What are bitcoin and cryptocurrency?

Cryptocurrency is not real money that moves from one person to another or from one company to another. It is a virtual or digital currency. Since these are digital money there is no possibility to produce counterfeit currency or double-spend the same amount. The spent is recorded by a ledger through a decentralized network through a wide network of computers.

The arrival of cryptocurrency in the world has led to the reconstruction of the financial world. AVirtual visa card with Bitcoin or VCC is one important development in this field. Debit cards are introduced to improve the ease of transactions for the users.

How cryptocurrency is using?

Cryptocurrencies are mostly not issued and circulated by any government of a country. Hence the circulation of this type of currency happens without the interference of government authorities.

  • The cryptocurrency makes use of a technique called cryptography to secure all the transactions that are happening through the cryptocurrency.
  • From the early ’90s, there were several attempts in creating digital currencies, but they were not successful.
  • The main reason behind this failure is that they trusted the third party to maintain and support the transactions.
  • This paved way for many frauds thus being unsuccessful in the creation of virtual currency.
  • This currency has no servers on which they operate.
  • They are completely decentralized.
  • To avoid frauds, this system has authority who is in control of your funds.
  • This authority has all personal information about you thus making it easy to track you.
  • In a decentralized system like this, every single person will be able to see the balance of others.
  • A public ledger that will be available to all is maintained in this system.
  • Every single transaction is a file which will consist of sender and recipient public keys and the coins transferred.
  • To initiate the transaction, the sender must authenticate with his private keys.
  • The transaction will be made public to everyone in the network.
  • Among many cryptocurrencies, bitcoin is one of them.
  • There were days to find merchants who accept bitcoin as a mode of transaction.
  • But now many merchants both online and offline accept bitcoins.
  • Few such are flights, hotels, jewellery shops, and even in college.
  • Other cryptocurrencies like Litecoin, Ripple, Ethereum are not widely accepted as bitcoins.
  • Crypto debit cards are created to facilitate easy transaction for the users.
  • In the Visa card, the balance cannot be in the form of cryptocurrencies.
  • Cryptocurrency will be converted to an equivalent US dollar and loaded on to your account which can be spent for your personal needs.
  • These cards can also be used to withdraw cash from ATMs since they are stored as US dollars.
  • Applying and acquiring of virtual visa card with bitcoin is very simple.
  • Apply online for the card and get the details of the card instantly through mail
  • This card can be then used for online purchases and transactions.

Few countries in the world have accepted bitcoins as legal money while few others are in the process of accepting them.