Nov 22, 2013

The Fuss & Hype about Bitcoins


Now & then world has always been strived for a payment system that will serve the need of many without poising much problems but every attempt in that direction has raised issues that always left the void wide open. Be it the case of exchange rate, credit cards or debit cards every system has ended up in foil a way or the other. So the search for perfect one is still on or we may consider it done as of now just because a Startup that introduced the peer to peer digital currency named as the Bitcoins. So what does Bitcoins has to offer, can we use that it?, Will it be safe to use bitcoins for transcations?, Well we will surely get into the details to provide you with the detailed solution about the Bitcoin fuss.

Bitcoins are a form of digital currency, that deal into peer to peer transactions specifically, crypto-currency, that uses cryptography to facilitate and control transactions. They were in the news for a number for facts & some are like their value got skyrocketed as few years ago a man invested $25 in it & now he his shares are valued at $ 886,000. Well it might be the result of increased demand for the bitcoins & their introduction into few buying systems like now you can use them to buy anything ranging from cloths to condoms, medicine to guns actually everything you need in this world. You shouldn't be surprised if i tell you that even with a fraction of bitcoin you can buy a lot of stuff as at present a bitcoin is valued at Rs 30,000. Well that's really huge amount considering it is still new to our Indian System & knowing the fact that Indian Government is still thinking about giving Bitcoin a official go to be used in India.

Well you can invest in them & then spend them for anything though we don't have any physical way to transact with them in India as of now but before that you should know about few legal anomalies in using the Bitcoins. It is still a mystery that a currency that has become so popular & for which the demand is increasing day by day still don't have any legal standing to back it. Though there is no legal regulation that states owing or transacting through bitcoin is illegal but you never know when government intervenes to shut it down as being a digital currency it will surely pose problems to the government in regulating it. As of now most of the countries have adopted a wait & watch policy for bitcoins but the moment they will realize people are using to evade tax & exploit exchange rate then they might take legal actions.  

So i think enough of legal talk & now we should talk about using it and how you can get some of it. So to use & transact with bitcoins you need to own a digital wallet introduced by Bitcoin only which have public & private addresses. Where public address is used to receive money & private one is used to send money from the bitcoin wallet. The thing that will lure people ti use bitcoins is that the lower transaction rates as you can transfer a large chunk of money for only a few pennies. Bitcoins also got their dedicated exchanges to decide the exchange rate but being a digital money their exchange rate changes too frequently in comparison to traditional ones so you need to be a bit careful while dealing them.

So coming to the conclusion we know how to use them, their benefit but please don't get lured by this as it is still a way not approved by government so any day it might prove disastrous, the only way out is to just use them for transaction purpose & them get them converted to flat currency as being a digital money it can still poise risk to your business. Though every transaction & wallet is encrypted but still hackers can exploit them by installing malware on your system that can end up in huge losses as recently as few cases were reported of bitcoin theft which include the one where millions were stolen from a bitcoin exchange, So as we said our strive for perfect system is still on but as of now our hope is bright as Government might consider regulating the Bitcoins & thus making them a bit safer to use.

1 comment:

  1. CryptoCafe is going to be big in the world of Bitcoin, be sure to sign up for the big release announcement. The website is owned by a public company called Myriad Interactive, the stock symbol is MYRY and its predicted to be very big!

    Myriad Interactive Media Begins Development of Bitcoin Platform CryptoCafe.com

    For more information and to read disclaimers and disclosures: http://finance.yahoo.com/q?s=myry

    Cheers !!!

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