Wednesday, February 3, 2016

BitCoin Will Not Vanish just Because It Is Virtual - Social Media

Bitcoins are Digital Currency which are sent easily through the Internet, without the hassle of seeking a third party. The Transactions are secured. They are irreversible by design. They are fast. Funds received are available for spending within minutes. They cost very little, especially compared to other payment networks. The supply of Bitcoins is regulated by software and the agreement of users of the system and cannot be manipulated by any Government, Bank, Organization or Individual. The limited inflation of the Bitcoin system's money supply is distributed evenly [by CPU power] to miners who help secure the network. So if you help in creation you are certain to make a couple of Bitcoins; Although this option is no more readily available.

Points To Remember With Regards To Bitcoins:
  • The Bitcoin valuation market is like share market - it is volatile. For instance As On February 1 Monday 2016 the Bitcoin Price in Indian Rupees is: 25,504/- For One Bitcoin and In Dollars it is 378.04 US Dollar For One Bitcoin.
  • Bitcoin payments are irreversible. This means they can only be refunded by the person receiving the funds. Luckily Bitcoin can detect typos and usually will not let you send money to an invalid address by mistake. Additional services might exist in the future to provide more choice and protection for the consumer.
  • Remember, all Bitcoin transactions are stored publicly and permanently on the Network, which means anyone can see the balance and transactions of any Bitcoin address. However, the identity of the user behind an address remains unknown until information is revealed during a purchase or in other circumstances. This is one reason why Bitcoin addresses should only be used once. Always remember that it is your responsibility to adopt good practices in order to protect your privacy.
  • Before you start collecting Bitcoins you might as well register on an OnLine wallet. This is similar to a Bank. Your Bitcoins can be stored and sold there. 
  • There are many ways to collect Bitcoins. Being a Digital Currency you get it via the Internet. 
  • You need not know about the technology to be a simple user of Bitcoins. It is important that you understand that this Peer - To - Peer Technology operates with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the Network. Bitcoin is an open-source; that is, its design is public, nobody owns or controls Bitcoin. Nobody owns the Bitcoin network much like no one owns the technology behind EMail and Messengers. Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the software, they can't force a change in the Bitcoin protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use Software complying with the same rules. Bitcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus.
  • The good part is all can jump into it! Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system!  
  • At the end of August 2013, the Value of all Bitcoins in circulation exceeded US$ 1.5 billion with millions of Dollars worth of Bitcoins exchanged daily.
  • Just because it is Virtual Money it does not mean that Bitcoin will vanish someday. Bitcoin users have exclusive control over their funds.
  • Bitcoins can also be exchanged in physical form as well. They are called Casascius Coins, but paying with a Mobile Phone usually remains more convenient.
  • Bitcoin is definitely not an overnight getting rich concept.