The Enigma of Bitcoin: Rise of Virtual Cryptocurrency

Ever dreamed of the day when you can hop into a local bus without the fear of the pickpockets or the day without the fear of the hijackers while coming back from work late at night? “Who didn’t?” should be the most plausible answer. While making our lives null of these yakuzas is still a moonshot for our law enforcers, the emergence of Bitcoin and it’s starting rise in regular transaction may make your dream come true sooner than you expected. In less than a decade, Bit coin has gone from concept to niche cryptocurrency, and recently it has made significant inroads into the mainstream. Whether it ultimately endures or fails, Bitcoin’s history is unfolding before our eyes.

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To Simply put, it’s internet money. Unlike dollar, euro, yen or taka Bitcoin is considered as decentralized virtual currency which means a network of users control the transaction instead of a central authority like a bank or a government. It still works like real money. Not making any sense? Bear with me. One person pays the other person with Bitcoins for goods and services if the service provider is willing to participate in Bitcoin transaction. From a user perspective, Bit coin is nothing more than a mobile app or computer program that provides a personal Bitcoin wallet and allows a user to send and receive Bitcoins with them. However, when Bitcoin is exchanged, the record of the transaction is publicly recorded onto a ledger known as a “block chain”. This ledger contains every transaction ever processed, allowing a user’s computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending

Originally appeared at: http://dhakainsider.com/technology/the-enigma-of-bitcoin-rise-of-virtual-cryptocurrency/

The Enigma of Bitcoin: Rise of Virtual Cryptocurrency is a story from: BitcoinWarrior.net

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