Bitcoin is a form of virtual currency – often referred as ‘cash’ for the internet. If you have bitcoins, you don’t have to buy things by handing physical notes or coins to the seller. You can use Bitcoins instead! They are used specifically for electronic purchases and transfers. Digital transactions indeed make the process of trading hassle-free. The greatest advantage, however, is that all necessary information is public and transparent. You can use bitcoins to pay friends, merchants, etc. Every single purchase is immediately recorded digitally (on computers) on a transaction log called blockchain. Read more about blockchain technology here. This gives a tremendous amount of comfort to both parties of the transaction.
Needless to say, the popularity and usage of Bitcoin is picking up very quickly as more and more businesses and individuals are opting it for of its benefits and advantages over traditional currencies.
says that the average number of visitors to its site has crossed 14,000 from its daily average of 4,000 users before demonetisation.
Today, it is really easy to obtain bitcoins. there are a number of ways in which you can do it. Before we get to that, you’ll need a ‘Bitcoin wallet.’ There are plenty of platforms available to create a wallet. unocoin.com being one go the popular ones. Once you have a wallet in hand, you can begin to add money to your wallet. There are a couple of ways in which you can do so. Selling a good, and accepting bitcoins as a form of payment is an option. One can earn free Bitcoins by completing tasks on certain websites. For example, watching certain advertisements give you bitcoins in return. You can also lend bitcoins and get paid in return with an interest. Another interesting way of earning bitcoins is Bitcoin mining. It is the process by which new Bitcoins are generated. When you perform mining, the computer adds new Bitcoin transactions to the blockchain and therefore generates them. You can even trade bitcoins for traditional currencies of countries.
Tunisia is replacing its self-created eDinar digital currency with a blockchain-based version, making it the world’s first country to do so. Bitcoinist.com reported that the Tunisian government has collaborated with Monetas to combine blockchain technology and a national digital currency, which will allow the eDinar to be used for making mobile money transfers, managing identification documents, paying bills, and much more. Post-demonetisation, India has become one of the fastest growing markets for digital currencies like bitcoin, according to Nicolas Cary, co-founder and president of Blockchain, the largest software provider for crypto-currencies in the world.
“The digital strategy the Indian government has pursued is in alignment with some of the things we see happening [across the world] as well, which is that, once you can use technology to do things easier and more affordable, then in the long run people will end up eventually going in that direction,” Mr. Cary added. He has also announced a partnership with Unocoin — one of the largest crypto-currency platforms in India — to enter the Indian market.
The future of digital transactions looks bright. The idea of online transactions is to overcome the physical barriers of trade and promote free trade across the globe. Technology is to make our lifestyle simpler, bring the world closer and only by embracing the latest trends of it can we achieve this.
Sources: www.unocoin.com www.buybitcoinworldwide.com www.cryptocoinsnews.com www.thehindubusinessline.com Bitcoinist.com www.thehindu.com