The revolutionary payment system of the 21st century; Bitcoin is becoming the future of monetary transactions. It has drawn the world’s attractions towards it and is like stick to the tongue of business personalities, individuals, investors, government bodies of many nations, banks, it’s almost like everyone who heard this name is either curious to know more about it or deeply interested in it. Bitcoin is basically a Decentralized crypto currency.
What is Crypto currency?
Before going on to Bitcoin let us understand, what crypto currency means? Crypto currency is basically another name for digital currency that uses cryptography to secure its base and verify or keep check on transaction. So crypto currency is digital currency which is used as medium of exchange for the various kind of transactions, Digital Currency can be further classified into two categories i.e. Centralized and Decentralized.
Centralized: These are which actually controlled and regulated by government, banks or any organizations which issues them.
For example: Points you been rewarded by bank for swiping your credit cards and making transactions, and you could redeem these points for money or doing shopping and so on.
Decentralized: These are not controlled or regulated by any organization or government, means it can’t be flip out for any private or specific motive. And thus are effected by open market forces instead . Bitcoin is the biggest example of Decentralized Crypto currency today.
Little about Bitcoin.
Today Bitcoin actually don’t have any specified owner as it is Decentralized digital currency; the creator or we can say inventor is unknown but said to be designed by people or group of people under the name Satoshi Nakamoto. It is the first of its kind and was released in 2009 as the open sources software. It is also been named as Digital Gold and getting the prime interest of the investors worldwide. Though reviews and lawful policies for it, is still bit doubtful in many countries. But many of your detailed doubts about its functioning in India could be cleared by S P Chopra & Co. and will provide you the best advisory regarding all risk factors and legal matters related to it. Indian Government haven’t fully welcomed it yet, but it doesn’t mean it’s illegal here just its not legal tender of exchange by RBI till now.
Let us understand some basic advantages and disadvantages of Bitcoin:
Let’s start with Disadvantages first to get better picture by the end of this blog and might get some positivity.
# Lack of proper Information and Knowledge: Though there is ton of information available on internet about Bitcoin, Still there is some kind of incompleteness, which leaves many question unanswered with you. So better contact spchopra .com and they will provide you the answer of all you doubts.
# Risk and Instability: investing in Bitcoin does involves certain amount of risk, though it’s very secured but yet unstable as being effected by market forces like demand and supply.
# Cyber Threat: is also there like hacking and all but is very minimal effect as having strong privacy and secure features.
Now let’s us get some positive sides means Advantages of Bitcoin.
# Peer to peer network: This means it makes fast transactions anywhere in world without any waiting of central authority for clearance or so. The transactions are verified by network nodes which uses Cryptography.
# Control: Users have full control over every transactions and merchant or any can’t charge any extra fees.
# It is Safe and Secure: as well, as no personal information is tied with their transactions.
# Even personal information: being hidden, it’s still transparent as every transaction is available for public in public distributed ledger called Block Chain.
# Either there is no fees: at all or Very low fee for any transactions.
There is lot to know and understand about Bitcoin. So Just contact S P Chopra & Co. by visiting spchopra.com if you are looking for best advisory and information especially in India regarding the role of Bitcoin & Crypto currency.