Digital Payments opens up a new era of possibilities, the concept of cashless society is quite fascinating. With the rise in the use of digital payments, the concept of cryptocurrencies has also developed.
Bitcoin is the first decentralized cryptocurrency and was created in the year 2009. Bitcoin works on the concept of cryptography and network security system. Cryptography is the practice and study of secure communications.
There are various engineering colleges including IITs in India which offers Cryptography and Security systems as specialization subjects, and a candidate has to give examination for entrance for IIT and other premium institutions.
How Bitcoin Works?
Bitcoin system works without a single administrator; the network is P2P and all the transactions take place directly between the users with the help of cryptography without the involvement of an intermediary.
All the transactions are recorded and saved in the database of the public distributed ledger called blockchain and are verified by network nodes. Each node represents a personal computer; all the computers have the same complete copy of all the information stored on the network.
Each user in connection with the blockchain network has a secret key and a public key. A user account is cryptographically connected such that identification is likely in only single direction using the private key.
Blockchain finds application in several industries especially the healthcare industry, so don’t worry the doctors out there who have cleared NEET Exam to be a doctor, not only engineers and financiers make use of it. The primary uses of Blockchain system in Health Care Industry are:
- Traceability of Drugs: all the transaction between the manufacturers, wholesalers and the public are recorded in the server. This record can be used to track and ensure there is no counterfeiting of drugs.
- Health Records and protocols on record sharing improve authentication.
- Varying data from clinical trials illegally can be eliminated.
- Precision medicine where patients, researchers, and providers can collaborate to develop individualized care.
- There are genetic data secured on the blockchain, which can be used for genomics research.
- Electronic health records (EHRs)
- Nationwide interoperability
Benefits of Bitcoin
It is unknown who is the founder of Bitcoin, it is invented by an unidentified programming group, under the name of Satoshi Nakamoto. The original currency has been built on Gold or Silver. In theory exchange Rupee at the bank, you could get some equivalent amount of Gold. But Bitcoin isn’t based on gold or silver, it’s constructed on Maths.
Bitcoin is developed in a way that inflation never happens because only 21million bitcoins will ever be created. But there is a possibility of deflation. If we were to state 5 characteristics of bitcoin it would be:
- Swift Transactions: You are enabled to send money from anywhere, anytime.
- Easy Setup: There are no KYC documents required, no forms to be filled and free too.
- Transparent System: Every transaction done in bitcoin is recorded in the blockchain.
- Anonymity: Multiple accounts can be created by users without having to link other accounts.
- Decentralized: There is no authority or regulatory association, all transaction is direct.
How to Buy & Sell Bitcoins Online?
Getting your First Bitcoins can be from any of these places.
After buying the Bitcoins you can directly transfer them to an offline wallet. The most popular desktop application was Electrum, and for Android users, Mycelium seems to be the best-recommended app.
On the basis of suggestion using an online wallet as a ‘hot’ wallet, it allows the user to utilize some money for online shopping while the rest of the money is kept safely. All the transaction done through these apps are under the responsibility of users alone, there is a possibility of hacking and any loss of bitcoin is considerably better written off.
Keeping Your Bitcoins Secure
Bitcoins is notorious for scams, so before making transactions it’s better to post your queries in bitcoin forum and research through user reviews for safer, and better use of Bitcoin. 1 Bitcoin equals 1130481.01 Indian Rupee that’s a pretty huge amount so considering all the basic users hoping to earn some money has to start with as low as 0.001 bitcoins.
The possibility and reach of cryptocurrency have an immense capability. Even at the risk of online security threats, all the payment wallets have been completely helpful, it made our transactions easier and faster.
The online wallet is the most currently trending subject which is under constant development and Improvement. It enables us, the user with the capability of transferring or transacting money instantly at the luxury of our fingertips. It helps us or provides us with several savings opportunities along with some extraordinary offers such as cash back.
Cryptocurrency and online wallet helped us use the cashback money to utilize for online shopping under various Online Marketplaces such as Amazon, Flipkart, Ebay, and various other shopping websites. Apart from shopping, the currency can be used to purchase virtual gold and silver online and store them in virtual lockers. The possibility and reach of cryptocurrency have an immense capability. Let’s make use of them for a better world.