Bitcoin Currency Trade

The world has become much more digital than ever before. Any news on almost any topic is available on Internet, people meet each other and communicate using Internet and most importantly Internet is being used as one of the most important channel of business transactions. Physical cash transactions have almost become non-existent in the world of business, it mostly e-transactions which has been a predominant way of financial transaction, where the transaction occurs between banks and other financial institutions over Internet.

The most popular terminology of e-transaction related to financial dealings is Net Banking. Till 2009, financial transaction using internet and online banking used to be considered as one of the most advanced technologies in banking transactions. With the advent of a new digital currency known as Bitcoin Currency in 2009, the conventional definition of currency and its transaction methodology has changed. The concept of Bitcoin exchange was first introduced by Satoshi Nakamoto, and it immediately became hot news in the currency market.

Let us first understand the concept of Bitcoins. There are many differences between Bitcoin exchange and conventional currency exchange.  Bitcoins are nothing but another type of currency which has no physical form and is represented as digital currency which uses encryption and cryptography techniques for the purpose of regulating as well as transaction.

It is important to note that there is no central body to control or regulate Bitcoin value or any Bitcoin transaction.

The Bitcoin transaction happens between peers, and such transactions are assessed and verified by Bitcoin miners.

A bitcoin miner is supposed to identify, assess, verify a Bitcoin transaction and then add such transaction to a public ledger. This is also known as a blockchain, and a blockchain confirms the validity of a Bitcoin transaction to the entire Bitcoin network. In short, the Bitcoin mining is essentially a recording activity of all the Bitcoin transactions and a Bitcoin miner is responsible to carry out the recording of the Bitcoin transactions happening all over the Internet world.

The Bitcoin price is like any other conventional currencies, hence it can be exchanged with almost all the major currencies of the world, though many countries have not yet declared Bitcoin as a legally accepted currency. The Bitcoin price varies and fluctuates depending on various factors, and such price fluctuations are similar to any other currency fluctuations. The Bitcoin value has increased over time, and it is believed by many eminent analysts that Bitcoin is going to be the currency of the future.