The phrase ‘Digital’ with prefix like marketing, payment, banking, etc. now you are hearing everywhere. Digital is an electronic technology that generates the data and processes it at the same time within a seconds. Day by day modernization i.e. digitalization is continuous increases because it’s a user-friendly and easy task maker method.
Now the main focus of digitalization is to make the cashless transaction. That various technologies have been already developed and used by citizens. You can see various method developed like online banking, online transfer, debit card, credit card and other than these now everyone uses social networking sites so with digitalization now these social networking applications have also taken step towards digital payment methods so apps like Hike, Paytm, Amazon wallet, etc. have features for online transaction.
The digitalization developer has now introduced another cashless technology that is ‘Bitcoins’. On 18 August 2008, domain name Bitcoin.org is registered and in November 2008 a link to a paper authored by Satoshi Nakamoto titled ‘Bitcoin‘ is a cryptocurrency worldwide payment system. It is the first decentralized digital currency system. It is released in January 2009 but Nakamoto’s identity remains unknown but many had claimed to know it.
The value of Bitcoin transaction is first negotiated during bitcoin talk forums for 10000 BTC indirectly purchase of two pizzas delivered by Papa John’s. On 6 August 2010 major vulnerability is seen that transaction is not verified properly before included in the blockchain during that period but later on, on 15 August the vulnerability was exploited over 184 billion Bitcoins were generated and the transaction has improved with an updated version of Bitcoins
On 1 August 2017 Bitcoin is split into two sections currency (1) Bitcoin (BTC) (2) Bitcoin Cash (BCH).
Bitcoins are now used for exchanging currency, services, and products. Initially, in 2013 the significant users are 300, 000 to 1.3 million users. Later on, the merchant has also started to accepted the Bitcoin and on 2015 merchant accepting Bitcoins is raised by 100,000. Cambridge University has estimated in 2017 that there are 2.9 to 5.8 million users are know using cryptocurrency wallet i.e. Bitcoins as digital services.
The firms like Microsoft, Dell, PayPal, and Newegg has also accepted the Bitcoins in December 2014. In a 2013 report bank of America, Merrill Lynch stated that “Bitcoins can become a major means for by payment e-commerce and it will form as a competitor to money transfer providers.
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The first bank that converts the currency to Bitcoins was developed in Boston and it is without any fees. Plans are also announced on the Chicago Mercantile exchange to include Bitcoins for the future in 2017.
So now it estimated that the supply growth of Bitcoins will increase to 12.5 Bitcoins every ten minutes in mid-2020. Its growth will continuously increase to 21 million Bitcoins will have been issued.
So from the above analysis of the Bitcoins market, we can say that digitalization for payment will surely be accepted by everyone in the near future With that market value will also increase. Digitalization is growth towards modernization.
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