Glance at a Leading Virtual Currency

Still trading with hefty cash in your wallet or with several credit cards in your cardholder; then you are probably living in the past. Cause cryptocurrency is a thing of future and the most popular among all is BTC or bitcoin. Satoshi Nakamoto, a name behind the creation of the virtual currency came into limelight in the year 2008 when a paper titled BitCoin: A Peer-To-Peer Electronic Cash System was posted on a mailing list. Though the identity of the creator is kept secret, it is speculated that there are multiple owners who are from the United States and parts of European Countries.

btc

It is a decentralized digital currency which has no single administrator and intermediaries in the transactions. To record the transactions that are made in this currency, BlockChain, a virtual public ledger is used. This virtual currency can be used in many ways like bulk transactions, investments, trading, etc.

Being a virtual currency, Btc does not have an implied value like a paper currency as it has limited availability. There is a high demand for this currency and the creators have kept a cap on the maximum availability of it, precisely 21 million at the max. Hence its value has to be determined by the consideration of demand and supply. Just like any other valuable good like gold or a car, its value changes according to the demand and thus it shows ups and downs in conversion rates at various times. With it’s built-in scarcity, independence, privacy, and international acceptance; BitCoin is becoming the most favorite CryptoCurrency.