FutureNow

WHAT IS BITCOIN? Image Credit - Bloomberg Bitcoin is a decentralized digital currency created in January 2009. He follows the ideas outlined in the whitepaper under his mysterious pen name Satoshi Nakamoto.  The identity of the person or people who developed the technology is still a mystery. Bitcoin promises lower transaction fees than traditional online payment mechanisms and, unlike government-issued currencies, is managed by a decentralized institution. Bitcoin is known as a type of cryptocurrency because it uses cryptography to keep it safe. There are no physical bitcoins, only balances stored in a public ledger that can be accessed by everyone transparently (even though every record is encrypted). All Bitcoin transactions are verified by a large amount of computing power through a process known as "mining". Bitcoins are not issued or backed by banks or governments, nor is a single Bitcoin valuable as a commodity. Although Bitcoin is not legal tender in most parts of the...

Bitcoin is becoming legal tender in many countries. It is because young people are postive about CryptoCurrency. This week El Salvador a country in Central America made Bitcoin a legal tender alongside US dollar. It is said that more countries will legalise cryptocurrencies. The Bitcoin price in India today is Rs 36.75 lakhs.