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BITCOIN


BITCOIN

Bitcoin is a class of cryptocurrency that enables enables security in transaction.Bitcoin has surmounted many challenges to becomming the first cryptocurrency to operate on a decentralised platform making transaction easier without a middle man in place.


CONTROLLER OF THE CURRENCY

One very imperative question that creates a puzzle in the e-currency is ownership.Many people wonder about the ownership of bitcoin.The truth is that bitcoin belongs to no-one.It is actually controlled by the users themselves.


THE MODUS OPERANDI

Many user also wonder about the modus operandi of bitcoin.Bitcoin is more like an application on a moblie device in form of a wallet that enable e-transaction.Bitcoin uses a wallet address called blockchain to enable security of its coins.This address is dynamic in nature creating a hard nut to crack for hackers.


MANUFACTURER OF BICOIN

Bitcoin has for long been in existence but has been made predominant in our contemporary society.It was first mentioned in 1998 by Wai Dai.He suggested a new form of currency used universally and supported by a cryptograph.
It was again talked about in 2009 by satoshi Nakamoto.Ever since then the use of bitcoin has grown exponentially becoming a fastest  growing cryptocurrency.

MERCHANTS PERCEPTION TOWARDS BITCOIN

A large growning number of merchants are fast using bitcoins for their transactions both small scale and large scale businesses.Merchandise like retaurants,law firms,houses,hotels etc.Currently the value of bitcoin exchange on a daily basis is above 1.5 billion US dollars.

ACQUISITION OF BITCOINS

By rendering services

By mining bitcoins

By payment of goods

ADVANTAGES OF BITCOIN PAYMENT

No fee attached for payment

Easy transaction

Less risk for business men

Transparency in payment

DISADVANTAGES OF BITCOIN

The value of bitcoin is volatile

Not still a major exchange avenue in some country

IS BITCOIN VIRTUAL?

Bitcoin is fully virtual that is why it is referred to as e-currency.So it can only be used in purchasing items online.Bitcoin has large network and are therefore stored in large security tight network to avoid be fraudulently attacked.

HOW LUCREATIVE IS INVESTING IN BITCOIN?

Bitcoin is not an automatic get rich platform.It has to do with long term investment.people who invest in bitcoin are futuristic.They buy when it is cheap andsell when expensive that is how it works.There is no business opportunity without risk.There is actually no written code that states that bitcoin will continue to grow for eternity but the rich capitalise on the prospective chances around them.

CAN BITCOIN BE TRUSTED?

Sure it can because of the efficient network structure.Bitcoin is fully decentralised which implies anyone can have access to their network to carryout his or her merchandise.All payments are made without reliance on any third party system making it trustworthy.All transactions in bitcoin can be verified by any one in realtime.

CONSUMER PROTECTION

Each user can send fund exactly the way it was received by the person.This implies that bitcoin grants each customer to make transaction on his or her own terms.Buyers and sellers do not have access to same info there must always be profit and losses. Bitcoin always leaves a signature verification for every transaction accomplised

BITCOIN PRICE DETERMINATION

The price determination of bitcoin is as a result of marketforces(demand and supply).When bitcoin demand is high and currency unavailable few persons with access to it will sell at an exhorbitant price,but when the contrary is the case the purchasing amount is bound to face a nose-dive

IS BITCOIN INEQUITABLE

Couple of years ago, many people took the bull by the horns by purchasing bitcoin in immensely large proportions.Such persons where unaware of the future increasing prospects of currency but just decided to invest in it. The truth is there is no clear cut assertion that the price of the currency will double or tripple in the nearest future.Bitcoin is still at its infancy but it is a coin with high prospects.

WHAT IF IT DECLINES IN THE FUTURE

Bitcoin for the time beign remains the most illustrious decentralised currency but no one knows for sure how long it will last because lots of currencies are at loggerheads with each other.It is therefore good to have a futuristic view about the coins performance in the future.
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