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Bitcoin: The Digital Currency; Let’s Explore BTC and What it Holds in Future

By: Arun Goyal
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Ever since we remember, currencies have a huge role to play in forming the economy of nations all across the world. However, often it happens that things go haywire, in the cases of retarding economy or during a recession or when increased prints of paper money by governments are of a much lesser worth when compared with the precious metal. Here is when Bitcoin (BTC) comes to your rescue as it does this brilliant job of managing monetary transactions without the interference of any central authority. However, in concern of the enterprise mobility, whether it proves to be a bane or a boon in the long term is yet to be seen. So, here we are shedding some light on this much-controversial topic.

What is Bitcoin?

Bitcoin is a digital asset and a payment system. This decentralized virtual currency can be securely and promptly transferred between two users regardless of their location, in any part of the world. It can be considered as electronic cash which you can use to make payments for services or products, etc. It is prominent worldwide cryptocurrency as here peer-to-peer cryptographic technology is used for creating and managing money transfer.

A bitcoin exchange is a digital marketplace making the buying and selling of bitcoins easy for traders. Here, different altcoins or fiat currencies are used for this purpose. A bitcoin currency exchange is an online platform acting as an intermediary between buyers and sellers of the cryptocurrency.

Bitcoins are produced by the open source Bitcoin P2P network that also manages all the bitcoin transactions. The process of its creation is termed as mining, where people from all around the world enter into a competition to solve complex math equations. After every 10 minutes, you can win 25 bitcoins.

Few facts regarding BitCoin

  • Satoshi Nakamoto invented Bitcoin in 2009.
  • With it being an open source software, no person, country, or company owns this network, same as no one owns the internet.
  • It is a peer-to-peer system, hence users can make direct transactions without any intermediary like a bank, government, a credit card company, or anything.
  • Network nodes verify the transactions and they record them in a public distributed ledger known as the Blockchain.

Bitcoin Mining

  • Same as anyone can join the internet, anyone can also help in verifying and recording payments into the blockchain. This process is termed as mining.
  • Users can contribute with their computing power in this process of Mining.
  • As a reward, miners receive newly created bitcoins and transaction fees.
  • Presently, in every 10 minutes, miners receive 12.5 bitcoins. This halves every 4 years and the next halving is going to take place in mid-2020.

How is Bitcoin used?

Bitcoin (virtual currency) is same as a mobile app or a computer code comprising of a Bitcoin wallet enabling the users to easily make bitcoins exchange. Here is the process you can follow to use Bitcoins:

 

  • A secret key is used by the user to broadcast the message of passing the coin to another person when a Bitcoin is spending by him.
  • The originating source is validated by the open-source Bitcoin software.
  • The ownership of the transferred coin is also attached to the payee.
  • Then on, the Bitcoin can be paid by the recipient to some other users, and hence the cycle goes on.

 

Bitcoin Wallet

A Bitcoin Wallet app (or client) needs to be installed on your mobile device or desktop in order to make payments through Bitcoins. Besides, cloud-based web wallet can also be used. Then you are required signing up with your Bitcoin wallet provider that is going to create your Bitcoin address. This address can also be shared with others so that they can transfer the Bitcoins and vice versa.

 

Bitcoins & Enterprise Mobility

Many enterprises have found this payment mode helpful in spreading their businesses remotely, mainly in the areas where payment via other sources is not permitted. They can even be used as a mobile wallet to purchase services and products from e-commerce portals accepting bitcoins, to disburse salaries to employees, to book flight tickets, hotels, etc., to pay for mobile VoIP services, and a lot of other means. This way, this digital currency is earning immense prominence among a lot of retailers as well.

 

How secure is it?

While making payments using Bitcoins, users have complete hold of their transaction as the mechanism of a private and public key is leveraged here in this mode of payment. The distribution of the public key can be done openly by the owner, however, only the recipient, with the use of a private key, is able to decode the encrypted information, thus making it completely secure.

Also, you can verify the data related to Bitcoin transaction and use it in real-time through the blockchain. This public ledger comprises of the record of entire transactions taken place ever since.

 

Future of Bitcoins

Well, the digital currency is not going anywhere and as stated by Barry Silbert, the Chief executive of Second Market, “The banking system has come to the realization that digital currency isn’t going away”. However, there are high chances of Bitcoin being replaced by some other digital currency, same as Facebook took over Friendster, said Todd Horisson, from Minyaville.

Hence, Bitcoins must revise the security measures, infusing more firm and intrusion-proof transaction processes for a perkier future in the arena of enterprise mobility.

 

Conclusion

Due to its decentralized nature, as it is independent of any central bank and is cheaper, faster and secure, Bitcoin has been immensely popular virtual currency across the globe. And to ensure its bright future among small and big enterprises, it must come up with better and secure transaction methods. Otherwise, it may get overpowered by some other digital currency in the coming time. However, the digital currency trend will continue to dominate.

Meanwhile, nowadays many businesses are building their own bitcoin wallet owing to its wide usage among the users and the ease it offers. Leading app development companies offer excellent bitcoin iPhone app development services delivered to you in shortest possible time. So, take your business to new heights with the right app development support.

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