Satoshi Nakamoto brought to life, nine years ago, cryptocurrency that is a big hit today. The first ever decentralized digital currency has got the world’s attention almost alike a digital revolution. The digital generation has now officially taken over.
We all mostly ignored the Bitcoin revolution either due to complexity in understanding it, or the lack of time and money to indulge into any kind of investment. Maybe it is too far-fetched for a common man to understand, but it indeed is a currency revolution.
Bitcoin as on 5th July 2018 is approximately equal to 4,52,700.62 Indian Rupee.
But finally, your inner conscious asks you, if the world is investing, why aren’t you? Before this newfound interest takes over your investment routine, here are a few things to know about the cryptocurrency you might invest in, and hopefully, get good returns from.
Point to remember: Like any speculative investment, it is a risky business.
Why BTC Is Getting Popular
The world is becoming more and more reliant on the internet and digital technology. So, it is not surprising that Bitcoin, a digital currency has claimed the interest of an enormous group of people.
It takes time and effort to understand how Bitcoin actually works and might even look scary in the beginning. Once understood, the system is very attractive to get some good returns on your bucks.
How Safe It Is
Bitcoin is an easy and fast way to transfer your funds worldwide, and apart from this it has other benefits also. The bitcoin trading algorithm offers great features but also requires more attention towards security concerns.
It is a decentralized currency, which means, it works without a central bank or a single administrator. If you lose any money, no one takes responsibility but yourself. It’s still pretty much a gamble.
There is no official Bitcoin price. The price is set by whatever people are willing to pay. For more information on the prices and varying investment rates, CoinDesk’s price index is a really good source.
Although the prices shown are usually of a single bitcoin, exchanges will allow you to buy any amount. Generally, investments go lesser than one.
When To Buy BTC?
Like any market, fluctuations in buying Bitcoin are high and the right time to buy is highly uncertain. Throughout its history, Bitcoin has generally increased in value at a very fast pace, followed by a slow steady downfall until it gets stabilized.
Unlike the dollar rate, which affects currencies worldwide, Bitcoin is an independent and global currency. Global commercial chaos is generally beneficial to Bitcoin’s price since Bitcoin is apolitical and is not under any particulate government’s control.
When thinking about investing, it is important to think from a global perspective rather than a personal one.
Bitcoin To Earn
Main intention behind buying Bitcoin should not be only to get returns, i.e. , to earn from it. Bitcoin has never been and never was intended to be a tradable financial asset.
The hype of buying digital currency due to its current enormous price/rate has blinded us from seeing the big picture. The implications it has on the society is revolutionary, but the technology still remains mysterious to many.
It is important to be careful not to get into the trap of this get-rich-quick scheme that Bitcoin has become.
If the technology ripens and achieves widespread adoption as a global currency, it will allow us to store and transact money without any kind of centralized bank or system.
It might take years, even decades, for this kind of an innovation to stabilize.
But when it does, the role of banks, financial institutions and even parts of government in society will completely disintegrate and decline rapidly.
Like every new phenomenon in the world, existence of both pros and cons is inevitable. Bitcoin is nothing different. A revolution indeed but needs to tread carefully.
Image Credits: Google Images
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