Bitcoin – a historical change

Many of us are familiar with stock markets, trading process, its different terms etc, but not much is intimate with the term or currency “Bitcoin”. In the world stock exchange market now it is one of a ruling party. Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralised digital currency without a central bank or a single administrator.

Bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto, the domain “Bitcoin.org” was registered on 18 August 2018 and released as open source software in 2009. They can be exchanged for other currencies, products, services. nalyses prove that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin. As of the current status, 1 Bitcoin is equal to 2400 Bahrain Dinars (estimated, as it is flexible for everyday changes).

Transactions are verified by network nodes and recorded in a public distributer system called a blockchain. In the blockchain, bitcoins are registered to bitcoin addresses. Creating a bitcoin address is nothing more than picking a random valid private key and computing the corresponding bitcoin address, in such way bitcoins are advantageous. And to estimation in February 2018, the circulation supply of the coins has reached up to 16,858,762 Bitcoins and the supply limit is 21, 00,000 Bitcoins.

As it has much positiveness, it has also got disadvantages as well. Bitcoin has been criticized for its use in illegal transactions, its high electricity consumption, price volatility. They are vulnerable to theft through phishing, scamming, and hacking. As of December 2017, around 980,000 bitcoins have been stolen from cryptocurrency exchanges.