The use of bitcoins has taken the financial world with a thud. In the social media and many other blogs, everybody is talking about it. MinerGate offers you an opportunity to be a part of enthusiasts, who are the leading newsmakers these days.
So what is a bitcoin?
It is a method of an online payment that is operated over the network. Being a form of payment, bitcoin is a form of virtual money or cryptographic currency used to pay for online services, in fact, it is a digital currency. The most interesting part of bitcoin is that everything about is virtual. It cannot be held or owned physically or anybody claims the ownership like the usual physical money. Also, there are no banks to deposit bitcoin, but one can carry out bank transactions using this method of payment.
Where do bitcoins come from?
Bitcoins are got through mining, not physically but through the use of software such as a cloud mining software where the miners solve complex puzzles in the software concerning a given subject matter are paid back using this digital currency. The more puzzles the miner solve, the more they will get paid, and thus it has attracted a lot of users. The process of mining which is a puzzle involves a way of arranging blocks and the first one to solve it is awarded a bitcoin. One of the best mining sites is the MinerGate, a mining pool that offers smart mining of the coins by giving the miner an opportunity to choose their preferred cryptocurrency including the bitcoin. More importantly one can mine two different type of coins at once.
The digital currency has been upheld
However, in the real past, the currency has become so important and beaten other existing currencies to become the second most important currency in the world after the US dollar. There has been fear from the financial experts that the bitcoin could be a scam, but considering that banks and other large firms have officially accepted it and have fully adopted its use mean that the currency is much far from a fraud. In some major European states, the bitcoin has been fully accepted as their digital form currency. In fact, countries like Denmark and China are running tests to make their banking to be online fully.
Other major international bodies such as the International Monetary fund has taken the matter seriously in that it has advised the banking to adopt the cryptocurrencies fully. The argument behind this is because the currency has fully adopted the current technology such as high level of security through a high level of algorithms. The currency is also decentralized in that it can be accessible from anywhere in the world so long as the user has an internet and a gadget that can be connected to the internet. In this way, the owner has much control of their money.
The IBM recently, together with another major chain of European banks have decided to run a joint online platform to be performing their trading activities. The digital platform will be adopted on the IBM’s cloud platform for security purposes and close monitoring. With this, the proposed mode of payment is expected to be the adoption of virtual currency, which is none other than the bitcoin.
The bitcoin is gaining value at an alarming rate, whereby it valued today around $3700. The value is mostly increasing day by day, unlike other currencies that keep on rising and falling. There are many other cryptocurrencies in the world but the bitcoin has beaten them all. Infect the currency is in the process of becoming a mainstream currency, whereby in some markets, it is official whereby no other form of payment is accepted other than the bitcoin.
What critics say
However, despite the currency going viral, there are still speculations that it is going to be a scam at one point in the end and defraud many, however, statistics show that the bitcoin is not going to die soon. Also, it has not yet been globally accepted. Some of the reason that so far has to hinder the bitcoin to be globally accepted include technical reasons such as not being able to allow many transactions in a given money as compared to another mode of payments such as master card and the US dollar. The other reason is that the currency is not evenly distributed, as it can be accessed from a few number of physical and online shops. The other hindrance is the psychological barrier whereby many people still think that bitcoin is a scam since there is no consumer protection and that it is some form of terrorists’ money, others think that they cannot trust virtual money.
The future is bright
Despite all the fear and speculations, bitcoin has a future and it will soon sweep through the money markets and replace the physical currencies. Also since its inception, it has gained value more than gold or any other currency that exists in the market. Although most people have not yet understood its value, it is clear to those who understood the use of technology that indeed the virtual currency will mean a lot to business including making work easier and help them conduct their businesses easily and smoothly. More importantly, the new currency has simplified a lot of transactions whereby it is used in purchasing goods online in e-commerce sites. People prefer paying using bitcoin as no extra processing fees. Another important uses is buying of gift cards and jewels and obtaining discounts, whereby those shopping with bitcoins instead of credit cards or PayPal are eligible to be given discounts of up to 20% of the goods.
Thus, it is just a matter of time and the bitcoin will go mainstream since it is gaining positive reception. Now answer yourselves whether you want to be in a mainstream of 21 century? And start mining with one of the best mining pools MinerGate, a mining pool that offers smart mining of the coins by giving the miner an opportunity to choose their preferred cryptocurrency including the bitcoin.