Cryptocurrency is a hot topic for more than a decade now. A lot of people have been showing potential interest in investing in cryptocurrencies in the last few years, considering the markets are now well explored and people have made significant studies regarding it. Bitcoins are the very first cryptocurrency to have ever existed and since it was released back in 2008, the price of Bitcoins have skyrocketed and also experienced huge drops in their rates as well.
If you are planning to invest in Bitcoins, then there are a few things which you would want to know regarding them. So today we will be showing you some vital information about Bitcoin business. Meanwhile, check out Bitcoin Circuit if you want to invest safely in this cryptocurrency.
Bitcoin in a Nutshell
It is no wonder that Bitcoins came into existence right after the Occupy Wall Street Movement in 2008. The movement was organized against the big names in the banking sector who were accused of misusing borrowers money. The pioneers and developers of Bitcoins, inspite of being unknown, wanted to bring a change in the system. They wanted to put seller in charge, deduct the middleman, enhance transparency in transactions and reduce interest fees. These were the main ideas behind the formation of the world’s first cryptocurrency – Bitcoin. It facilitated a decentralized system where you will be able to control your funds on your own all the time.
On January 3, 2009, the Genesis Block was mined and the first Bitcoin transaction was established in January 12, 2009. However, there have been a lot of ups and downs in the market since it was released. Even though the current price of Bitcoins is around the $7000 mark, nearly two years back it was hovering around $12,000. So that’s a great fall in the prices.
Transactional Properties of Bitcoins
Here are some very crucial Transactional properties of Bitcoins you should know about –
Irreversible – once you have transacted your Bitcoins, it is Irreversible. That means you cannot get back the money once again even if you want to. As soon as the money is sent, it is sent. Period.
Anonymous – anonymity is one of the biggest properties of Bitcoins. You will never be able to link or connect to real world entities. Everyone receives Bitcoins in addresses formed by around 30 characters always.
Fast and Global – Bitcoin transactions happen in lightning fast speed. It is almost instantly that you can send and receive money into your account. Also, you can send Bitcoins to anyone living in any part of the world effortlessly.
Secure – Bitcoins are one of the most secured and encrypted currency till date. They are secured with cryptography system and that allows the people to safely make and process transactions.
Permissionless – Bitcoins can be transacted without anyone’s permission. You will only need to register an account and enter the market. It is a software that everyone can use and download at free of cost without any charges.
So, here are the top characteristics which you will need to know about Bitcoins before engaging in Bitcoin business.
Final Words – make sure to check out Bitcoin Circuit and see how smoothly you can make Bitcoin transactions. But be sure of what and when you are investing in the market. Do not put your money without knowing clearly about the volatility and edges of the cryptocurrency market.