These days, as we grow technologically, our growth is even faster. Hackers, in this case, are even better liars equipped to their environment according to their needs. Individuals need to be aware of phishing, scamming as well as hacking to protect their investment from their end first.But, with the right guidance and necessary precaution all transactions, are secure. Bitcoin uses a peer-peer technology and operates with no central authority.
Transaction management, as well as bitcoin usage, is collectively carried out with a network. It is open-sourced and the public, which is a means of investment.
How can you get new bitcoins?
You can get bitcoins by a process called mining. Your computer will be required to compute huge sums and equations, at the end of which you will earn a bitcoin as a reward. It is a time-consuming process, with huge amounts of energy consumptions. Best leave that to the professionals.
Is it safe?
This is still a hotly debated topic. Elon Musk termed Bitcoin as a ‘good thing’ on Twitter and said he supported online currencies. But at least 8 Nobel Memorial Prize winners have termed it as a “speculative bubble”, going so far as to call it “a bubble wrapped in techno-mysticism inside a cocoon of libertarian ideology”.
There have been debates on the ideology behind cryptocurrency, with its lack of stability or central authority blamed for the scepticism it is still under. Not only this, but the huge carbon footprint needed to mine it has made it a subject of criticism.
bitcoin price has been a rollercoaster ride from the beginning, with the incredible rise and fall cycles. Sceptics say the bubble will inevitably burst, while enthusiasts claimed to have unearthed a gold mine. Gold mine or not, cryptocurrency is here to stay.