Bitcoins: The Next Vehicles for Trade
With the phenomenal growth of bitcoins in 2013, those who are at least plugged to the trends or are involved in online trade or shopping have heard about this digital currency. Bitcoins have spawned a multi-billion trading industry that occurs in multiple exchanges from China to Bulgaria, making them the new in-thing as far as online trading is concerned. So what exactly are bitcoins? A bitcoin can be described simply as a decentralized crypto-currency that is based on an open-source platform, and are generated by peer-to-peer computers that carry out computation of complex mathematical problems or cryptographic puzzles.
There is no central bank or issuing authority that controls the bitcoins – theoretically, virtually anyone in the world can produce the bitcoins. The bitcoin transactions are based on proof of knowledge and involve the peer-based users, updating a central public ledger called the blockchain. These users are then rewarded with a certain number of bitcoins as an incentive or fee for updating the blockchain of the Bitcoin platform. This process is called bitcoin mining and requires powerful computers and pools of workers so as to realize any degree of success.
The bitcoin trade
The bitcoin trade is carried out in multiple exchanges that are located in multiple countries. People trade on the bitcoins for varied reasons. Some people are looking forward to disposing their bitcoin caches to get real hard cash. On the other hand, some currency speculators are looking forward to acquiring and holding on to the bitcoins in anticipation of a future rise in value. These buyers and sellers meet at a bitcoin exchange so as to carry out the bitcoin trade.
This can be very rewarding as has been shown in the price rally for 2013 when many investors saw the value of their bitcoins rise even 100-fold. At the beginning of the year, a single bitcoin was worth $13.55 but a spike in November of the same year had seen the bitcoin rates rise to as much as $1170 on some of the bitcoin exchanges. The bitcoin trade can thus be very lucrative when you are blessed with a good sense of timing and stock analysis.
Another way of acquiring bitcoins is by becoming a part of a bitcoin pool that mines the crypto-currency using powerful machines but this is not an easy process for most people.
Merlin’s Magic Bitcoins
The Merlin’s Magic Bitcoins offers the perfect opportunity to embark on a road to prosperity by Paying It Forward. Through a membership-based technological platform that runs on trust, users are able to send gifts to other private members and earn entries which in turn entitle them to receive more gifts through the platform. The more the number of gifts that a user sends out, the greater the number of bonus entries that the user receives and as a result, is able to considerably increase bitcoins wealth and secure financial future without speculating in the bitcoin trade or the bitcoin rates.