The power of cryptocurrency and particularly bitcoin is increasing day by day. Bitcoin, also a part of cryptography, was created by a group of people in 2008, calling themselves “Satoshi Nakamoto’’. It falls under cryptocurrency, only having digital value without a central bank or an administrator. While trading in cryptocurrency has never been a stable or safe thing to do, people still do that. The transactions which are ever made are always verified by cryptography and are recorded in a public distributed ledger made to keep an account of all the transactions called Block chain. The valuation of bitcoin has reached INR 40,27,089 in present. It is widely used by many in the present.
Security issues related to bitcoin
Transactions don’t start as irreversible. They get a confirmation score, indicating how hard it is to reverse them. It’s best to have controls for additional safety and redundancy.
Few other things to keep in mind
While Bitcoin is still a young currency, it’s still experimental and can show an incline and decline in prices quickly. There are few things one need to keep in mind about it –
- Bitcoin faucet payments are irreversible. It means one can not reverse it once the transaction is done. It can only be funded in their bank in the form of money.
- Bitcoin is not anonymous; while there are efforts needed to keep bitcoin safe and sound, one should remember to be careful themselves. The transaction of cryptocurrency is visible to anyone in the public market, as it’s listed there. At the same time, Bitcoin has a lot of visibility, the address of the Bitcoin remains unknown to others.
- Bitcoin is experimental, due to being at a young age, bitcoin can suffer various changes like increased fees, slow confirmation about the currency, and many more.
While cryptocurrency has been exciting to guess around the year, it has also shown few turning opportunities.
