Software developer Satoshi Nakamoto introduced Bitcoin in the year 2009, which is payment system or open-source software. It is actually a type of digital currency that is used as a medium of exchange and is created for online monetary transactions. Bitcoin is actually a type of cryptocurrency and is designed for secure exchange of information online. This invention is based on the principles of cryptography, which is a study and practice of techniques that are used for securing communication from third party.
This payment system was invented for sale and purchase online and is used for payment processing work on online platforms. Bitcoin is a peer to peer payment system, which does not have a single administrator or central repository. According to US Treasury, it is a decentralized virtual currency but media reports refer Bitcoin as a cryptocurrency. Following sections will briefly introduce about the use and popularity of Bitcoin as a digital currency.
Use And Popularity
The use of this digital currency for payment of services and products has drastically increased in the last few years. The reason behind this is that the merchants who are a part of e-commerce get as much as 2-3% redemption on the fees imposed by credit card processors. Experts have predicted that the use and popularity of Bitcoin is expected to significantly increase in the coming years. Following are three latest types of Bitcoin crypto-currencies along with a brief description about them:
The e-currency community has given a great response to BurnerCoin. Bitcointalk announcement page of this crypto-currency has got a whooping 70 pages of responses within a month. Developer of BurnerCoin is quite active in the Bitcoin community and posts online update on regular basis. Apart from this, the developer has also managed to expand till social media by gaining 220 followers on twitter.
Silkcoin has come up with the advanced wallet platform in Bitcoin community. It is popular for its distinctive distribution model. The use of creativity by Silkcoin developer has particularly surprised the members of Bitcoin community. The walking camel along with other creative elements makes Silkcoin truly unique and inventive. It has succeeded by ranking as one of the top 40 crypto-currencies. This ranking is generated by market capitalization and the rank obtained by this crypt-currency is above the average trading volume.
CloakSend technology was introduced in market by invention of CloakCoin, which was launched on 31st may 2014. In a very small timeframe the developer has managed to gain a lot of popularity in the market by posting detailed information online about the latest CloakSend technology.