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December 07, 2017, 05:56:00 AM

Bitcoin has been in the market since 2008 but it only started making quite a noise in early 2013. It is a cryptocurrency. Unlike existing multiple currencies, it has two major advantages, 1) transactions remain anonymous and 2) they are peer to peer. In other words, the identity of giver and receiver remains undisclosed and there is no involvement of middleman, respectively.

Bitcoin is limited to 21 million and a person, bitcoin miners, has to solve equations in order to mine (win/earn) a bitcoin. These equations get complex with time as more and more miners enter the market. Along with major advantages, this digital currency has invited some loopholes along with it.

The anonymous factor remains the biggest threat because it gives room to illegal transactions as owners are not explicitly identified. For example, bitcoin demanded by ransomware attackers- ‘WannaCry’. Silk Road website is another example.
Another point in the line is, Bitcoin is not the sole cryptocurrency. It is ruling the hearts of many right now but there are other cryptocurrencies too waiting to grab the market shares such as litecoin, dashcoin, ethereum, ripple, etc. Apart from this, bitcoins are not unlimited. What after once all 21 million will be mined?
Last but not the least. Bitcoins are conveniently stored in the wallets but you know they are as safe as you think.

The sudden increase in the value of Bitcoins in the past few years has brought the currency into notice in the eyes of many critics, calling bitcoin not future but just a ‘bubble’. In fact, it has even been compared to the Dotcom, shell companies, which weren’t backed by anything. In addition to it, critics believe that eventually, its value is going to go down.However, bitcoin’s surging value lately and the rising trend in use of digital currency puts a big question mark the critic’s views. Moreover, no one can predict the future of the trading currency. The chances of bitcoin price going down are equal to it is going up.

Bitcoin advantages, as discussed previously, is surely not letting go the cryptocurrency anywhere for quite a long time. Its parallel cryptocurrencies possess a risk to bitcoin. However, the currency’s die-hard fans (Bitcoin miners) claim that it will continue to enjoy the first mover advantage as it was the pioneer, just like the eldest child in the house!

So, if you are one of the miners looking forward to cryptocurrency mining future, take your first step with

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