Bitcoin acquires 72% of cryptocurrency and is one of the most recognized ones. Its sudden eruption from the past one to two years has created a lot of excitement within every age group. Here in this article, I have tried to cover all important markable points that we should know about it.
Why is Bitcoin unique?
Thanks to bitcoin’s invention, for the first time, any human can be sent or receive money instantly to another human in any part of the world. This all happens without any interference from government authorities or some other financial institute. It simply involves people having their own control over money. It might sound complicated or difficult to one who has never used it. But once you get to know it, it is straightforward and efficient.
How does it work?
All traditional money transfer systems like master cards or PayPal have one ledger or are maintained by a centralized system. That keeps a record of everyone’s transactions and available balance in everyone’s account. In short, they are responsible for updating the ledger in the way they want.
A large distributed network of computers processes Bitcoin transactions. Instead of one ledger, everyone has a copy of the ledger, technically called a blockchain. All these ledgers stay synchronized with one another, encrypted with public-key cryptography, verified at multiple points in the network and then a new block is added to the blockchain. The real power of bitcoin is that no one can do anything to transactions made by sender and receiver. There is no bitcoin company and server that our government can call to stop, modify or plug off it all.
How can you make money?
Mining bitcoin is responsible for ensuring that the bitcoin network is fair, safe, stable, secure, and above all, it helps make money. Bitcoin is basically a peer-to-peer network that means everyone takes care to maintain and update its ledger. This ledger is updated after every 10 minutes on average, and it is done by millions of guesses per second by people. They solve it like a maths problem with a specific algorithm. For solving this problem, ACIS that stands for Application-specific integrated chips, makes bitcoin mining easier. It makes mining a lot easier than traditional computers and even from using the graphic card in the CPU.
As per the recent updates from mid of 2018, a person receives 12.5 bitcoins for solving one such problem and one bitcoin worth more than 7,000 USD. From this, you can take note that how bitcoin mining can make you richer!
The noise of Bitcoin is all because of blockchain. There are more ways to use it rather than trading cryptocurrencies. One of these is voting. For voting purposes, each transaction involves a vote instead of exchanging cryptocurrency. Those who can vote will add their vote to the blockchain, and their choice will remain safe and secure. This process involves both public and private keys. The only main motive is to ensure transparency in countries that works for democracy but fails to do so because of few illicit elements.
Universities and other Educational Institutes with New Courses
With the huge hype of bitcoin, there is an escalation in cryptocurrency-related jobs all around the globe. As it’s something new in the market and we have fewer existing experts. The increase in youth curiosity results from knowing more about it and even opting for it as their profession to meet the desire to become part of such positions in the financial market. Our educational institutes offer special courses such as mining strategies, bitcoin transactions etc., advocating to students about the magic of such technology, leading to a lucrative business solution.
Varna University of Management recently offers Bitcoin scholarships. This actually enhances more engagement of students with the related market.
Not only this, the news of students investing in bitcoin is already in the air. A survey states that 21.2% of current college students with student loan debt use financial aid money to invest in cryptocurrency.
Considering all facts, blatantly investing in bitcoins is also not right. As per the report of January 2018, it was found that 80% of bitcoins are already mined. Moreover, the difficulty in mining bitcoin will be going to increase with time.