Advancement is the new trend. Developing every year, every month, every day, every hour and even second is what the world wants. Moving from bicycle to motor cycle and from print to social media is the scenario around us. Those who wish to go hand in hand with the society, they develop hand in hand. The whole world is changing at a phase that is highly sensible. And so, is the currency. The time of paper notes and coins are fading away with the introduction of Online transaction apps and mediums. One such solution is Bitcoin wallet.
Bitcoins are crypto currency which could be understood as electronic cash in simple words. It acts as a facility to people during transactions as it is a decentralized currency that does not have any single administrator or bank in charge.
Bitcoin is used for transactions and is mainly used as a reward. It could be used in exchange to other currency, product, services, etc. It is used through a Bitcoin wallet mostly. The process is called 'mining' which includes sending and receiving of bitcoins using computer systems and mobile phones through a specialized set of software and procedure.
Bitcoin wallet is basically an app or program that keeps record of all the transactions happening using bitcoin cash. It helps in finalizing and conducting the transaction between two or more people. Additionally, there are various other benefits provided by different app managers.
Bitcoins have been in use over more than 10 years since 2009 when a group of unknown people or an individual formed it and named it Santoshi Nakamoto. As per a research conducted in 2017, there are around 2.9 to 5.8 million unique users using bitcoin wallet.
It is a convenient way of transferring currency to anyone anywhere in this planet, with limited restrictions. The CEO of Bitcoin.com, Roger Ver even says that this is the dawn of a better and more free world. It does has some criticism or drawbacks like illegal usage, high electricity consumption, possibility of economic bubble, price volatility etc. But the fact is that it has high impact on the world in today’s time.