Bitcoin acquires 72% of cryptocurrency and is one of the most recognised one. With its sudden eruption from past one to two years it has created a lot of excitement within every age group. Here in this article, I have tried to cover all important markable points which we as students should know about it.
Why Bitcoin is unique?
Thanks to invention of bitcoin, for the very first time, any human can sent or receive money instantly to another human at any part of world. This all happens without any interference of government authorities or some other financial institute. It simply involves people to have their own control on money. It might sound complicated or difficult to one who has never used it. But once you get to know it, it is very simple and efficient.
How does it work?
All traditional money transfer systems like master cards or paypal just have one ledger or maintained by a centralized system. That keeps record of everyone’s transaction and available balance in everyone’s account. In short, they are responsible for updating ledger in the way they want.
Bitcoin transactions is processed by large distributed network of computers. Instead of one ledger everyone have copy of ledger which is technically called as blockchain. All these ledgers stay synchronized with one another, encrypted with public key cryptography, verified at multiple points in network and then a new block is added to blockchain. The real power of bitcoin is that no one can 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 bitcoin network is fair, safe, stable, secure and above all it helps in making 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 in average and it is done by millions of guesses per second by people. They solve it like a maths problem with specific algorithm. For solving these problem ACIS that stand for Application-specific integrated chips makes bitcoin mining more easier. It makes process of mining a lot easier than traditional computers and even from using graphic card in 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!
Blockchain based elections
The noise of Bitcoin is all because of blockchain. There are more ways to use it rather then trading cryptocurrencies. One of these is voting. For voting purpose each transaction involves a vote instead of exchanging cryptocurrency. The one who can vote will add their vote to blockchain and there choice will remain safe and secure. This process involves both a public and private key. The only main motive is to ensure transparency in countries which works for democracy but fails to do so because of few illicit elements.
Universities and other Educational Institutes with New Courses
With a huge hype of bitcoin, there is escalate in cryptocurrency related jobs all around globe. As it’s something new in market and we have less existing experts. The increase in curiosity within youth is resulting to know more about it and even opting it as their profession to meet desire to become part of such positions in financial market. Our educational institutes are offering special courses such as mining strategies, bitcoin transactions etc to advocate students about magic of such technology which can lead to a lucrative business solution.
Varna University of Management recently offers Bitcoin scholarships. This actually enhances more engagement of students with related market.
Not only this, the news of students investing in bitcoin in already in air. A survey states that 21.2% of current college students with student loan debt uses financial aid money to invest in cryptocurrency.
Considering all facts, blatantly investing on bitcoins is also not right. As per report of January 2018 it was found that 80% of bitcoins are already mined. Moreover, difficulty in mining bitcoin will be going to increase with time.