Question : What is Bitcoin and Bitcoin Market Value?
Answer : Bitcoin is a form of digital currency, create and maintain electronically. No one controls it. Bitcoins are not in print form like dollars or euros. They are produce by people by using some complex algorithm. That Algorithm name is Mining Bitcoin.
Bitcoins have shine the era of next financial revolution in the form of Cryptocurrency.
Question : When BitCoin Come into Existence?
Answer : Bitcoins came into existence when at the edge of Economic and Financial Collapse of US Market. When Lehman Brothers collapse and took away investors’ sleep at night. An Inventor as Software Developer, Legend Satoshi Nakamoto (Pseudo Name) published a paper called Bitcoin for peer to peer payment.
Question : What was the value of 1 Bitcoin Worth in 2009?
Answer : Bitcoin was not much popular in market in 2009. Its come in light in 2010. Specifically, Bitcoin value $0 in 2009 during its very first year of presence in the market
Question : What was the value of 1 Bitcoin Worth in 2010?
Answer : Bitcoin’s price was $1 in 2010. Still it was not much popular, Its highest price for the year only $0.39. Hardly few people know about bitcoin that time.
Question : What Determines Bitcoin’s Price?
Answer : Bitcoin’s price is calculate against currencies, such as American Dollars (BTCUSD), Chinese Yuan (BTCCNY) or Euro (BTCEUR).
Like other currencies there is no official Bitcoin price. There are two indices, Bitcoin Average and CoinDesk such reporting the average price. It’s easy and normal for Bitcoin to trade on any single exchange at a price little different to the average.
Question : Why Bitcoin become so popular in the Market?
Answer : There are below reason of Bitcoin becoming so popular in the Market :-
#Decentralized_in_Nature:- The bitcoin network is not control by any one central authority in the world.Machine that mines bitcoin and processes transactions makes up a part of the network. All the machines work together in the network. It means that one authority can not decide to take people’s bitcoins away from them.
#Easy_to_set_up:- Therefore bitcoin account can be set up in minutes or even seconds after following few steps. As compare to traditional Bank account its easy to setup. There are no setup questions for accounts setup or no charges are apply.
#Individual_Accounts:- Every User can maintain multiple bitcoin addresses. And the good thing is they are not linked to names, addresses, or other personally identifying information.
#Transparency:- Bitcoin keep the details of every single transaction, you make in the network.Users making huge version of a general ledger, called the blockchain. This details is easy to check in your account.
#Transaction_fees_are_Extremely_Small:-This is the most important part in the financial & Banking. International transfers charges are very small in Bitcoin.
#Hedge_against_risk:- Most experts report that it may fears that in China and Asia the yuan could depreciate as reasons for increase investment in bitcoin by lots of people.
#Fast:– By Using Bitcoin, We can send money anywhere in the world and it will arrive in minutes.The bitcoin network processes the payment quickly as compare to other payment method.
Broad applications:Day by day,people getting aware about bitcoins. Even Uk, Australia, US and even UN is thinking of using bitcoin and implement it in many government works to help people.Expert inform that top companies like Accenture, Delitte, Wipro, HSBC already set up their lab or start research on this field.
1 thought on “What is Bitcoin? | Market Value | Advantages | Why So Popular”
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