Bitcoin, owing to astronomical rise in its value, has become the buzz of the town. But you would still be forgiven for not knowing what a Bitcoin is- after all there remains a large market to be tapped. As discussed in the earlier blog, there are about hundreds of cryptocurrencies around the world. But somehow Bitcoin seems has achieved what no other cryptocurrency ever managed to do. One of the prime reasons behind this is the fact that Bitcoin started it all. Bitcoin became the world’s first decentralised cryptocurrency in 2009. Cryptocurrency, in most simple terms, is the better version of digital currency. How is it better than digital currency you ask? It is because cryptocurrency uses cryptography to ensure safety and solve the issues related to digital currency (such as double spending). The revolutionary idea is the brainchild of Satoshi Nakatomo, an internet mystery character. Satoshi published a paper describing his work on digital currency. In 2008, the year of the inception of this phenomenon, the idea of decentralised money wasn’t seen as revolutionary. It did not take the world by storm. Today, price of Bitcoin is over $11000! In the journey from few cents to tens of thousands of dollar, Bitcoin has influenced the world incredibly. Let’s dive into the journey and learn what has already been achieved. How does it actually work? Bitcoin is a decentralised currency. It means that it is not owned, control or regulated by any particular bank, organisation or government. So, who controls the money? Quite simply, the users themselves. Every single person who use Bitcoins are the also responsible for running the blockchain network by assisting with their computing power. Blockchain is basically responsible for maintaining a public ledger. This ledger consists every transaction which ever took place though Bitcoins and it is visible to everyone involved in the chain. This simply prevents the fraud. Because if one wants to register and a fake fraud, he needs to hack every computer of the system at the same time. Because if he doesn’t hack everyone, the other can easily see the hacker committing the crime.


Why Bitcoin?
Since the inception of Bitcoin in early 2009, computer experts around the world have dedicated and directed their skills to make the system more efficient and advanced. These are the people known as ‘miners’. They are the people who use special mathematical software through which they mine new Bitcoins and support the blockchain. With each advancement in the field, the role of miners has changed dramatically and drastically. If you notice, Bitcoin, itself being a currency, has created work stimulus for thousands of people. Remember when we said Bitcoin has influenced the world incredibly? How did that happen? What is so unique about it?

Bitcoins have eliminated the numerical and political restriction on money. Today, with Bitcoin you can send money to anyone in any corner of the world without any limit.
Bitcoin provides privacy. You must have heard the hacks of credit card data and other financial information. This is impossible with decentralised currency like Bitcoin.
Transaction cost are minimum possible. In comparison to banks fee, Bitcoin transaction fee are negligible. No theft. The network of Bitcoin is extraordinarily secure. If tried, it will be an uphill task to steal or hack wallet unless the user himself/herself is being careless. And, public blockchain has made it impossible to manipulate the system as anyone within the system can verify transaction in the blockchain.


The World is joining in
It is a well-known fact that internet users have grown manifolds in the past few years. This has altered the industrial path and reincarnated everything online. Since people have started shifting to online payment, Bitcoin has turned itself into a ground-breaking discovery.

Leading firms like Microsoft, Subway, Dell have started accepting Bitcoin payments. This has boosted the credibility of the currency in common people’s eye.
US, Canada and Australia have maintained a friendly environment for Bitcoin transactions and a big number of countries are on the way to follow the same.
The rise in the number of Bitcoin users has also been exponential. Within a decade the number has already crossed 16 million mark.
Within a space of 2 years (July 2015-August 2017), the number of Bitcoin ATMs has tripled.
Total venture capital investment in Bitcoin raced from $98 million to $1 billion within a span of 2 years.
Japan has already legalised Bitcoins and has become the first and the largest Bitcoin market on the planet.


What does the future holds?

Bitcoin continues to remain the first choice because of its unmatched offering of privacy and decentralised model. With the maximum number of Bitcoin set to be limited to 21 million, the demand will only increase in the future and so will the value.
Following Japan’s decision, a number of countries across the globe are on the path to legalise the cryptocurrency- which quite simply will give boost to the already escalating price.
Since its meteoric rise towards the end of last year, Bitcoin has become a household name. This one directional growth is a clear indicator of the fact that Bitcoin will be world’s most accepted cryptocurrency. If you still haven’t joined the Bitcoin revolution, it is not too late.