The world of commerce has changed a lot while keeping in tandem with the technological advancements. E-commerce has asserted its practicality and feasibility according to the growing needs of the people. It is asserting its dominance all over the world and society is gradually moving towards becoming a cashless one. In such a situation investments in virtual money are not only judicious but are extremely beneficial. Keeping an eye towards the future, everyone should invest in virtual currency. These are practically assets whose value is multiplying drastically every day.
Bitcoin can be transferred from one person to another without any middleman as it is a decentralised digital currency. The transactions are completely secure and get documented as blocks. Whenever a block is entered after a successful transaction a peer to peer computer network is informed and consequently updated. These virtual transactions prevent theft and double spending as the whole process is transparent. Thus a virtual public ledger has developed which keeps the complete record of all sales and transactions and is constantly updated. Bitcoin got initially acquired by a process known as ‘mining’, where miners used special software for solving math problems and received bitcoins as rewards. Mining is still in fashion, but nowadays Bitcoin can be acquired with an online wallet. The wallet keeps track of the transactions and buyers have to pay online to a third party website hosting the buyers and sellers. They can be purchased or exchanged like stocks.
Bitcoins are gaining popularity all over the world including third world developing countries. But one question arises as to why one should prefer bitcoins to traditional money. Moreover, it is to get seen how bitcoin affects businesses. Bitcoins can get used for versatile purposes in the world of e-commerce like for buying and selling products and services, trading for cash or exchanging for other forms of cryptocurrency. Another important reason for using Bitcoin is one does not need a medium or a bank for transacting and thus can get used everywhere. This one is a good reason as it protects the savings even during inflation. This can get said that within a few years virtual and digital currency will most probably replace traditional currency. In a technology-driven world, virtual transactions will set the norm gradually, and with that, the price of Bitcoins will go through the roof. Therefore, bitcoin is a futuristic investment whose value is increasing exponentially despite the fluctuations in the market.