Bitcoin is a virtual cryptocurrency controlled by a decentralized network of users. It is supported by a source code that uses a highly complex algorithm to avoid any duplication of bitcoin unit and can be subdivided in decimal value representing the smaller unit of value. It has value relative to other physical goods and currencies. It is used to purchase goods from availed service or settle an outstanding debt of companies like Expedia etc. who accept Bitcoin as payment. It has one of the best performers in the crypto market with a recorded return of 450% in 2017, outperforming other cryptocurrencies in the market. The drastic bitcoin growth in past two years was already forecasted back then by the popular crypto expert palm beach confidential teeka Tiwari. Since then, the subscriber for palm beach confidential co-edited by Teeka Tiwari has tremendously increased. You can read more about his background, credentials and work in the crypto market on www.beta.theglobeandmail.com.
Let us first understand how the Bitcoin works and all its technicalities. Some unique features include:
• It maintains investors anonymity: The system is designed in such a way that all transactions are made public without disclosing the identity of individuals or group investors. They are given a public key or numeric code through which they are identified in the exchange.
• Bitcoin Exchange: Understanding the volatile nature of this cryptocurrency a separate exchange has been established allowing investors to exchange Bitcoin for other currencies like the dollar, euro or even other cryptocurrencies. The exchange usually takes a cut of 1% on each transaction and closely regulate the fluctuations and swings in the crypto market.
• Blockchain: A unique feature of bitcoin, these are ledgers of all prior transactions stored in groups known as blocks which are made public. It works as bitcoin payment systems like Visa or PayPal. Bitcoin transaction becomes irreversible once recorded in the blockchain.
• Private Key – every user is given at least one unique key ranging from 1 to 78 digits in length. This key is owner’s identity in the crypto market and allows them to spent and receive Bitcoin.
• Wallet- Bitcoin units are stored in a wallet, which is a cloud-based virtual location with unique information confirming their owner. They secure the bitcoin units from theft but are vulnerable to hacking.
• Miners- they are individuals or cooperative organization positioned in a remote location who are keepers of block chains, perform a complex mathematical task to mint new bitcoin which are then made available for the transaction in exchange. They also verify the accuracy and completeness of existing blocks for avoiding any delicacy.
With the value of bitcoins fluctuating tremendously within seconds, you would need an expert opinion to handle your investments in the crypto market tactfully. Like in the current market, where bitcoin values are touching an all-time high, most of the investors would think that they have missed on timely buying the bitcoins in the past, which could have fetched big profits now. But as per expert advice of Palm Beach Confidential Teeka Tiwari, there seems to be still a scope for bitcoin to go much higher than the current levels. If their forecast is to be believed with the recent grant of exchange license to bitcoin option services by US Commodity Futures Trading Commission (CFTC), we can expect the more institutional inflow of investment in Bitcoin market which may boost up the Bitcoin value further.