Bitcoin is a digital currency which is created and stored on a computer. It is a decentralized currency that has nothing to do with a central bank or government authority. Bitcoin is a first example of cryptocurrency. It is produced by people and business all over the world using advance software that solves mathematical problems in order to generate it. Satoshi Nakamoto is the person behind bitcoin. He is one who created and deployed to earn bitcoin.
To know all these details, you need to decrypt the code which is not easy as it uses the skill of cryptography and computational power. Here this computational power refers to the memory of the computer for reversing the processes and performing a large number of calculations. All these transactions are done through data miners.
Its position today!
Till now the Bitcoin has not been legalized as the government has no control over its transactions. The complete procedure is algorithm-based and thus hacking these transactions is quite next to impossible. There are many apps present currently where you can buy and sell your bitcoins. But for accessing this app you need to enter your PAN card details which means your ID can be revealed or identified any time.
The price of bitcoincan even increase overnight and even it can collapse as well. So investing money in bitcoins doesn’t seem to be a healthy option for anyone. It involves too much risk. Hacking these bitcoins becomes vulnerable as it requires much high power supercomputers all working on a single transaction to identify the pattern by reversing the processes and doing billions of calculations at a time. The chances of bitcoin being used as a currency in the future are very low as it is completely virtual. Before making any investments into anything, one should overview the complete scenario.