Prospects and Challenges in Cryptocurrency Transactions: Bitcoins

With the news of world most anticipated digital currency, Facebook “GlobalCoin”, the global market is flooded with vehemence and discussing on its various aspects of the new cryptocurrency's' legality, acceptance, impact on global financial system, etc. The Facebook cryptocurrency has biggest competition from existing 2503 cryptocurrencies, one being the “Bitcoin”. Bitcoin is a disseminated currency which has opened an innovative segment in the era of electronic financial transactions. Bitcoins has stopped the mandatory intervention of third party in the financial transactions which has bothered many times due to fraud or in terms of annual/late charges. This article tries to explore the future opportunities and challenges along with different phases of Bitcoin like how to acquire, sources, how to mine, in what ways Bitcoin can be used in financial transactions and also discusses bitter and better side of Bitcoin.