Bitcoins are the virtual currencies which came into public consciousness in 2018. It depicts a
very complex role in the banking regulations or the innovations. First came in 2009 from a
developer named as Satoshi Nakamoto. It was popularly a first crypto coin. There are
thousands of crypto coins normally which are not categorised as bitcoins but as altcoins.
Some examples are Litecoin, Feathercoins, Ethereum etc. There are many advantages of
bitcoin and one of them is it can also be stored offline which is also known as cold storage
and it also protects the currency to be taken by others. When the currency is stored on internet
which is called as hot storage , it has more risk of getting stolen.
The bitcoins are the self -contained valuable virtual coins with no banks to store the money
and to move the money. Bitcoins can be used online to purchase the goods and service, once
the bitcoins are purchased they seem alike gold coins in pocket. The bitcoin are stored in a
database called as wallet. It has another great advantage of forgery resistance and the
counterfeiters are not able to manipulate it. The value of bitcoin faces the variation daily. The
currency of bitcoin is completely unregulated and has been maintained by a decentralized
technology called blockchain technology. The blockchain is called as the data ledger file of
bitcoin. Bitcoin reads the wallet address of each wallet so it need not to record all the names
of people who own the wallet. So, it can be said that bitcoins maintains the anonymity. This
help the deterrence from illegal purposes.
There are many reasons through which a bitcoin is considered as a big deal. Firstly, bitcoins
are not released by any central authority or government. There are no regulations involved in
the bitcoin system. Secondly, it completely bypasses the banks as the bitcoins wallets cannot
be seized or frozen. And lastly the bitcoins transactions are irreversible. Though it has many
pros and cons, but its advantages are attracting many people