Bitcoin is a kind of virtual currency, supporting the development of internet money. Virtual currency could have a number of benefits for the financial system. It could help in making the traditional payments community to increase its working in terms of the speed, reliability, and affordability of financial transactions. Talking about paper currency, it is less durable as it can be burnt, torn apart or can be lost; On the other hand, bitcoin which is a digital currency is infinitely more durable than paper currency, unless someone shuts down the entire internet, which is practically not possible.
In the world where information and messages travel around the globe in a matter of just milliseconds, it can often take several days to transfer the money to any person’s bank account. Bitcoin is a great innovation towards this problem faced by many people.
Bitcoin has come up with a great success in the market. That’s why bitcoin’s position in the market turns up as a leader and has drawn significant attention as both in the form of currency to store value and as a global payment system which provides as a cost effective way to transfer money. Its success actually depends more on the trust and support of its global community of users rather than the efforts of the central bankers.
The architecture of bitcoin is transformational to the world of commerce globally just like the Hypertext Transfer Protocol (HTTP) and HyperText Markup Language (HTML) of World Wide Web, that changed the working of digital creation and distribution of content. This Bitcoin platform might evolve to support various programmable services and manage other digital assets while enhancing our view of what digital currency is and how it is used.
Although a number of altcoins, i.e. alternate cryptocurrencies to bitcoins have evolved, bitcoin still enjoys the topmost position in terms of market capitalization.