Now is the time to buy it as It is limited in numbers and its prices are to go up with every passing day.
Bitcoins are a cloud-based digital currency with no physical aspect. They are virtual currency commonly abbreviated as BCT or XBT and appear as alphanumeric string Key. It is a decentralized currency without a central bank and does not need any payment gateway or third party for the transaction. Thus, it is more resistant to inflation and corruption. Verifying transactions is done through Cryptography, a process that can convert plain text into unintelligible text and vice versa. The transaction records are recorded in public called Blockchain again using Cryptography. The best part is Blockchain allows digital information to be recorded and distributed but not edited, making secure transactions.
In simple language, your money is converted into unique code which can be added, subtracted, multiplied, and divided. It appears to you as code, and its address appears as Bar Code. Like when you play games at the backend, code runs. Similarly, Bitcoins appear like code to you, but at the backend, an algorithm runs. Bitcoin was invented in 2008 by an unknown person or group of people using the name Satakosi Natamota. Nakamoto published a paper describing their creation entitled “Bitcoin: A Peer-to-Peer Electronic Cash System” in 2008. The first Bitcoin exchanger platform named Bitcoinmarket.com was launched in 2010, but it is now defunct. Later there were more like Bitstamp, Sex, buy, bitcoin, and many more. In 2013, Bitcoin was accepted by various businessmen and organizations. In 2014 Bitcoin was seven times greater than gold. One primary reason for Bitcoin's popularity was the anonymity of users. One writer for Forbes, Kashmir Hill, was able to live for a week in San Francisco in 2013 using nothing but bitcoin to make purchases. So, it can be a good idea for people who frequently are Currency Exchanger Customers.
A distinction of Bitcoin from the traditional paper currency is that regular financial procedures use physical assets, while Bitcoin is electronic. Investing or trading in cryptocurrencies can be an excellent way for you to make a profit. To trade Bitcoin, you need a Digital wallet installed on your computer or Mobile. Then you can buy Bitcoin using Bitcoin exchanger websites paying money from your bank account. Currently, one Bitcoin costs Rs 6,42,667.83 and 8725.01 dollars. After this, one can transact with Bitcoin-supported Companies, restaurants, or individuals. All the transactions history can be checked through wallets. Because of Bitcoin's decentralized nature, its virtual looks, and Blockchain technology it is a popular individual Bank. But at the same time rarity and demand for Bitcoins has caused remarkable appreciation and depreciation in market price. Although the market price of twelve years old Bitcoin fluctuates a lot, it will remain promising and popular financial wallet with many prospects for the future.
Price of BTC
Is price depends on two factors- demand and supply. If the demand is high then the price increases but if the supply is high then the price decreases. In India, 1 bitcoin equals to 5, 37,665.76 INR. It is designed in such a way that in the world total 21 cr bitcoins can be produced. The final bitcoin will be mined in the year 2140. You can also buy it in fraction. According to Barry Silbert, CEO of digital currency group says that cryptocurrency has the highest return as well as highest risk.” Because it’s daily fluctuation is ±30%.
How can a person ‘mine’ bitcoins
If a person does not have enough money to invest in this market, they have the ability to ‘mine’ for it. It follows a simple procedure: people from all around the world engage in transactions using this digital currency, hence it would have a large transaction database, and as it is a cryptocurrency, it does not have a centralized bank or any kind of authority looking after it. What these miners do is that they complete ‘blocks’ of verified transactions, which are added to the ‘blockchain’ (public ledger for bitcoin). One block is one megabyte of verified transaction, and when they have audited one such block of previous transactions, they become eligible to earn one bitcoin, although, not all users who audit a transaction are eligible to earn bitcoins.
Is bitcoin trustworthy
There is no concrete answer for this question, for different users might have varied answers. The location of founders (the people who determine the price and sell coins) is not public knowledge, which means that any user is at a permanent risk of being scammed. Even then, many Fortune 500 companies accept this form of currency as a legitimate method for transactions, which portrays its authenticity. It can also be used to trade in other types of cryptocurrencies, if one finds a verified seller. Nonetheless, it is a highly volatile market. Bitcoin’s all-time high market cap (the amount of money globally invested) was $344 billion in 2017. The same year also recorded its all-time high selling rate at $19,000.
What makes Bitcoin a perfect asset is that its value doesn’t depreciate with time. Trading is what makes Bitcoins rise in value. People investing in bitcoin can withdraw from it anytime. Bitcoins are preferred because of their liquidity. Bitcoins provide profitable returns for its early investors. People are buying bitcoins and holding them for better and higher returns. Prices of stocks and bonds are highly sensitive to the decisions of the government and central banks. But Bitcoins are not dependent on any government or central bank they are governed by the underlying network which is very difficult to change. This is why people are buying bitcoins for themselves they want bitcoins as their asset.
Conclusion
Investing in BTC in Naira at the present moment is the right thing to do. It will be the perfect asset that one needs. One needs to buy Bitcoins and hold them as they are going to get you very profitable returns. Bitcoins are very secure because of the blockchain technology and they are anonymous too and can be sold globally. Now is the time to buy it as It is limited in numbers and its prices are to go up with every passing day.
Tatiana is the news coordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes monitoring the hundreds of news sources of TravelDailyNews Media Network and skimming the most important according to our strategy.
She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.
