Bitcoins (E-money)

Satoshi Nakamoto was the name used by programme inventor of bitcoins in 2008 .It is a peer-to-peer to system the purpose of bitcoins is to be used  as  E- currency and digital payment system according to it’s founder who’s identity is still to be discovered.Some people suggest  that Dr.Craig Steven is the man behind the Crypto currency but that claim is disputed among Crypto currency users .

Blockchain is the major platform of bitcoins trading  where all the transactions of bitcoin trading are held .In its early days bitcoin was traded at 0.0008 $ but after 6 years gap when major retailers and online superstores started accepting it rose to 3000$ plus nowadays .One of the major benefits of bitcoin is that its creater made it in such a way that there is no need of central authority to monitor it .Bitcoins major benefit is that it is pseudonymous(False name ) Transaction details on blockchain might be public but they are tied to bitcoin created addresses rather than public addresses which in many protects the identity of sender and receiver or buyer and seller .The cost of bitcoin transaction depends on minors . No!not the Coal or gold miners, the Bitcoin miner term is used for Computer geeks and encryption experts .I tried to browse about becoming bitcoin miner sadly my dream broke, it’s not profitable now.Due to bitcoin network becoming global it is very costly to mine bitcoin.how-to-mine-bitcoins.jpg

The bitcoin mining activities are very complex, if you want to read more about then you can visit Bitcoinmining. Bitcoin’s first transaction was made in 2010 when a pizza was ordered and paid via bitcoin which caused price of currency from 0.008 to 0.08. Following is an image from Microsoft about bitcoin trading. apps.30577.13510798885358780.7d004b61-fa65-44fd-8255-cce6caee82d5.jpg

Price hike of bitcoin might seem that bitcoin is something that every investor should invest in .Actually there is hedge fund called Metastable that invests in Crypto- currencies like Bitcoins and promises huge return from them.Apparently one of the major reasons that bitcoin is becoming famous and is because it is now being used by Black market and Mafias to pay and launder money . Few days ago  Alexander Vinnik the operator of what is known as one of the biggest E-money laundering scandal caught by authorities in Greece over Scheme to launder money .

The money he was trying to launder was $4bn that’s twice more than the network of richest Pakistani ever .

We can say that bitcoin is now considered as worlds major currency but it has many flaws and drawbacks.One of which is that there are many clones out there which claim to be modified version and offer better privacy than bitcoins but majority of them are scams.In my opinion bitcoin might be getting higher and higher but still it is insecure and unsafe according to many finance experts and regulators .Recently Central bank of Albania warned its public about possible bitcoin scam after first bitcoin ATM was launched there .

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