BitCoin : The Future of Currencies...

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BitCoin : The Future of Currencies...

Unread postby admin » Sun Dec 17, 2017 4:02 pm

Bitcoin Evolution of digital currency gave convenience but it brought challenges of larger magnitude. Fractional Reserves & Quantitative Easing where creating digital money as it was never before. Time and again, Stock markets were crashing, property market dooming, and dotcom bubbles bursting. There was one crisis after another.

“Only crises produce change” – Milton Friedman.

When the world is in crisis, when the global economy is on the verge of collapse, when the financial Institutions are on the verge of going bankrupt, when Federal Reserve was planning to bail out financial institutions, in a remote corner of the Internet, a quiet revolution was taking place. A revolution that will, indeed, change the world. On August 18th, 2008 a domain name was registered Bitcoin.org. Till date, nobody knows who registered it. Two weeks later an anonymous person named Satoshi Nakamoto published a 9-page white paper on his invention, Bit coin. On 1st of November, 2008, Satoshi published his creation on a mailing list with people having interest in cryptography. He named it as Bitcoin- a peer to peer electronic cash system which was completely decentralized. He claimed that he is ready with a currency –

That cannot be duplicated
    • That be demonetized
    • That be quantitatively eased
    • In which, no third party like bank or government is required
    • That can be transacted through mobile phones
    • That is safe and secure
    • Where no financial controls exist
    • Where you don’t have to reveal your identity while transacting

As the peers started knowing about it, their instant replies were like the following -
    • It will not work.
    • It will never take off
    • Government will shut down
    • Nobody will accept it
    • It cannot be scaled to the required magnitude

He received comments like this but Satoshi was ready with all the answers, he had done enough programming and backward coding to handle all these doubts and queries. A week later, Bitcoin project is registered at sourceforge, website dedicated to make open source project successful. On Saturday, 3rd of January, 2009, first 50 bitcoins were created or if correctly put, ‘mined’. A new currency was born which could change the future of money. From its launch till the mid of 2010, Satoshi Nakamoto was communicating with his co-developers. He handed over the rights of all the important domains and source codes to the imminent contributors in the Bitcoin community and then disappeared. Though Satoshi disappeared but his creation was everywhere. In January, 2010, Liberty Standards did the 1st valuation of Bitcoin at Rs 6 per Bitcoin. On 1st of September, 2017, Bitcoin reached to its all time high of Rs. 3,66,000 on Indian exchanges. If anyone would have managed to buy Bitcoins at its low (300 Bitcoin for INR 1) which came in 2010 and sell it at high, they have grown their investments many times in just 7 years. To be precise One rupee would have become 10 crores. Amazing isn’t it? And the story is just unfolding. When I came to know about this revolutionary invention, I was in a complete disbelief. It was Rs. 28000 per bitcoin at that time, But I decided to thoroughly study it. I saw a lot of videos, read a lot of books and heard a lot of audio books. After enough due deliberation, I was convinced that Crypto currency will change the way we deal with money. I sincerely urge you to study this in as much details as possible because, sooner or later, it will grip you like a storm. The first book which I would recommend is ‘Bitcoin: The Future of Money?’ by Dominic Frisby. It will give you the background and evolution of money and everything you want to know about Cryptocurrency.


The Cryptographic Movement


Crypto is a word, which is derived from a word encryption. You want to send a message to your friend via letter and you don’t want the postman or any other person to read that message, so you encrypt it.
You want to tell something to your friend in an open forum but you don’t want that message to be understood by others who are present in the room so you use a code language. You send an encrypted message and your friend decodes it and get what you want to communicate. You want to send a WhatsApp message or eMail to someone which you don’t want the company facilitating it to know, there too some encryption is applied. The need for encryption was sensed long back and it’s equally applicable for money. For many years, people are trying to devise an encrypted monetary system.
Many tried but could not succeed. DigiCash, Egold, BitGold, Flooz & Beenz are a few notable examples which have been tried in the past. Notable Bitcoin is the first one that have worked and have been scaled up to this level and now there are thousands of Cryptocurrencies which are following
Bitcoin’s path.
http://www.coindesk.com/3-pre-bitcoin-v ... -bit-dust/

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Re: BitCoin : The Future of Currencies...

