Bitcoin: The Leading Cryptocurrency

1. Bitcoin: The Leading Cryptocurrency A couple of years earlier, there was a sudden hype of bitcoins. You must have heard about the term in news or social media. Those who were in share market, stock exchange and investments took a keen interest in it. Whereas, people who aren’t concerned with any of them; didn’t pay much attention. There are many people who don’t know about it even today. But you will be surprised to know that you can make huge profits from bitcoins. People earned a fortune from them, when you were busy in avoiding such news. Bitcoin is a digital currency which offers lower transaction fees as compared to others. There is no solid form of bitcoins, they are just records stored in the virtual storage. People are really skeptical about them as they were not managed by any government authorization. Instead, they are backed by a decentralized authority. They are not even related to any banks and they don’t possess any value individually. Bitcoins are recorded on a decentralized blockchain. It doesn’t have a wallet. The term, “wallet” is deceiving as the bitcoin works directly from the blockchain. You must be wondering, if it’s not backed by any bank or government then how does it work? It works on peer to peer exchange method. If you are comparing it to barter system, you are partially correct. Both the sender and receiver need to be in hold of some crypto currency. They are offered with rewards in order to prefer bitcoins instead of other methods. Even the transaction fee is paid in bitcoins. Bitcoin network works on the number of people holding and using crypto currency as a means of transaction. They are called “miners”. Its value is varied by its mining network. The hype can be seen again if people choose to start using bitcoins. Bitcoin is more like a currency, unlike shares or stocks. The hype was seen when too many people switched to bitcoins and its value skyrocketed. However, the prices came down gradually and became stable recently. It turned markets upside down over a small course of time. It might have come down but there is no surety that it can’t reach there again. It is a fluctuating currency. You can buy bitcoin in Ghana. There are many sellers available online that offers them on great prices. You can use online transaction as a means and buy ecurrency using mobile money in Ghana.