Only in the last year I heard the term “bitcoin” for the first time in my life. Even then I was oblivious to the general functions of this mysterious exchange unit. And one should have a wallet to accept, and spend that mega expensive currency, which made me thrilled altogether. And it is getting more popular over the period of time around the world.
After studying a brief about it last year, I have started thinking about it again. The main reason behind it is the potential global acceptance of bitcoin, and the wallet system. Initializing back in the 2009, this currency is moving steady, and firm. One can use it for online shopping, gambling, and so forth. And it is really expensive; 1 bitcoin = 619.89 USD according to the google currency calculator.
So, what makes it so expensive, and so demanding!?
There is no bank, or organization which publish, and promote the bitcoins, rather the network providers reward the network miners for securing their networks by creating a new hash. read more on this : https://bitcoin.org/en/faq. Because of its labor based exchange its generation is time based, and the reason why it doesn’t have a market flow.
Bitcoin is literally safe to trade because of its immutable nature (fraud safe) unlike the conventional currencies, and it also has unique identifier what makes it transaction safe. People do not have to rely on any banks for their transactions, rather they have the wallet for receiving, and sending the bitcoins. In these 7 years it has got 8M+ users around the world, which makes it clear that it is making an user base.
Then we have the BlockChain, a bitcoin transaction platform which keeps track of each transaction on it. It ensures the safety of each transaction, and it looks very sophisticated, and a possible replacement of the traditional banking system.
And from the development point of view I am planning to give a shot on the blockchain API.