What is Cryptocurrency and Why Bitcoin is Reached All Time High

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Cryptocurrency is a “Virtual” or “Digital” currency, it designed for medium of exchange. It uses cryptography to control and to verify the transfer of assets and secure its transactions. Cryptocurrencies make it easier to transfer funds between two parties in a transaction. Bitcoin was the first cryptocurrency launched in 2009 by the pseudonym Satoshi Nakamoto. It uses “Blockchain” concept for  public ledger for all transactions.  After success of Bitcoin a number of competing cryptocurrencies, such as ethereum, Litecoin, Namecoin, PPCoin, Ripple and more.

Bitcoin

Cryptocurrency

What are all the benefits & Drawbacks of CryptoCurrency

Benefits:

  • It simplifies the process for transferring assets between two parties and settles in real time manner.
  • It takes minimal processing fees.
  • Easy to access.
  • Less chances of fraud.

Drawbacks:

  • Because of cryptocurrencies are in virtual status and do not have a central repository, these can be wiped out by a computer crash if backup doesn’t exist.
  •  Still undefined or changing the legal status of cryptocurrencies varies substantially from country to country.
  • Cryptocurrency also used in controversial settings in the form of black market.

What is Bitcoin?

Bitcoin is the first cryptocurrency, it is an innovative payment network and a new kind of money. It is a decentralized digital currency. Bitcoin is a open-source and nobody owns or control these coins. It was invented by Satoshi Nakamoto in 2009. It uses peer-to-peer technology to operate with no central authority or banks managing those transactions and the issuing of bitcoins.

Bitcoin

What can do with Bitcoin?

Mobile payments: With a simple two step scan-and-pay you can transfer bitcoin from one to other party.

Works any-ware: You can use it any time any ware.

Fast international payments: You no need to wait 3 or more business days like banks to transfer your assets to other country persons. Bitcoin works all time.

No transaction fees: It offers no extra fees for making an international transfer. You can transfer minimum or maximum amount.

Protect your identity: You no need to give your bank account number or card number for transactions, so no need to fear about your personal identity.

You can also interested in Google Tez New Payment App.

Why Bitcoin Price Reached above $15000

Bitcoin Chart

Bitcoin price reached $17000 on Dec-2017, this gave almost 15x returns with in 1 year of time span. This pulled up the prices of other coins like Ether, Ripple and more. Bitcoin is has highest market capability among all. You can get market capability from the Blockchain official website. There were lot of reasons for this but most of them related to use of technology. And also some of them gave answers like “lack of external regulation and control from big banks”. One more reason for Bitcoin soar because of it was registered in Chicago Exchange.