Digital currency made better with the bitcoin price

Created by an anonymous unit called "Satoshi Nakamoto" in 2009, bitcoin is a kind of digital currency that is dominating the cryptocurrency arena for quite a while now. For investment and transaction purposes, this is a decentralized peer-to-peer bitcoin network run by blockchain technology. There are no middlemen involved and are electronically reserved using secure cryptographic passwords. Several factors, like political and technological, influence the bitcoin price. The price has seen a huge rise from 2011 to 2017.

What factors govern the bitcoin price?

The market itself sets up the bitcoin price. The price varies as per the selling price. It does not get influenced by inflation and economic growth, like in the case of fiat currency. However, other factors look like the supply and market demand for it, the internal regulation cost of production, and competition with other cryptocurrencies.

Why choose a bit of coin?

·         There is no intermediary authority interfering, and hence more autonomy is granted to users making transactions than the fiduciary currency.

·         The source is untraceable. The blockchain is a secure and decentralized technology.

·         A Peer-to-peer system permits transactions to or from anybody. No external authority is monitoring it.

·         The cost of transactions is low as compared to customary wire transfers. The payments are easy, fast, and secure.It is accessible to anyone with the internet on their device.

·         The transactions require no sales tax and no personal details. An efficient alternative to flat currency.

Even with its volatile nature, bitcoin proves to be a good investment opportunity.

But before investing in this asset, one should know the legality of it in their country.

Reasons to buy a bitcoin.

·         For storing the bitcoins, one has to download a digital wallet. Identity is verified before buying or selling it.Access to the internet is required.

·         A traditional payment method (bank account, credit card/debit card) is used to buy them.

·         There are several websites where one can buy the bitcoins and earn this asset.

Its value has increased with a secured technology it runs on and shown great promise over the years. Despite having a central authority, it has regular updates making the network better and better. 2015-16 did some hacked transactions, but bitcoin soon bounced back. As of 2017, theprice went up to $20,000 and grabbed a lot of audiences. The following years also showed its capacity to be adopted widely.  

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