Unread postby admin » Thu Dec 21, 2017 10:04 pm

Bitcoin – Past, Present & Future
Initially, the valuation of genesis coins was Rs.6 per coin. Total coins were 50 so the total valuation of Bitcoin was Rs. 300. Initially, the supply was more and there was no demand as nobody knew or believed in Bitcoins. Handful of developers and hackers were interested in Bitcoins and they were collecting them (mining them). But, as the awareness and the demand grew, the price of the Bitcoins started rising. By Nov. 2010 INR 25. By Feb. 2011 1/4th of the total supply of bitcoin was created (mined) i.e. 5250000 and price reached to the level of US dollar (INR 45) then the Euro, then the Pound. 2012 it reached $10(INR 550), but by November it came down to $2(INR 110).


It showed huge quick gain and long period of fall down continued. WordPress began accepting Bitcoins on 15th of November, 2012, in countries and places where credit card companies or banks were not providing services. 2013 was the year of Bitcoin. From low to high Bitcoin rose by more than 100 times in just a year. The all time high of $32 (INR 1750) was shattered by February to scale to a new high. In March, it crossed $100 (INR 5430) for the first time, only to fall back again to $72. Over the next six months the range was flat. Then the Chinese market started speculating and the price passed $263 (INR 14465). In next 15 days, it doubled again to more than $500(INR 28000). In another few days, it doubled again to reach at $1242(INR 74520). Then, for a long time, there was a quite & lull period for almost 4 years . In November 2017, Bitcoin broke its all time high to achieve INR 1,00,000 mark for the first time. Then it dropped again. In just 14 days, in May 2017, Bitcoin grew from 1,10,000 to 2,34,000. On 14th of August, 2017, it reached 3,04,000. On 1st of September, 2017, it reached 3,66,000. Bitcoin’s market capital has crossed $77 Billion (INR 5000000000000). The ransom ware attacks and the demand for it through Bitcoins was considered as one of the major reasons. As this book goes for publishing, the value of one Bitcoin is at Approximately Rs.3,66,000. In Just 7 years, Bitcoin has achieved unthinkable heights. It took 70 years for IBM to reach to its first billion-dollar mark, Bitcoin has achieved it in less than 3 years. Many big and reputed companies are now accepting Bitcoins as a Payment . WordPress, Microsoft, Expedia, Dell are amongst the few fortune 500 companies that are accepting Bitcoins on their websites. Many exchanges were hacked, many coins lost, but as the publicity and acceptance kept growing Bitcoin continued its upward move. Smart app, IPad app, European conference, USA conference, every now and then, there were new developments happening in the gamete of Bitcoin. After looking at the numbers, you might think that Bitcoin must have exhausted its potential but the global experts are betting big on Bitcoin and other Cryptocurrencies . Zee News in DNA covered Bitcoin in details and in one of the predictions, Bitcoin is expected to reach Rs. 6,70,000 by the end of 2018. The book, ‘Bitcoin: The Future of Money?’ by Dominic Frisby predicts that if 1% of all the global electronic transactions start happening with Bitcoin, the value of Bitcoin will be around half a billion i.e. Rs 3.3 Crores. That’s 100 times rise from the current price . It might sound impossible and far stretched but looking at the impressive performance of Bitcoin in the past 7 years, we cannot neglect these predictions completely.

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Re: BitCoin : The Future of Currencies...

Unread postby neerupama » Wed Aug 22, 2018 11:33 am

yes, it may be the future but in many countries the bitcoin is illegal, so it may take time but there is the possibility it may be the future

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Re: BitCoin : The Future of Currencies...

Unread postby nameeta26 » Wed Aug 29, 2018 12:40 pm

The bitcoins still need to improve its security as it have many problems like getting hacked. It will take time to be regarded as the legal tender.

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Re: BitCoin : The Future of Currencies...

Unread postby bhavin » Wed Aug 29, 2018 1:12 pm

Coming 4 months Metal stocks Mei ♨♨♨♨♨ lagne wali hai ....... Expecting huge huge huge upside movement like HEG stock ..... Don't miss it .... ( Any time China ka news aa sakta hai ) which is highly postive for indian steel market

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Re: BitCoin : The Future of Currencies...

Unread postby Afford » Thu Jan 24, 2019 4:17 pm

How to invest money in Bitcoin?

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Re: BitCoin : The Future of Currencies...

Unread postby Daisymartin » Mon Feb 25, 2019 5:26 pm

What is the initial stage to invest money in Bitcoin?

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