5 Sep 2018
Cut-Through The Confusion Around Bitcoin Technology
Techugo Pvt. Ltd.
There is a recent hype about the Bitcoin technology, and believe me but this very technology is going to change the face of our currency exchange.
This was the first and the last point of our official meeting, which is held weekly in our office premises in order to keep a pace between the ongoing technology and our work methodology.
The reason is obvious because our business revolves around the mobile app development, and in order to serve the users something trending and something most effective, we always hold such meetings, so in any given situation our work would not suffer due to the lack of technical expertise.
Lemme hop back to my main aim to write today…
How many of you really have heard of the heavy technological words like blockchain technology and bitcoin, I am assured everyone, but unfortunately when we hear such highly weighted technologies, we expect to be on some different planet, but in the absence of knowing the root behind these technologies, leave us grabbed in a space, where we know the technology, only because it is popular, but its value and main functionality, always remain a secret.
I am speaking about my world, where I get to spend my time with different technologies demands oozing from the different clients for the different industry verticals, but unless I know the intricacies involved in so & so technology, it can never entice my interest.
I am not sure how far you find this situation relatable to you, but I go through this issue, and unless I know the deep within the technology, I can never go ahead…
What is Bitcoin technology? what are the aspects which are involved within? Is it really a replacement for money? What is the potential it carries?
Do you also have these questions reeling in your mind, when you think of bitcoin technology??? If yes, then you don’t need to feel bad about it, because this very problem is the root cause behind the skipping the potential of the technology to be associated with the app development process.
So in order to help you shelve down the doubts, misconceptions and the fear related to bitcoin technology, I am here with this post today…just read further to explore the secret ingredients of Bitcoin technology…
BITCOIN IS REAL AND IS HERE TO STAY.
I believe this very statement clears out the dust of doubt around bitcoin, but to know what it is actually, is always a question, amongst the commoners like me.
- What Is Bitcoin Technology???
To make it simpler, we can bifurcate bitcoin into two parts; bitcoin-the-token, which works as a snippet of code and represents the ownership of a digital concept. The other part is bitcoin-the-protocol, which is a distributed network and maintains the ledger of balances of bitcoin-the-token, compiled together these both parts are called as “bitcoin.”
It allows the payments to be sent between users without the authority of a bank or payment gateway.
This very system is made on the digital concept, where the bitcoins aren’t printed, in the currency like dollars or euros, rather this is produced by computers all around the world, using special software.
- How Is It Different From Traditional Currency???
Bitcoin is used by a larger number of industries to make the payment through electronic mode, but it works and has the value of conventional currencies.
Yet there are a few aspects which set it apart from the conventional currency, such as:
- It is Decentralized
When we transfer the amount from one user to another, then the sole authority lies in the hands of the banks associated with it, but with the bitcoin, the best and the most significant part suggests that it is decentralized.
It means clearly that not a single financial body or institution holds the control over the bitcoin network, rather the Bitcoin technology is maintained by a set of volunteer coders, who run it through the open network of dedicated computers spread across the globe.
This very aspect makes the bitcoin an irresistible part for the users, who are looking for the ways to transfer the amount, without the control that banks or government institutions.
Because the integrity of the bitcoin transactions is maintained by a distributed and open network, which is owned by none.
- It Has A Limited Supply
The traditional currencies have the unlimited supply, by the hands of the central banks, and they have the only authority to hold currency value.
But with bitcoin, the supply is highly controlled by the underlying algorithm. Only a small number of new bitcoins come out every hour, and it continues till it reaches the maximum of 21 million.
This very strategy makes the bitcoin an asset, which implicates the theory of benefits, wherein even when the demand grows, the supply remains the same, which consequently increases the value.
- Transactions Are Tax-Free
As the transactions in the Bitcoin technology are decentralized, there is no way which can make for the third parties to identify, track or intercept the transactions, which means there is no sales tax added to your purchase or any other tax is levied on your transaction.
- It Has Minimal Transaction Fees
If you have done the foreign purchases or the money transfer, then you can very well understand the fee involved with this cost, which bugs you to a limit and you obviously look for the ways to avoid such fee.
On the other hand, the Bitcoin transactions don’t carry the intermediary institutions or government involvement, which makes the costs of transactions very low and this again makes it a first choice of the users.
- It Does Not Reveal The Identity
A very special feature of Bitcoin is that purchases made using this technology are discrete. As long as the user is not willing to publish the Bitcoin transactions, the purchases are always kept hidden without revealing the personal identity of the users, and this anonymity of the user purchases changes with each transaction.
This very unique nature of this digital or I would rather call it the virtual currency is the reason, that a big load of users is willing to make the transactions through this currency.
So if you are really willing to capture the bubble of unique possibilities offered by Bitcoin to be submerged thoroughly in your mobile app project, then you must get in touch with the efficient team of the leading top mobile app development company in uae and let your end users taste this creative medium of transaction.