Bitcoin is a virtual currency which is a form of crypto coin. Cryptocurrencies are data lines that are made via electricity or high-performance computers. In some places, cryptocurrency is accepted but in some it is illegal.

In September 2017 China said that they will ban cryptocurrency and any kind of initial coin offerings. Everyone thought that it will be the end of cryptocurrency as the world’s largest marketplace was banning the bitcoin. But it did not happen,bitcoin gained more publicity and attracted more people toward itself. And with so many people mining for it, it reached its market value.

Bitcoins were first introduced in 2009 through a developer named Satoshi Nakamoto but no one knows his true identity. Although speculations have been made.Cryptocurrencies are mainly made in utmost anonymity. Bitcoin was the first cryptocurrency and that’s why every other cryptocurrency is called Altcoin, alternative coin. Litecoin, Peercoin, Feathercoin, Ethereum all are Altcoin.

There are two types of storage for bitcoin and it is what makes them special. Bitcoins can be saved in a person’s personalized computer or any kind of hardware. This kind of storage is called cold storage, it makes them freeze in one place and they can’t be stolen if they have security. Another storage for bitcoin is online storage but in this storage, they are at high risk of being stolen as anyone can hack the system and look for them. This storage is called hot storage.

If it is money it cannot be safe anywhere, so if a person loses its offline saved bitcoin that money is lost for forever. 30 billion dollar has been recorded to lost due to misplacing and loosing of the hardware.

In 2017 bitcoin accelerated because of money investors and miners. Who invested more for the development of cryptocurrencies. As the bitcoin gained popularity media and regulators took it more seriously. This change was due to greed and money leading to society. But it benefitted bitcoin in a great deal. Bitcoin does not seem to be at any risk of existence right now rather it has developed in every situation. It has brought crypto communities together and inspired many developers for more breakthroughs.

The problem with cryptocurrency is that the government has no control over it. And because of this many fraudsters have tried to convert bitcoins into black money and keep it away from the eyes of the law. And with this thread, scams are real too. Many investors and miners have lost billions of dollars worthbitcoins due to scams in bitcoin. Even after so much misleading and misusing of money the government could not do anything about it.

Bitcoin works like real money you can save it online in a wallet and move it from here to there, you do not need a bank to save this money for you. Bitcoins can be used for personal purchasing as any other money do, you can buy anything online with them. You can also use them as real gold coins and wait for them to increase their value through the years. Bitcoins are grandly traded due to their speculative value.