Bitcoin

Bitcoin

Bitcoin is a digital or cryptocurrency that uses cryptography Security. Cryptography is the study for secure communication in presence of third parties. 

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As in transaction with money either we give money or take money. Similarly in bitcoin either we transfer the bitcoin or accept the bitcoin. During the process of transaction third party can interrupt the transaction and can transfer the bitcoin in their account. To avoid this type of interruption or hacking we use cryptography Security.

                            One interesting thing is that when ransomware is attack in many countries over the world ransom is demand as bitcoin. Because in bitcoin you don't know the identity of receipt of bitcoin. We can say this as a disadvantage or misuse of bitcoin.

              This currency (Bitcoin) is not tied with any bank or government. So there is no control of any bank or government on bitcoin. You can also make bitcoin as a earning source of money by contributing on bitcoin. Which is also known as bitcoin mining. You must have a powerful computers to contribute in Bitcoin.

 

Bitcoin is controversy in many countries. Japan is the country which have law about the acceptance of bitcoin. Some country partially accept bitcoin. And even some countries don't have law about bitcoin. Due to economic issues many countries don't accept bitcoin. Some reasons are as follow.

   1) Tax issues

   2) lack of awareness about bitcoin

   3) lack of knowledge about digitals currency