Over the past year, the rate of the digital currency has risen up to almost 290 percent. The Bitcoin is a digital currency, it works like any other traditional currency like Euro or Dollar, however, the currency is not available in physical form, yet one can use it to buy things online. The main thing about Bitcoin is that its decentralization–meaning it is not controlled by any bank.
At of now the current valuation of the Bitcoin is $2,568 a piece and it would go to between $3,212 to $3,915 a piece in future. If all go well then it means that Bitcoins would add another $22 billion in market capitalization which now stands at $42 billion.
However, the bank said that it will take some time for Bitcoin to reach to $3,915 a piece.
The man behind the idea of using Bitcoin as a currency is a software developer named as Satoshi Nakamoto, who proposed this digital currency system based on mathematical proof.
How one can obtain Bitcoins
There are basically three ways of obtaining Bitcoins
- Exchanging bitcoins
- Getting in return of good or services
- Finding new one
Like traditional currency, Bitcoin is not printed in notes publishing agency rather it is mined and the term is known as Bitcoin mining. Read here how to become a Bitcoin miner.