method for its security and safety of transaction and numerous other aspects. Using cryptography technique these currencies have become safer than ordinary money system runs by a central bank or agency.
Can these bitcoin survive in a long run?
Although they are becoming very prevalent among the people around the world, looking the statistics of its success after the year of 2015, it can be estimated that our future may use such currencies for their as their monetary system. Due to its safety and security factors, using this digital currency are more reliable than any other form of money. Sp, there is not a single doubt on its identity; they can definitely survive in a long run.
There are numerous online website nowadays that are providing free bitcoin to their customers so that they may get started with this type of digital currency or Cryptocurrency.