DIGITAL-GOLD : some information about Electronic Cash “Bitcoin”!

Human livelihood and needs are based on exchange, earnings, trade (sell/purchase), storage and services, and for that, we rely on money. Let us learn about money and the role of IT in it, which made it Bitcoin!

Money and banking took us through lots of innovations and improvements, for instance service vs. service, barter system, currency notes, coins, paper bills, bonds, vouchers, coupons and checks. Money was in the form of gold/silver coins, leather money and paper, while today, it is based on codes!

People stepped into modern banking system with ATMs using debit/credit cards, topped cards with no account in bank, tap and pay cards; all this has been rendered possible because of modern machine invention and computers in the banking sector.

Today, we can pay with our cards cell phones, a wrist band and by a single click or a text message and that, too, in seconds with proof and confirmation of receipt.

According to historians, metal currency was used in 5,000 B.C and the first ever known currency was created by King Alyattes in Lydia (Turkey today) in A.D. 618-907. China created the world's first paper money while Sweden was the first country to issue banknotes for Europe in 1661.The first credit card was introduced in 1950 by the Diners Club and students of Stanford University in 1972 made the first ever online transaction. Tap and pay cards were first used in 2007.

Today, we discuss about e-currency, also known as crypto-currency or Bitcoin. In January 2009, Nakamoto, possibly Japanese male (or group behind it), released first ever Bitcoin software and units of Bitcoins. It is a type of money based on codes and not regulated by any individual, company, bank, organization or authority. It is basically “electronic cash” which can be converted into any other currency, service and product and is also known as “Digital Gold.” 

{?} Represents Bitcoin and has millibitcoins known as (Mbtc), This e-money is produced/generated by a non-stop process called ‘minning’ and  is awarded to miners for the solution to a difficult proof-of-work problem which confirms transactions and prevents double-spending and roughly 1,800 Bitcoins get generated every day.

Bitcoin advertisement is banned by many including Facebook, Google and many countries like China and Jordan but still, many trades and small companies are using this currency to purchase, pay their workers and to store their assets. 
Bitcoin is considered illegal to-date and is considered a personal, non-taxable property and is theft-able and can be lost; in case of theft, it can’t be claimed back, as no such authority is available.

Bitcoin payment has a traceable transaction history that can be viewed by anyone in the world and Bitcoin addresses are not themselves linked to any person or entity. That's why Bitcoin is often called pseudo-anonymous.

One can mine Bitcoin, can buy Bitcoins by service or by converting any money/product and then it is stored in a Wallet.
“Wallet” is a free application, which can be installed on your phone/tab/PC and provides online service for keeping such e-currency and needs registration. By signing up yourself on bitcoin.org or paxful.com., you can earn or buy bitcoins or sell for bitcoins, you also can pay off your bills, and so on.

It can be transferred to your account in minutes with confirmation and charging for one bitcoin or 100 bitcoins remains the same, while receiving bitcoins in your wallet is free. The value of a bitcoin today is 7,475 USD per bitcoin. Any business/indvidual can deal in bitcoins by using the bitcoin logo on their business site/website and according to experts, its money of the Future! But since anyone can send it to anyone without revealing real information or location and up to an unlimited amount, it’s a threat for revenue and taxation authorities of the world and also for cybercrime and anti-crime departments since it can be a good tool for unwanted activities.
Still, many people believe this is the currency for the future!