Bitcoin is a digital currency that does not have the properly authorized government to regulate and monitor the transactions. Before going to the bitcoin revolution just make a quick overview of the money. What is meant by money? Money is the value of something you have or it defines the worth that you have as a thing to exchange. In short, money means value. People trust some value if they do something for others that represents money, not only the value is in the form of money it can be gold, things, or any other form that can be used as a trust to use it in the future. In the olden days, gold is the only way to exchange when it comes to value. But while purchasing a piece of bread and give the gold in return is just an impossible way, then only the paper form of value which can be trust formed in the name of money.
How bitcoin traded:
Usually, banks and the government have full power to regulate the money. No country will print its currency ‘n times’ and circulate in the market. It will get down the value of money. If you are well versed about these you may hear about cost-push inflation, cost pull inflation and so. When a country printed money and circulated in the country the value of money will be low and even the price of the very low items will get high which is called cost-push inflation. As like when the products are cheap but people run out of money it is called cost pull inflation. Both are completely bad to the economy. So, it should be maintained neutrally which is the biggest task to the government. We, people, deposit money with the banks, by the trust they invoiced everything into the computer which means banks trust the computer and it is not disclosed they are completely closed in trading. When it comes to bitcoin, initially it circulated in the market in the year 2009 and that person called Satoshi Nakamoto.
The first transaction was made by a person who ordered two pizzas for 10000 bitcoins and by later day that bitcoin worth about 100 million dollars. There is no central authority. And the transactions are completely transparent. The computer you use for the transactions on the desk can have a copy of all the other transaction that is called the blockchain. Bitcoin is decentralized so that you can purchase a bitcoin and you can access the money, no one will have the authority to question or freeze the money you have with. You can easily invest and do transactions. It is the internet money. Several traders accept bitcoin and trade their transactions by using their bitcoin as a trading platform. Some of the stores also allow paying bills using bitcoin credit cards. By using bitcoin one can use booking hotels, tickets, etc. Some companies which access bitcoin are
- Microsoft
- Expedia
- Wikipedia
- ANX credit card.
- Etc.
You can use bitcoin freely without any restrictions. This is how bitcoin started its revolution. Though for few it gives trouble this is the best option for trading.