INTRODUCTION:
BITCOIN AND ONLINE CURRENCY
Bitcoin is an online currency which is founded in 2009, it is a
cryptocurrency. It is widely used in trading marketplaces called
“bitcoin exchanges” as, these allow the individual to buy and sell using
different currencies. It is being created by an unknown person. Bitcoin
can be used to buy merchandise. The payments here with these are easy
and cheap. These can be used anywhere as there are no rules and
regulations for these and these are not even created for just one
nation. Small businesses will like these more as there are no card fees.
Some people buy these as a kind of investment as the prices of these
increase and decrease they hope the value will may go up in the future.
There are many other online currencies also like Ethereum: which is
developed in 2015, it is a blockchain which has its own platform with
its own cryptocurrency known as Ether or Ethereum. This is the one which
is the most popular currency after bitcoin. Litecoin: This is more like
bitcoin, but it has developed its more of the innovations quicker than
any other currency as it includes fast payments and allows multiple and
quicker transactions. One more is the ripple: which has been founded in
2012 it is not just a cryptocurrency rather it has used to track so many
kinds of transactions. The company who founded and made it has worked
with many financial institutions earlier. These were designed by the
engineers with no influence from the lawyers or not even from the
regulators. It is built on a log which is being distributed here across
a network of participating computers It includes the mechanism of
rewarding the honest participation of ones, to bootstrap acceptance to
early adopters and to guide them well against the concentration of the
power. The value of bitcoin is not stable, rather it keeps fluctuating.
