Bitcoin, cryptocurrency, blockchain these are quite trending terms these days. However, many of use still have confusion about the entire concept. As we are going to talk about Bitcoin in this article, it is required to know about all these before we make any further move.
What is Cryptocurrency, Blockchain and Bitcoin?
This is basically a digital or virtual asset that acts as a medium of exchange. Empowered with strong cryptography this helps in processing secure financial transactions with a full control of the additional units and verification of the transfers. It is said that the cryptocurrency can build up the most secure way of monetary transaction using the technologies whole-heartedly.
The decentralised control for each cryptocurrency gets processed through the ledger technology. This distributed technology is called blockchain. It is basically a public accessed financial database.
Bitcoin is one type of cryptocurrency. It falls under the umbrella of cryptocurrency which encompasses many other types as well. This digital currency is enabled to conduct the transaction between the user to user on Bitcoin network (peer-to-peer) without the interference of the central bank or any single administrator. It doesn’t need intermediaries to process this transaction. The network nodes verify the transactions through the secure cryptography and recorded in the blockchain. Each of the transaction is secured in a block in the blockchain.
Now, in the von Bitcoin Era versprechen there is a buzz around Bitcoin questioning its authenticity. A Bitcoin is equivalent to a lump sum investment and so, people are interested to know whether it can be trusted on or not. Let’s have some light on this complex subject a bit so that the air can be little clearer!
For the emergence of various Bitcoin exchange traded funds, the scenario has become complicated. The fear of market manipulation has resisted the regulatory approval for a group of exchange trade funds who has a vague concept of the approval that will help in triggering the broader adoption of technology. The concept of Bitcoin is not fake, it works for many countries, but for the involvement of a large group of fraudsters, the reliability on the whole concept has become unstable.
In case you are willing to invest in Bitcoin, make sure that you are far away from the frauds. The fraudsters can try to sell their ideas to you by any means. Here are the most common ways they follow which you need to avoid:
- Blackmail: You may get a mail saying that your computer is hacked and operated via remote desktop protocol. You will be given with two options – either you have to send Bitcoin to suppress the entire thing or you can watch your personal contents spread through the entire web world.
- Fake Exchange: With the popularity of Bitcoin, the number of people in want of acquiring it has also increased. The fake exchangers can offer you extremely competitive market price in exchange of Bitcoin.
- Free Giveaway: Don’t fall in the trap of free giveaways of Bitcoin. It is not possible. Don’t forward your personal information to anyone for getting Bitcoin. Bitcoin can’t be free at all!
- Malware: While transacting with Bitcoin triple check the address. The malware can change the address from the clipboard so that it is sent to another address.
Stay secure because every penny you earn matters to you!