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[BMF]

Bitcoin is the most popular and widely used cryptocurrency all over the world. It was released as an open source software in the year 2009. According to the survey in 2015, more than 5 million individuals are using bitcoins. The currency code or symbol for bitcoin is XBT. Payments using bitcoin are getting more and more popular.

How do Bitcoins work?

To understand how bitcoin transactions work, you need to know about the following terminologies.

· Bitcoin Wallet – It is similar to the bank account that can be used to store, send/receive bitcoins.

· Blockchain – It is similar to the ledger book used in accounting. But blockchain is a digital ledger that is used to record the every single bitcoin transaction made by the bitcoin users all over the world. The blockchain is the backbone of bitcoin transactions.

· Bitcoin address – It is similar to the email address of an individual. Bitcoins are sent using this address only. But the address can be used for only one transaction. An individual can have many bitcoin addresses.

· Private key – It is similar to the transaction password in net banking. A private key or signature is a small piece of text that is added to every bitcoin transaction to prevent it from corruption or unauthorized access.

· Mining – It is similar to the deposit/withdrawal process in banking. The whole process of verifying a and adding a bitcoin transaction to the blockchain is called mining.

To send money to someone, you have to send the equivalent XBT of the currency from your bitcoin wallet to the address of the receiver and the transaction gets recorded in the blockchain.

What are the pros and cons of Bitcoin?

Pros

· Anonymity: The main reason for the popularity of bitcoin is its anonymity. You don't need to have a bank account or use a real name for using bitcoins.

· Low fees: As there are low fees for receiving bitcoins, international transfers can be made with fewer transaction fees.

Cons:

· Bitcoin value varies depending on the market.

· Loss of bitcoin if the wallet or your computer gets corrupted.

· As the currency is not regulated, it cannot be used in local stores or government organizations.

 

[Yugocean]

I cannot give guarantee that BTC won't fall below 8k; in past crypto market fall due to two reasons - Hack of South KOrea and Japan Exchanging company; and a rumour of Ban by India. Such things may effect now because BTC is based on POW only.

 

[tusziget]

There have been many fluctuations of the price of the Bitcoin,but throughout the years Bitcoin has proved that it is a strong cryptocurrency,and I think his value will rise higher in time.

 

[Yugocean]

Now BTC crossed 11k again. All those who invested in Bitcoin when it's price was low, they might be happy that BTC value is again over 11k; yet it is subject to market risk; so keep this point of affordable invest only.

 

[tusziget]

It is interesting to see the fluctuation of the price of the Bitcoin.When the price of the Bitcoin has dropped to 6,000 Dollars,and people have bought Bitcoins,have made a good deal,because now the value of the Bitcoin is almost the double.

 

[Yugocean]

This price is still not stable, but if it crosses 12k, then this means it can again raise more; BTC price is up and down every year.

 

[tusziget]

Correct.Now the price of the Bitcoin is a little bit lower,about 10,990$.I think will stay about this value till Easter,then it will be up again,as usually happens at Holidays.It is just a presumption.

 

[Yugocean]

It is market which will keep us correcting, the current price of Bitcoin os above 11k USD; it is not much stable, yet it is worth to use as it's value is now at better place then it was few days ago.

 

[tusziget]

Yes,there is a constant fluctuation of the value of the Bitcoin.Interesting is that for couple of days the price of the Bitcoin is about 11,000 Dollar.I think now the faucets will pay less amount of satoshis.

 

[Yugocean]

Sure, more the BTC price, less satoshi everyone will earn. However only those will be problem which do not pays instantly. We have to keep track on BTC price for such earnings.

 

[tusziget]

I am active only in Freebitco.in and Btcclicks,which are not instantly paying.I will be not active on new faucets,which have a higher withdrawal minimum,because I don't trust them.There is nowhere to know,if they are going to stay online for months.

 

[kanchan18]

btc is currently trading at 10007.40 USD and the market cap is at 168937421250 usd. holding its position for last few days after crashing from those 19000 highs. volumes have shrieked significantly. though still very high compared to aug 2017 level.

 

[Yugocean]

Bitcoin is still playing sea-saw of 9k-10k ; this time is still good for us to take ighest from different faucets; however it's price is making crypto industry to invest in lesser known coins, this will decrease invest in Bitcoin.

 

[kanchan18]

consolidation happening here. good for us and time to accumulate. if in future the prices move upward we will be benefited. i would like it to move lower once again.

 

[Yugocean]

We will only get benefit if BTC price will go upward in the future; but truth is that their price are not fixed to go up; nobody thought BTC will reach so much; it is still risky.

 

[tusziget]

Yes,you are right about it.When in 2017,in Summer,when the price was about 3,000 Dollars,I didn't thought that price will be 20,000 Dollars in December.That was an enormous rise of the price of the Bitcoin.

 

[Yugocean]

We must have to keep collecting satoshi and if possible, then take risk of investing for long time. BTC price may go up or down, but We may sell/exchange to fiat currency only when it cross double (for current price).

 

[Medowriter]

It is very good to collect Satoshi of different coins now for better tomorrow after all the claiming process is so easy like playing games and when the price of bitcoin or other coins increases we will be smiling

 

[Yugocean]

Update:-
Australian entrepreneur Craig Wright has claimed that he is Satoshi Nakamoto, the anonymous creator of cyber world based first cryptocurrency, Bitcoin.

 

[tusziget]

It is really true?I always was thinking that the creator of the Bitcoin was a person from Japan,after his name...I think there is no way that he can prove that he created Bitcoins back in 2009...

 

[Yugocean]

There is nothing which can be described as TRUE, in fact Wright is the only person which has claimed this, all others have already denied of being BTC founder.