Strong Reasons to Explore and Invest in Bitcoin and Cryptocurrency Industry

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Global economy today is moving ahead towards digital ecosystem in an inevitable manner. Whether it is money transfer or its investment, everything is going on with the help of latest electronic devices digitally. Considering this pace, we have witnessed the arrival of latest digital payment sector in the form of cryptocurrencies.

Overview on Cryptocurrency and Evolution of Bitcoin

Cryptocurrency refers to an exchange medium similar to any other regular currency like Euro and USD. However, experts have designed it with the prime objective to exchange digital information. Cryptocurrency acts as a decentralized type of digital or virtual currency and it uses cryptography techniques to make sure about security and leaves no room for counterfeit activities. As no any centralized authority does use it, governments do not have any right to take away from its owners.

The first cryptocurrency system was introduced in the year 2009 in the form of Bitcoin powered by blockchain technology. Also known as peer-to-peer and decentralized type of digital currency, Bitcoin allows its users processing transactions with the digital exchange units referred as Bitcoins. During the last few years, Bitcoin has obtained a huge interest and gained its name as another currency type and an excellent alternative to Euro and US dollars as well as pure commodity-based currencies i.e. silver or gold coins.

Read also : Blockchain : Why it is the Future of Technology?

Processing of Bitcoin payments takes place via Blockchain Wallet by using a privatized computer networks linked via a shared program. Blockchain records each transaction at the same time on a particular PC to update and inform about different accounts. Bitcoin mining takes place with the help of a computer system by following a process involving resolving various complicated mathematical algorithms or bought with standardized national currencies and put into Bitcoin wallets accessed via computer or a smartphone.

Strong Reasons to Invest in Cryptocurrencies

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  • Benefits of Bitcoin Cryptocurrencies

During the last few years, digital currency has witnessed a huge growth and provided many strong reasons for individuals to invest in Bitcoin and other related cryptocurrencies. These include the following-

  • Provides Fraud Proof Solutions

Whenever you create cryptocurrency, each of the confirmed transactions becomes stored within a public ledger. On the other side, coin owners encrypt each identity to make sure the legitimacy related to keeping/maintaining records. As a decentralized type of currency, only you become the owner of Bitcoin and Bitcoin or Blockchain Wallet, while neither bank or nor government gets any control on it.

  • Avoids Identity Theft

Another prime reason behind significant growth in the popularity of cryptocurrency is that it avoids identity theft. Ledger in this case makes sure that each transaction takes place in between different digital wallets may calculate the balance accurately. Moreover, a public ledger checks each transaction to assure that the current spender is the owner of used coins.

Experts refer this ledger as transaction blockchain. Furthermore, Blockchain technology makes sure about digital transactions with the help of encryption as well as smart contracts, both of which make hacking of any entity almost impossible and avoid fraudulent activity. Thus, with advanced level of security, blockchain technology will poise to influence almost every segment of our life.

  • Allows Instant Settlement

Blockchain has given a strong value to any cryptocurrency. Easy to use is the strong reason, for which cryptocurrencies have obtained their huge demands. Only you have to get a smart device and an online connection, so that you may make your money transfers and payments in no time.

  • Accessible by Many People

There are about two billions of people possessing internet access but do not have the right of using traditional exchange systems. These people are now moving towards the cryptocurrency market and doing transaction jobs by using Blockchain Wallet or Bitcoin wallet.

  • You only become the Owner

Elimination of an external electronic cash system lets you to be the owner of your account.

  • Benefits of Bitcoin Wallet and its Wallet App

Overview of Bitcoin Wallet App

Blockchain Wallet app or bitcoin trading app is almost similar to any of your conventional bank account. The difference in this case is that you receive or send bitcoins rather than money/dollars. Hardware and software are the two major aspects related to your Bitcoin wallets. Thus, you have to select whatever fits perfectly with your specific requirements. Alternatively, you may go with the customized form of bitcoin app development to meet your specific business requirements.

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Strong Reasons for the Popularity of Blockchain powered Bitcoin Wallet Apps

  • Anonymous Feature

A strong reason to choose for bitcoin app is that it lets you to make purchases anonymously and avoids any external to know about your specific details. Since everything comes as wrapped for you and no other person may know anything related to your purchases, you may get opportunity to enjoy your privacy.

  • Involves Simple and Quick Steps

Bitcoin mining app is interesting because of the fact that it allows ease in both sending and receiving money and even in some cases, you complete the transfer within only a second and that too at any time during day or night. Indeed, bitcoin is better and efficient than any other conventional type of online transaction done with the help of banking sites. Along with this, Bitcoin mining app allows you mining coins on your own. However, for this, you have to get adequate number of machines with you.

  • Free from any Taxation Fee

If you have become fed-up with making payment of your transaction fees every time you choose to transfer the amount, you should definitely go with Bitcoin transfer app. With the help of Bitcoin, you no longer have to make payment of any additional amount as a transaction fee on the purchase.

  • Strong User Control is Possible

Bitcoin powered by Blockchain technology and Blockchain Wallet eliminates the role of any intermediary. Instead, only a developer or a user gains complete of each transaction in the hand.

