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J&CS
Blog
Everything you need to know about Bitcoin and how it works
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The Reasons Behind Bitcoin’s Drastic Rise in Popularity
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J&CS
Blog
As with everything in life, there is always evolution as the years go by, and the money industry is certainly not excluded. You see, with the fantastic advancement of technology, the idea of having money in physical form only seems like a constant connection to the 17th century.
Now, although physical money is still widely used around the world, and will probably continue to be, there has been an attempt to bring the use of money into the modern era. It's known as Bitcoin, and although people usually imagine shiny coins on a screen in their minds, it's really just smart software.
A Essentially, it is a virtual form of currency consisting of a multitude of protocols, which allows you to carry out transactions on the web anonymously. Most people have no idea how it all works. that's why we're going to explain it to you.
Bitcoin does not work individually; it works in harmony with the renowned Blockchain technology. Although blockchain is incredibly versatile in the way it stores information and powers different software, it only focuses on transactions when used for Bitcoin. The way don't transactions appear in the Blockchain is with numbers and letters, and it can almost be considered an endless list.
Everything you need to know about Bitcoin and how it works
For example, if you wanted to send money to your mother safely, quickly, and anonymously, all you'd have to do is acquire her public key. Once you have that, I would verify your identity and then send you the desired amount of Bitcoin. As a result, Bitcoin could be accessed using a wallet, which is essentially a set of keys. Nowadays, most people use a Bitcoin exchange to host their wallet on a convenient platform.
But, even if you and your mother knew you were sending the virtual currency, if someone looked at the Blockchain, you could see something like
-‘19Fir42eP8azO0sHH5tq8q91ia77sW2vG5 sent
1.10856330to15Jo3xz94Pd1Sb7rt01aW2qAa68m1h33Ez on December 5, 2017, at around 21:15'.
Continuing, a distinctive feature of how blockchain works is that it is extremely secure, and since it does not show your identity, it is very difficult for you to be targeted for a cyberattack. In addition, the Blockchain ledger to which all transactions are directed is fully accessible to the public, which means that it is extremely difficult for someone to forge or modify it.
Overall, Bitcoin works thanks to superbly built software that stores transactions on Blockchain technology, and can then be accessed through an encrypted virtual wallet. So instead of sending money, you're going to send several lines of code instead of this one.
J&CS
Blog
As with everything in life, there is always evolution as the years go by, and the money industry is certainly not excluded. You see, with the fantastic advancement of technology, the idea of having money in physical form only seems like a constant connection to the 17th century.
Some may say it’s because everyone is jumping on the bandwagon. Others may point towards the increased exposure in the media, but there’s no denying that it’s spreading like wildfire. In fact, the value of Bitcoin is now well into the thousands, which demonstrates exactly
how quickly it’s progressing.
Here are some of the biggest reasons behind the staggering rise in
popularity.
- Comprehensive Security Measures
When it comes to buying something online, you want the peace of mind of knowing that you're not going to be exploited by a hacker. with conventional payment methods such as credit and debit cards, you will still be vulnerable to fraudulent activity due to entering your data. That's why more and more people like Bitcoin; allows you to make transactions safely due to its strong encryption that the technology possesses. In addition, since none of your personal finances are linked to it, your identity cannot be stolen.
The Reasons Behind Bitcoin’s Drastic Rise in Popularity
- More Recognized Globally
Ironically, a key element of the popularity tilt is the fact that there is a penchant for popularity. They already see, when something spreads to a wider audience, it is perceived as more legitimate, and that's when more people feel comfortable enough to get involved. In addition, many more stores and companies accept Bitcoin now, which has also helped.
- Quick and Efficient with Transactions
Modern society is extremely hectic, so people deeply appreciate something that is fast, simple and seamless. Thus, as transactions that are made using Bitcoin are fast and efficient, people around the world have been more tempted to get on board with the digital currency.
- Fantastic Investment Option
Finally, a lot of people are investing in Bitcoin these days, because the value keeps increasing. Even though there is some degree of risk for any investment, this has not yet stopped people from choosing virtual currency as their preferred investment option. The more people who invest, the more the common knowledge platform expands and becomes.
