Touchstone Words

How Bitcoin Becomes The Paperless Currency Of Near Future | Touchstone Words

Popular Articles

Sexual activity and body health
Do You Know If You Are Sexually Active
Blockchain Hyperledger family
Intro to Hyperledger Family and Hyperledger Blockchain Ecosystem
Biofuel, Biodiesel, Environment, Fuel, Fossil Fuel, Energy, biohydrogen, biomethanol, biohyrdrogen d
Pros and Cons of Biofuel Energy
Hyperledger design model and framework architecture
Overview of Hyperledger Design Philosophy and Framework Architecture
Hyperledger fabric and its components
The Survey of Hyperledger Fabric Architecture and Components for Blockchain Developers
Porn actors who go to Hollywood
From Porn performances to Hollywood
social and economical state of a country
Pros and cons of capitalism vs socialism
Perceptions and mind thinking
What are perceptions and how to manage them
Blow job tips
Pros and Cons of Blow Jobs
Taylor Swift nightmare songs
Top Ten Worst Taylor Swift Songs Shared by her Fans

How Bitcoin Becomes the Paperless Currency of 2018

By Editorial Team on 2018-11-26

This article discusses the emergence of paperless currency via Bitcoin and how it will change the future of our monetary transactions.

Bitcoin History
Bitcoin is a completely new electronic currency that was created in 2009 by an unknown person by the “name” Satoshi Nakamoto, some account Nakamoto as a former employee from Google Industries. To cover up “Nakamoto’s” identity, transactions and all purchases are made with no middle men, meaning purchases are authorized electronically unlike in banks and other financial institutions. As a result, Bitcoin can be used to book flights on Kayak, shop for a new phone on Best Buy, and you can even buy a lamborghini with at least twenty Bitcoins. However, most Bitcoin users are more concerned about investing their money on Bitcoin, as the price of bitcoin skyrocketed into the thousands in 2017.

Bitcoin Current Market
Many marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies. Coinbase is a leading exchange, along with Bitstamp and Bitfinex. But security can be a concern: bitcoins worth tens of millions of dollars were stolen from Bitfinex when it was hacked in 2016. People can send bitcoins to each other using mobile apps or their computers. It’s similar to sending cash digitally. People compete to “mine” bitcoins using computers to solve complex math puzzles. This is how bitcoins are created. Currently, a winner is rewarded with 12.5 bitcoins roughly every 10 minutes.
How Bitcoin Works
Bitcoins are stored in a “digital wallet,” which exists either in the cloud or on a user’s computer. The wallet is a kind of virtual bank account that allows users to send or receive bitcoins, pay for goods or save their money. Unlike bank accounts, bitcoin wallets are not insured by the FDIC.

Bitcoins can be used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. Small businesses may like them because there are no credit card fees. Some people just buy bitcoins as an investment, hoping that they’ll go up in value.

Though each bitcoin transaction is recorded in a public log, names of buyers and sellers are never revealed – only their wallet IDs. While that keeps bitcoin users’ transactions private, it also lets them buy or sell anything without easily tracing it back to them. That’s why it has become the currency of choice for people online buying drugs or other illicit activities.

Future of Bitcoin
No one knows what will become of bitcoin. It is mostly unregulated, but some countries like Japan, China and Australia have begun weighing regulations. Governments are concerned about taxation and their lack of control over the currency.

Article Comments

By Same Author

Python coding
Procedural Python Coding versus Object-Oriented Programming- Which One to Learn
Data security and protection via cyber security
How Cybersecurity Has Become the Dilemma of 2018
Ionic JavaScript versus iOS Swift coding
Native iOS App Design with Swift versus Ionic JavaScript Framework – What to Pick
Object Oriented Programming
Object-Oriented Programming topics that any software engineer need to know
Native iOS or React Native App design
Native iOS App Design with Swift versus React Native JavaScript –What to Pick
Backend web development
What are best back-end programming languages for high traffic websites
what is blockchain and what are blockchain career options
Overview of blockchain technology and blockchain development career
JavaScript programming
What is JavaScript programming language and why it is very popular
CompTIA Linux+ certification
Survey of main topics covered in CompTIA Linux Certification Exam
SQL coding
What are differences between SQL coding and MySQL database

Affiliated Companies

Disclaimers And Things

Copyright © WEG2G, All Rights Reserved
Designed & Developed by DC Web Makers