  • Fully Secured Stored Data

Blockchain or Bitcoin contains fully secured data, while each individual gets a complete copy of the public ledger in his own system.

Therefore, based on the high-tech level security, tax-free and hassle-free solutions offered by blockchain technology or Bitcoin, we should say that investment in cryptocurrencies will give huge worth in the near future.

Blockchain : Why it is the Future of Technology

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The BlockChain cannot be described just as a revolution. It is a tsunami-like phenomenon, slowly advancing and gradually enveloping everything along its way by the force of its progression.

–William Mougayar

As per the research global technology market is forecasted to grow 2.3 billion in U.S dollars by 2021. Isn’t that huge enough? Ever since Santoshi Nakamoto published his invention in 2009, Blockchain technology has added the flavour not only in financial industry but also across other verticals.

What is Blockchain technology and what problem it can solve?

Today, with the advent of new technologies, internet has revolutionized the way people communicate. We make the use of payment gateways to share and transfer information back and forth; but is that really secured? Databases cannot communicate with each other, it needs error-free human administration or a centralized station to run every node.

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So, here the Blockchain technology comes into existence. It is decentralized ledger shared by multiple users and works without the interference of third-party. This technology tracks every details that happens on the internet – every digital transaction, private data, service etc. Data is encrypted into blocks and gets scatter into pieces across worldwide network of distributed nodes.

Hence, because of this reason:-

  • Electronic ledgers can become cheap than traditional account system
  • Distributed ledger system nullifies repetitive task and results into less error
  • Lessen up the risk of pending transaction as processing delays

Blockchain has three main features of distributed ledgers:

  • Veracity – multiple copies (as opposed to a single copy) of the complete historical record of ledger entries are each verified by consensus.
  • Transparency – it is a public record of activity that can be seen by all market participants.
  • Disintermediation – Instead of specific central organization, this operates using peer-to peer network.

Blockchain technology is the pillar behind the success of the bitcoin and is the first digital currency to solve the issue of double- spending. This technology is transformative and several predicts expects that it will have massive impact in the market.

 “One Bitcoin can be divided by 100 million units, and each unit can also represent value in multiple ways – i.e.; cash, property, votes, energy.”

Implications of transaction in Blockchain technology

Blockchain technology will revolutionize the way we write, execute transactions and maintain records. Keeping accounts of all transactions is the core criteria for any business as it becomes easy to track the last performances and help in planning the need for the future. Some records consume time, energy and efforts and often creation and storage process results in errors.

Read also : Reasons to Explore and Invest in Bitcoin and Cryptocurrency Industry

In the current scenario transactions can be executed immediately but settlement of the funds takes a long process. For instance: Someone selling in the stock exchange can sell stocks immediately but settlement can take few days. Similarly, if someone is making the new deal of buying property, price can be negotiated and signed quickly, but process of registering takes more time and may involve lawyer, government and employees.

But, in the Blockchain technology, transaction process is quick and permanent and distributed across nodes, and details of transaction such as price, asset etc. are recorded, verified and settled within seconds across all nodes and any change in one ledger simultaneously affect the other copies of ledger. Since each transaction is transparent and permanently recorded, there is no need of third party verification and is open for anyone to see.

What makes distributed technology different?

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The key difference of Blockchain is the ability to transact without the need of trusted third-party through distributed ledger.

Ultimately, distributed ledger technology represent significant innovations. They have broad implications, including:

  • Operational simplification and fraud minimisation
  • Digital identity
  • More transparency in transactions.

Fraud minimization

One of the advantages of distributed ledger technology is that manual efforts to perform reconciliation and resolving disputes can be drastically reduced. Traditional accounting system means parties involved in one project need to check the system and find the reason why they disagree. Instead with the help of Blockchain the same thing can be migrated in number of ways as all parties involved share the same record.

For businesses, Blockchain increases the efficiency, reduction in duplicated and manual tasks and cut-cost and provides opportunities for businesses to focus on value-adding task and facilitate trust along with supply chain. Businesses which regularly deal with unknown customers faces risks, where a business is not sure that its customer will comply with contractual terms. Goods are delivered, but the customer may not make payment for days or weeks. This ties up capital and can cause cash flow problems. Blockchain technology has the capability to minimise risk and settlement times, which ultimately aids in improving balance sheet efficiency.

More transparency in transaction

Distributed ledger provides transparent information in real-time transactions and hence, those currently gaining competitive advantages via imbalance of information is likely to put an equal foots with the rest of the market. Individuals will be able to understand which organizations have used which data under what circumstances and this enables more consumer decision making. The tracking of goods over Blockchain will also provide greater transparency and simpler process for businesses and would enable increased cooperation between regulators and regulated entities.

Example:

SimplyVital Health is using Blockchain technology to give healthcare industry a facelift. The company is using the Blockchain-based data storage and analytics platform aimed for streamlining medical data storage and sharing.

The Bottom line

Blockchain technology is here to stay and is transforming the way society functions. Being still in an early stage, crypto currencies are only its major use case. Above perspectives may sound promising, but business need to come up with the kickass solution or connect with the Toronto Mobile Application Development Company that can nurture your product as per your requirements in a better way.

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