Not governed by bank, Bitcoin is a type of digital currency that is regulated by a series of encryption-related codes, which also govern the generation of this currency as well as the transfer of funds.

Bitcoin is the new form of currency used for transactions between individuals in the virtual world. The entire focus of the Bitcoin currency network is to keep mining the units that one member ears and this, in turn, increases the size of the network and also ensures that it is being kept active by the involvement of multiple members.

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However, as pointed out by Techcrunch, Bitcoin's most disrupting feature is the fact that it follows a decentralized architecture. As this minimizes the ability to regulate, the chances of errors may also increase. The Bitcoin currency generation network relies on P2P computer transfers. Additionally, every transaction done on the network is registered on the major block chain.

In a YouTube video, the transaction being registered is also validated through a series of digital encryption codes to guarantee its authenticity. Apart from the verification of the transaction, the validation also ensures that people do not use the coins that they do not own, regulating the entire process to a certain extent. In fact, the absence of a bank or financial institution is what increases the convenience of the entire process.

In the past, people had to rely on banks to validate their transaction, which is what was often responsible for delay as well. With Bitcoin, the need to rely on a third-party for the verification is eliminated, which makes the process faster.

As per World Bank Report of 2014, the remittance market was restricted to 582 billion dollars in 2014. Out of these, a large part of the transfers were from developed countries to the developing ones. Also, a very few of these transfers were directed through the digital media. But, with the increasing spread of smartphones, people are more willing to try the digital medium like Bitcoins, as it turns out to be faster and cheaper.

Since Bitcoin is designed to adapt to different operating models, it is said that it is guaranteed to gain in this transition. 

TagsBitcoins, Bitcoin news, Digital Currency, bitcoin, Digital Currency