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Today’s
era is full of digital payment system and cryptocurrencies and in this world ‘bitcoin’
is the emperor. Bitcoin has grown as the fastest growing currency in the world.

So, what is bitcoin?

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Bitcoin,
is described as the new kind of money and an innovative payment network
throughout the world. It is termed as cryptocurrency which means decentralized
digital currency where the system works without a third party i.e. central bank
or single administrator. Now since no central authority or banks comes into
play, this ‘peer to peer’ technology, manages the transactions and issuing the
bitcoins collectively by a network. This is the world’s first and still and the
most popular cryptocurrency which is in use even today by famous corporations also
and is highly valued in market.

“Peer
to peer version of electronic cash”. This concept was mooted in a
groundbreaking white paper manner, written by Satoshi Nakamoto, the mysterious
lord of bitcoin, in 2008. Consequently, in 2009, the first bitcoin was mined.
So while developing bitcoins, nakamoto implemented the concept of blockchain
technology, on which bitcoins and other cryptocurrencies are based.

Blockchain technology

Blockchain
technology assures the user to securely transfer virtual currency from one
person to another through internet without involving any third party who
validate the transactions. e.g banks. This technology represents the record of
transaction done by bitcoin users.

Wannacry
and paytea outbreaks are the two most high profile ransomeware attacks of
cuurent times which had led the bitcoin to gain a lot of attention because it
is the foremost choice of payment method by the people involved in the above
two attacks. Also, a spark increased interest has been noticed due to the
occurrence of a ‘fork’ in the cryptocurrency’s blockchain.

 

Based
on the above mentions points, another question arises here that whether bitcoin
is purely used by criminal or it has some other applications in modern era ?

Bitcoin
is being accepted as a currency by renowned businesses, however, it is also
popular on the dark web and with criminals. One side, it is being used on the dark web to purchase
things like drugs and weapons, while it is also the favored method of payment
for ransomware criminals, such as those behind WannaCry. While people are
increasingly aware of Bitcoin, and other cryptocurrencies, it has yet to be
accepted as a method of payment by most well-known retailers. For example, web
behemoths such as Amazon and ASOS do not accept the cryptocurrency. Whether or
not this will change in the future, as people become more accustomed to
cryptocurrencies, remains to be seen.

Now
it is hard to assume the future of bitcoins as it has its prons and cons both.
On one side,  this being in used by
majority of the multinational companies, but on the other side the adoption of
such technology by a common man or an average consumer is still a long way
off.  Numerous obstacles are there in the
path which are yet left to overcome to replace totally the current currency system
in world like large corporations, multinational companies, although compliant
to the idea of cryptocurrecncies, do not consider as stable enough to keep as an
assets for long period of time. It is still in question that whether this
attempt of converting the entire world financial system to Bitcoin model be possible
or whether blockchain technology be adapted in places of high speed with high
volumes. An assumption has been drawn that the users eventually might be forced
to bear increasingly high and unreasonable transaction costs.

 

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