Bitcoin: Daily Current Affairs Notes

Dear Readers,

Bitcoin that supports digital and secured currency has been popping out in the News from last few months. From recognition of main currency in Japan to the demand in “Ransomware virus” Bitcoin has made itself strong in the race of the hot and trending topics in the Current Affairs. Keeping in mind the pattern of Current Affairs questions asked in Bank of Baroda PO exam, Bitcoin can be other topics from which the questions can be asked in upcoming Banking and Insurance examinations like SBI PO Mains, DENA Bank PO, NICL Mains Exam etc. So here is some important and interesting information on Bitcoin that you must know before appearing in Exams:

Bitcoin is a consensus network that enables a new payment system and completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin is the first implementation of a concept called “cryptocurrency”, which was first described in 1998 by Wei Dai. Few other popular cryptocurrencies are Dash, Blackcoin, Litecoin,  Ethereum, Ripple, Namecoin etc. Nobody owns the Bitcoin network much like no one owns the technology behind email. It is controlled by all Bitcoin users around the world. One can acquire it as payment for goods or services, purchase Bitcoins at a Bitcoin exchange, exchange it with someone near you, and earn it through competitive mining.

Bitcoin payments are easier to make than debit or credit card purchases, and can be received without a merchant account. Payments are made from a wallet application, either on your computer or smartphone, by entering the recipient’s address, the payment amount, and pressing send. The advantages of Bitcoin are Payment freedom, fewer risks for merchants, Security and control, Transparent and neutral. It has finally gained the recognition of a mainstream currency along the lines of other fiat currencies. The privilege follows the implementation of a new law in Japan which categorizes Bitcoin as a legal payment option within the country. The much-awaited law went into effect on April 1, 2017. It is a digital currency that is not tied to a bank or government and allows users to spend money anonymously. The coins are created by users who ‘mine’ them by lending computing power to verify other users’ transactions. The Value of one Bitcoin is nearly equal to 2,300 US Dollars.