Designed by Satoshi Nakamoto, bitcoin is used mainly as one of the digital assets to work similar to real currency. It can be referred to as digital cash, virtual currency, crypto-currency, and electronic currency.The main qualities of bitcoin are:
1. They are tough to earn.
2. They can be verified easily.
3. They are in limitedsupply.
The bitcoin is generally defined as a currency that remains as a stored value, a medium that provides the best exchange rates, and a unit of every individual’s account which meets all the criteria perfectly.The Top bitcoin exchange in India, as well as the remaining parts of the world, was noted on February 15, 2015, where the exchange rates passed over 100,000. Later the bitcoin usage was limited as the market suffered and, the retailers who used bitcoin as currencies faded by using other forms.
Uses of Bitcoin:
The rate of exchange:
The rate of exchange saw a phenomenal change with an outstanding increase in the bitcoin wallet usage. In recent times, in 2017 there are 1.3 million users as compared to 2013 when there were 300,000 users.
Merchants accepting payments through Bitcoin:
The number of merchants and dealers who accepted payments via bitcoins had a whooping expedience of 100,000. This was because bitcoin had an additional benefit over credit cards as the merchants who had to pay only 2% – 0% fees on sing bitcoin as payments. This was effective in many countries including India too where the buying and selling of bitcoin in India notably increased.
The service providers like Coinbase and Bitpay for accepting bitcoin payments were used by merchants to get bitcoin exchange in India as well as the other parts of the world.The service providers collect the bitcoins, process and convert them in forms of local currencies and then transfer the amount to the bank account of the merchant directly. This total process incurs a small fee which is charged by the service provider.
Classification of bitcoin and its usage