The past few decades have revolutionized our lives altogether. The modern technologies have taken over our old ancestral practices and have provided convenience and satisfaction to humans that they expected was never possible. And our payment methods aren’t an exception. Our ancestors didn’t have a piece of paper plus cloth which is called money. Rather they exchanged goods for goods. Then money came into existence- coins and later the printed ones. The payment methods, bitcoin dice, and banks have also evolved years after years.
The introduction of Bitcoins
There came cash first and followed by cheques, debit cards, credit cards, prepaid cards, net banking, and mobile transfer. And then when everyone thought this is the end of innovation bitcoin dice were introduced in 2009.
Bitcoin is the world’s first cryptocurrency, it’s not a physical currency but digital. And it is traded securely and efficiently on the internet through blockchain. It was defined as person-to-person computerized money but the technology has developed to highlight being a settlement layer rather than a payment system.
The popularity of Bitcoin
The popularity has resulted in the birth of several other cryptocurrencies and one such example is Altcoin. You might wonder why is it so famous? It grants you a more economical transaction fee comparing to conventional online payment methods. Bitcoin transactions are entirely unidentified and private. Payments completed by a bank can be traced and recognized but this is not the case with bitcoin transactions. An individual can only recognize the bitcoin wallet’s address on which the amount has been granted and accepted. You can also compare it to an example that after the transaction the person knows the account number but not the account holder’s name. What’s more? Well, there are no weekends and you can transfer your funds anywhere and anytime. It’s popular in merchants because transactions are irreversible, secure, trustworthy and do not reveal the sender’s identity. And hence chances of fraud, scam, hoax, and duplication of money falls to zero. What else? Just for comparison purposes, you can consider a bitcoin transaction like sending an email and is a lot faster than traditional banking methods. Though some transactions might take up to 10 minutes still it’ preferred. Further, no government rules apply to Bitcoins since it is decentralized and hence situations like demonetization will not affect your money.
Do you think this is the end? NO. The biggest advantage will be that it has a private and public key. Unlike credit or debit cards where you perform a transaction and all your confidential information moves in the web form and hence credit card numbers are stolen.