Every You Need To Know About Bitcoin

Cryptocurrencies have taken the worldwide market by storm. The popularity increased further during the corona era, which realises the importance of investment. One of the topmost cryptocurrencies introduced to almost every individual is Bitcoin.

Founded in 2008 and launched in 2009 by Satoshi Nakamoto as a response to the financial crisis of 2007 and 2008, this very first decentralised cryptocurrency is by far the most popular and has the largest market capitalisation. It makes use of blockchain technology. Blockchain is responsible for storing data of all the transactions that ever took place.

For example, the first transaction using bitcoin was by a guy who bought a pizza using 20,000 bitcoin in 2011. This information is stored in blockchain, but you cannot see the name or address of the sender and receiver; thus, it is transparent and traceable and, also at the same time, does not breach your privacy. Mining is the process of generating bitcoins, and around 400 Bitcoins are mined per day.

Complex mathematical problems are solved for the generation of bitcoin. Even more important to note is that no authority exercises control over this digital currency. Many people invest while others trade in Bitcoin.

Trading is an excellent option for those who know the basics and have time, so If you are interested in making fast, great profits, start trading on Brexit Millionaire – Auto trading bot

Bitcoin or any other cryptocurrency is nothing but a digital asset. It is not available in physical form. Unlike the currency whose supply is unlimited, as currency can be printed the government desires anytime, Bitcoin is less in supply. The current market system is prone to inflation as the currency keeps losing its value because the government keeps printing more. However, that’s not the case with Bitcoin.

There can only exist 21 million bitcoin at any time, out of which 18 million bitcoins are in circulation currently, so there is a scarcity that makes it immune to inflation. Because of such a limited supply of bitcoin, it is often referred to as digital gold. However, just anybody cannot do mining as it takes a lot of processing power.

One of the major reasons people invest in Bitcoin is because it eliminates the intermediary system, i.e. when you perform any kind of transaction, the money from your account goes to the bank first, and then the bank transfers this money to the seller’s account. This bank is acting as an intermediary or middle man.

Bitcoin has done away with this concept that means you can directly transfer your money to the transferee’s account without involving any intermediary. It is what is called Peer peer technology. Moreover, the charge per transaction is far less than other forms of online transaction, and also it is super fast.

Contemplating about investing in Bitcoin? Read on

Today many restaurants and hotels have started accepting bitcoin as a form of payment. In addition, bitcoin as a legal tender has been officially allowed in El Salvador.

Still, many people are sceptical about investing in Bitcoin as the crypto market is highly volatile. However, it is important to note that this digital coin can give more than 1000% return all depending on the market, so investing a little in it does seem like a wise decision. Moreover, investing a small amount which, if lost, won’t cause you any trouble, is still better than not investing at all.

Many people who invested as low as 20$ in  Bitcoin now have 500$. So going by the various examples of people who made an immense profit, investing a small amount is a must.

There are many platforms available through which you can buy or sell as many bitcoins as you like, and even if you can’t buy an entire Bitcoin because of its ever-increasing price, you can always buy a small fraction of it. In terms of growth, Bitcoin is hands down the only cryptocurrency which has shown more than 100% growth; this digital coin only continues to rise.

Leave a Comment