Hype of Bitcoin – illusion of becoming Rich through it

Bitcoin is the internet currency basically it’s an experiment and decentralizes currency that enables the payment to anyone and anywhere. Bitcoin uses the peer to peer technology for operation without any central authority. The original Bitcoin currency was realized by the “Santoshi Nakamoto” under the licenses of MIT. Bitcoin are irreversible by design. The exchange of currency is directly through the internet without any third party involvement. The working of Bitcoin is that every account has public key or private key. Those who know your public key can send you to Bitcoins. The transaction is monitored to the Bitcoin network

How Can I Get Bitcoin

Buying Bitcoin is an easier and safer . It is more easy than an opening of an account in a traditional bank and you know what is happening in the banking system so it’s safer too. First of all you need a wallet by yourself this can done by registering. Wallet is that where you can store your Bitcoin. It is basically a software which is designed to store Bitcoins. It can be run on your desktop or mobile app. Bitcoin QT is an original wallet where you can create multiple address to send and receive Bitcoins easily and track the transaction.

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Virtual Currency and Its Bubble

Bitcoin in short is the money exchange platform but in the end it shared the hallucination that affords us the possibilities of instantaneous, anonymous money transfer. According to MT GOX BitCoin value hit the $900 in the past few hours. But it’s just a bubble that soon going to pop. People are now moving to trust the Bitcoin but it takes time to trust as its about the money and your saving.

Bitcoin Insecure To Use

Bitcoin is not as safe or secure as we think. Bitcoin’s fundamental principle of fraud management is one of denial. In future the hacker will try to break the security of Bitcoin as all technologies face some bugs that will ultimately provide some benefits to the hackers. This threat can risk the hype and the fever of the Bitcoin that is now everywhere.

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