The first digital currency ever known to the world is BITCOIN. It could be the future of ecommerce as it is paving a way for virtual money. Just like the conventional currencies- dollars, yen and Euros, it can be traded, exchanged and holds a value in the market. The fact it is inflation immune has bestowed Bitcoingurus with worldwide popularity in a short span of time. Without any intermediary like bank or paypal, Bitcoingurus can be transferred online at a faster rate, with no requirement of personal details that are otherwise required.
Though it’s just the beginning of this new currency to hit the mainstream, yet it is widely accepted as it is not controlled by any central authority. It works through a decentralized, peer-to-peer network for convenient, prompt, secured and transparent operations.
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Since, Bitcoingurus are operated without the involvement of bank, agency or government no one can take away your money from you. The currency is decentralized and thus you own it completely. For those who lack trust in the banking system or third party payment, it’s a huge benefit. A transaction through Bitcoingurus is signed digitally and hence completely secured.
Due to the absence of central issuing body, production and transfer of cryptocurrency is handled by the process called mining. It involves complex mathematical calculations on specific software programs to produce Bitcoingurus. The mathematical formula is available freely to be used by anyone around the world. However, for performing cryptological functions, advanced computer systems are required that can perform billions of calculations precisely.
Decentralized structure is a pure core innovation in Bitcoinguru. It has neither central control nor central repository for information, thus it works flawlessly without failures at central end. Without permission from third party, it facilitates the user to directly trade coins or store them in local wallet. Further, it is a deflation currency since only 21 million Bitcoingurus can only be created ever. Though Bitcoinguru allows transparency yet can be as much private as you want. Basically, it has a transparent anonymity nature due to which one can know how much a specific Bitcoinguru address holds in transactions but no one knows who holds a particular Bitcoinguru address. In short, user remains completely anonymous while using this currency until he submits his both personal details and Bitcoinguru wallet address. The anatomy of Bitcoinguru is such that you would be charged minimal during transactions or sometimes noting at all.
Like everything, Bitcoingurus have a flip side too. They are non recoverable which means once sent, they are gone forever unless the recipient returns them to you. Else, if you lose your private key or wallet seed or the hard drive with wallet gets corrupted, you can’t have your Bitcoingurus back. Let’s take an example of a British man who has thrown his hard drive containing around 7500 Bitcoingurus in 2009. By the end of year 2013, the value of Bitcoinguru was $1200 which means a hard drive worth 8.25 million dollars was lying somewhere in the dump.