Top reasons why people are investing in bitcoin

There are many reasons why more people are going for bitcoin investment. Bitcoins are faster, more secure and affordable option of transferring money from one person to another. In technical terms, they are a finite, match based, open-sourced, verifiable, decentralized digital currencies that heavily rely on cryptography to offer more security. Proponents of the bitcoin currency suggest that with bitcoin, it is possible to make instant payments to anyone in any part of the world. It is not possible to reverse bitcoin transactions for any reason, one does not need a third party to complete a transaction and their supply cannot be manipulated by organizations, individuals, banks or governments.

A bitcoin transaction – a party transferring funds to a second party- mainly occurs through electronic means between bitcoin wallets of each party. A digital wallet is a name given to digital files where wallet owners or respective parties keep their encryption key private and only use them to prove that they own the wallet. When you invest in bitcoin, all your transactions will be processed by bitcoin miners or a network of computers into one shared public ledger commonly known as a block chain. This block chain is maintained by bitcoin miners over the network based on certain cryptographic rules.

Before any transaction can be confirmed, it must be verified by nodes or other computers in the bitcoin network. Once the miners or computers complete the complex algorithms that are associated with a person’s transaction, those that own mining computers will earn a specific number of bitcoins. Before you go for bitcoin investing, you should also note that all your bitcoin transactions will be audited at least six times which are a minimum number of audits by different miners or computers in the bitcoin network. This will be done before the confirmation of the transfer of bitcoins to a different user or wallet owner. click here to get more information bitcoin hack.