People say that Satoshi Nakamoto is a Myth. At best, the name is certainly a pseudonym. But the unknown inventor of the BITCOIN has let lose the perfect storm on the world of Finance. On January 9th, 2009, Satoshi Nakamoto announced the arrival of the BITCOIN on SourceForge. Digital Money has been a dream since the invention of the modern Internet. But the nature of money, being a Centralized medium of Exchange administered by the currency of a particular nation, was always a problem. At one stroke Nakamoto removed the problem by the concept of Decentralization. As Nakamoto commented in an email to Dustin Trammell, where Trusted Third Party based system like Digicash have failed this new system is a non-trust based system. BITCOINS began to travel rapidly around the world via the Network, as the world’s first known Crypto-currency. To Buy BITCOINS, particularly since the extraordinary rise in the value of BITCOINS over the last decade, has become a primary obsession and it is only at the Crypto Exchange that BITCOINS can be bought or sold.
Why BITCOINS Work?
The major problem with Digital Money has been double payment. The solution to this was thought to be stronger and ever-stronger Centralization. To prevent double payment, massive Server capacities were created in order to keep track of all transactions. But this actually impeded transactions on the Network and made each transaction cumbersome. Reference to the main Server each time an online transaction was made with Digital Money, made the procedure time consuming, thereby defeating the very ease of operation and speedy transactions that the User desired, by using Digital Money. Government interference also caused severe delay or sometimes even blockage of transactions, across the world. All this was eliminated by use of Crypto-currency.
BITCOIN Wallets
The BITCOIN wallet is a very good way to Buy BITCOINS. Participants need to run a program on the Internet called ‘Wallet’. BITCOIN balances are maintained using Public and Private ‘keys’. These ‘keys’ are actually long strings of numbers and letters, and are linked through the MEA (Mathematical Encryption Algorithm), which created them. The wallet can then be used as a depository for traditional payment methods, such as, Bank Transfer and Credit or Debit cards. It should be remembered that BITCOIN pricing is volatile, and also uncertain in terms of Taxation and Legality.
3 in 1 Accounts Online
Wallets can now be used to purchase BITCOINS at the Crypto Exchange. Wallets confer 3-in-1 benefits to the Customer. Both the Public Key which appears as the User’s Digital signature or Username and the Private Key which is the Password necessary to buy, sell or trade the BITCOIN, can be stored in the Coin Base provided by the Wallet for use off-line.
