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What is Bitcoin and the Controversies Shrouding it?

06 June, 2016


Why is Bitcoin Gaining so Much limelight: Discover in detail


About Bitcoin


Created and held electronically, bitcoin is basically a form digital currency which was founded in the year 2008. The very aim of designing bitcoin is to eliminate the requirement of any central authority, banks or government regulators in financial transactions and maintain the anonymity of bitcoins transaction. 



Bitcoin and the controversies about Bitcoins
Bitcoin and the controversies


The reason behind the aforesaid is keep transactions secure and eliminate the fees of middlemen.

Bitcoin payment was invented by Satoshi Nakamoto. An innovative & unique payment network or shall we say a new kind of money. Peer to peer technology is used by bitcoin to operate with no central authority or banks. 


It is not owned or controlled by anyone and its design is public and everyone can take part because of it being an open source. The unique properties of bitcoin allows exciting uses. No transaction fees are there and you even don't have to give your real name



Why Bitcoins?




The question must be striking on your mind indeed. As we know the existence of bitcoin is purely digital. There is no control of any authority or government regulator or banks


Now when central bank decides print more paper money then chances are obvious that value of currencies might fluctuate. It can either rise or fall. You never know. As bitcoin has digital existence, it cannot suffer the consequences as a result of such fluctuation in the value of currencies. 


It will remain unaffected and won't be prone to such devaluation or monetary loss. What more one could ask for? Merchandise can be bought anonymously by using bitcoins, worldwide payments or say international payments are cheap and easy as these are not tied to or under any regulation or regulators. 


No credit card fees, so small businesses can find them as savor. Other than all these, people could merry use them as an investment in the hope that the value might increase or so.
Sophisticated investors as well as money launderers already have reasons for liking this anonymous digital currency. A secret key is needed to unlock bitcoin users account though but for dollars when virtual currency gets traded or exchanged then the anonymity of the system becomes unsafe. 


The bitcoin users suffer the disturbance when due to any reason like bitcoin hoarding by speculators or so, the government deliberately shuns down the currency and its value fall suddenly. 


Taking the case where if your bitcoin gets stolen then forget that you could ever recover it. No clearing house that could take guarantee against fraudulent charges or take responsibility of your loss and get it refunded. But there is nothing in the world that comes with full solutions.

If you want to secure your bitcoin, it is strongly recommended to enable two-factor authentication, phone number verification being one of the ideal form of two-factor authentication. Safety lies in your own hands. 


A kind of virtual bank account which is called as Wallet, bitcoins are stored here. These exists on a user's computer or in the cloud. Users can send or receive bitcoins, save their money or make payment for goods. Basically it is called as Digital Wallet where the bitcoins are stored. 


Controversies Shrouding Bitcoins






From the day this digital currency was invented a lot of controversies it has been into. Starting off from when it was initially introduced by a Japanese programmer with name identity as Satoshi Nakamoto. 


Later in the year 2016, Craig Wright an Australian Entrepreneur claimed and confirmed that he was the founder of the virtual currency. This ended up a big mystery that was hanged up for the past years since the digital currency's inception.


Another controversy that came up was because of the very nature of this digital currency that it does not require any central authority or banks or government regulators as mentioned previously also. 


Due to this factor, the virtual currency became attractive to illegal activities like tax evading authorities and criminals and the Government as well as central banks spoke about the risks involved therein as a result of dealing with virtual currencies. These were the heated discussions that surrounded bitcoins. 

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