What Is Bitcoin? Why hackers are using this Payment method? All about the Mysterious Digital Currency
Here is a look at the basics behind the electronic currency, which has come under recent scrutiny after hackers behind a global ransom-ware attack demanded payment in Bitcoin.
What is Bitcoin (BTC) ?
It is a digital currency that can be sent electronically from one Bitcoin address to another, anywhere in the world.
Unlike traditional payment networks like Visa/MasterCard, no single company/person runs the Bitcoin network. Instead, it is a decentralized network of group of computers around the world that keep track of all BTC transactions.
Because there is no central authority running it, no one has the authority to force new users to reveal their identities. The network was designed in the way to create a financial network outside the control of any government or single company.
The computers that join the network and track BTC transactions are motivated to do so by the new coins that are released to the network every 10 minutes and are given to one of the computers helping to track the transactions and maintain the network.
Why are hackers using Bitcoin?
Bitcoin has emerged as a favorite tool for hackers demanding a ransom for a simple reason: You can start accepting virtual coins anywhere without having to reveal your identity. Also it is nearly impossible to track the address.
How do you buy Bitcoin?
There are companies in most countries that will sell you Bitcoin in exchange for the local currency. In the USA, a company called Coinbase will link to your bank account/credit card and then sell you the coins for USD.
For India most recommended Bitcoin trading app is ZebPay. It will link your bank account and you can easily sell/buy coins by Indian Rupees.
How can earn Money by Bitcoin?
There are 2 ways by using which you can earn earn money by Bitcoin.
1st one is very fast but bit expensive method by investing. Based on our personal experience we have seen that before 7-8 months price of 1BTC was between INR 64K-75K in Zebpay and today it is above INR 200K .
2nd One by Bitcoin mining. As told earlier, Bitcoin is managed by group of computers around the world. So you also can be part of that group, by connecting your PC as a bitcoin processing machine and in return you will earn some percentage.
But now a days the 2nd process became a very slow process because there are lot of BTC farms having thousands of super computers.
Also visit this link to know more about investing in BTC.