Bitcoins are first decentralized digital currency which you can send on Internet.
Bitcoin comparing to other alternatives has numerous advantages over physical Currency.
The best advantage to quote for bitcoin is the transferability. It can get transferred from person to person. Without going to bank or any clearing house one can get bitcoins in their account.
Bitcoins don’t have their own currency so they can be transferred to any other currency. You can bitcoins converted into Dollars, Pounds and Euros. It adds to their versatile nature.
There is a Bitcoin log in your computer or mobile device. Sending a Bitcoin is as easy as sending an email. One can purchase anything through Bitcoins.
The network in which Bitcoin travels is secured by Miners; they are agents who verify transactions. These transactions are recorded into Public ledger which is Transparent.
Bitcoin are used for minimizing transaction feed. Peer to peer transactions in less time anywhere in the world.
Bitcoins is in recent news these days as Samsung Electronics Co. with International Machines Corp. is working on developing Apps that uses Bitcoin technology. They are seeking a good future prospect in Bitcoin technology can be used to record changes in ownership of any asset in a public ledger using a distributed network of computers or mobile phones.
It can facilitate all types of online transactions with minimum transaction fees. Soon it will be internet of things as Samsung is using bitcoin’s fundamental design to build a distributed
Now even PayPal has formally announced that they will accept Bitcoins.
Bitcoins will be used on various websites and ecommerce platforms. It is used as a versatile currency which can be used without exchanging financial information between vendor and clients.
Accepting Bitcoins as a digital currency, Pay pal is looking for a great future in e-commerce websites. As use of digital currency will make merchants onboard quickly and can manage their transaction on the go without going to any bank or any other financial institute.
Through Bitcoins people would be able to buy digital goods with an ease. PayPal as a platform will incur a setting up fees but for now as per standard services Pay Pal is not charging anything.
With the bright future of Bitcoin Technology with giants like Samsung and PayPal we have certain questions as well
Where all the data will be stored?
What about Security issues?
How do we maintain data integrity?
What about Privacy and confidentiality?
