What Is Bitcoin And Why You Should Invest In Bitcoin Now?
Cryptocurrency has been buzz in the town for quite some time now and gaining attention of everyone after the leading virtual currency bitcoin climbed as high as $63,729.5, according to data from a crypto analytics website. Globally, investors are finding in on the promising profits of digital currency
Most of us ever heard about bitcoin and the rise of cryptocurrencies here and there. Bitcoin is a new generation digital currency that was created by an unknown person using the alias Satoshi Nakamoto on 9th january, 2009. There is no banks involved in Bitcoin transactions, means no middle man, thus it is totally anonymous and not reversible too. Now, you can use Bitcoin to book hotels on Expedia, shop for furniture on Overstock and buy Xbox games. But much of the public interest is about to make money by trading it. The price of Bitcoin is very much volatile and have had dramatic up and down that lure many thousands traders to get the gap in their pocket.
Start Invest In Bitcoin : The new generation of Global Currency
Bitcoin is the new generation of a global currency. It doesn’t carry any constitutional value like gold or silver, or face value like the U.S. dollar or GBP, Euro etc. With the limited supply because of the core concept to avoid further inflammation like fiat currencies , it’s hard to counterfeit, and it can be transferred without a third party. There is no or very minimum fees between two transactions (Banks charges a lot, in comparison) and above all, Bitcoin or any crypto currency transactions are super-fast, you can make payment within moments. So, there is no doubt to say that it is the new-gen global money.
Interesting Facts To Know Before You Start Invest In Bitcoin
1. The Mysterious Man Behind Bitcoin
A global myth we heard for more than once, a person or known as Satoshi Nakamoto introduced Bitcoin to the world in the year 2009. In later 2010 he disappeared from the Internet, and he hasn’t been heard from since. Just as his identity is always in mystery, nobody really knows if he’s even alive or dead. The only communication people had with him was through emails and forums.
Interestingly, his Bitcoin wallet holds around 980,000 bitcoins, which makes him one of the richest people on the planet.
2. Limited Supply To Keep Bitcoins Valuable
There’s a limit to how many bitcoins can exist in the market: 21 million. As of this moment, 17 million bitcoins are already in circulation; that means almost 80 percent of the 21 million have already been mined. But don’t worry; until 2140, we will still have bitcoins to mine. This is because of how miners are rewarded. Miners are rewarded with 12.5 bitcoins for each block added to the blockchain, and every four years the reward is reduced by half. The next halving is supposed to occur in 2020 when the reward will be reduced to 6.25 bitcoins.
3. The Satoshi
The smallest unit of a bitcoin is known as a satoshi is a sign of respect for Bitcoin’s creator. One satoshi is valued at around 0.00032174 U.S. dollars (as on 22nd July 2021), which is a very small value. To make one bitcoin, you need approximately one hundred million satoshis. According to current bitcoin values, which fluctuate a lot, to make a dollar you need close to 3145 satoshis.
4. Importance Of Private Key In Bitcoin
Losing your private key which is also generally known as your bitcoin address not only means losing your unique identification; it also means losing all the bitcoins in your wallet. Research shows that at least 60 percent of all Bitcoin addresses are ghosts, which means a huge chunk of the people using Bitcoins have lost their addresses and have no way to access their wallets.
5. Mining Bitcoin
The process of mining bitcoins is expensive; you pay a lot in money, time, and electricity. Mining bitcoins requires high-end servers used for that specific purpose. The faster you process the data, the faster the block can be added to the blockchain, and the faster you’re rewarded with bitcoins.
Ireland consumes approximately 5,000 kilowatt-hours of electricity each year. All the bitcoin mining farms together consume about 60 terawatt-hours of electricity, which is approximately 6 x 1010 kilowatt-hours—a large amount of power. The entire country of Ireland with 4.9 million population consumes less electricity than all these farms combined.
6. Bitcoin Acceptance and Ban
Although several countries around the world, such as Canada and America, have wholeheartedly accepted Bitcoin, some haven’t. Countries including Bolivia, Iceland, Bangladesh, and Ecuador have completely banned the usage of bitcoins. There are also countries, including India, Thailand, and Iran, that have asked their residents to be careful while using cryptocurrencies but haven’t completely banned it—however, they do not accept it as legal tender.
In April 2015, a micronation between Croatia and Serbia known as Liberland was born. It was founded by Vít Jedlička, a politician, publicist, activist and president of Liberland. The official currency of Liberland is bitcoin. The government believes that Bitcoin and its underlying concepts of blockchain provide a secure and transparent method for recording electronic, financial, and physical assets.
There are numerous beliefs around bitcoin investment. A big chunk of people think that it might not be the best for them to invest in bitcoin. Some people are not sure about bitcoin because both the hackers and expert professionals have made it hard to start investing in bitcoin. Experts have different opinions about the future of bitcoin, and scammers make people worried about losing their investment. However, with some precaustions there is nothing to worry about investing in bitcoin as it is one of the best ways to make huge profits as of today. Learn about legit reasons that make it very lucrative to invest in bitcoin.
Top Reasons: Why Should You Invest In Bitcoins
Acceptance of Bitcoin
Just like the acceptance of the internet, bitcoin is also being adopted globally in many countries. More and more businesses are ready to accept bitcoin as their mode of payment. Bitcoin is integrating into our everyday life with the moment of every single day. If you want to take advantage of bitcoin’s growing power. Experts are saying that, it just the beginning. Conventional fiat currencies are becoming obsolete as they can’t be the ultimate solution to the modern-world problems. One has to wait for days to receive an international transaction.
In most cases, the use of fiat currencies brings more taxes and more worries. However, with the rise of bitcoin, all of these problems will eventually disappear. Bitcoin is the future of money as it brings the most useful solutions that everyone needs.
Invest in bitcoin is easy To Learn
In conventional investments, one has to spend years learning the basics of investment. You can’t buy some clothes and start selling them to others in a single day. In the same way, a beginner can’t get into the stock market and try their luck. Time is the ultimate money, and to learn about conventional investment, one has to spend a lot of time. This requirement of a lifetime to learn a traditional investment makes it very expensive.
On the other hand, learning about bitcoin investment and making profits is very easy. It takes considerably less time compared to other investments to learn bitcoin investment and make profits.
Power of Bitcoin
As you may already know, there are dozens of cryptocurrencies other than bitcoin. Many other cryptocurrencies are using new marketing tactics and present significant benefits to its users. However, bitcoin is on the top because Bitcoin is one the backbone of almost all other cryptocurrencies. Being the first player in the market, bitcoin has the ultimate advantage over other cryptocurrencies trying to make their way to the top. Bitcoin has proven to be a secure and reliable company, while others are still struggling to win people’s trust.
Prices may keep on growing
Seeing the benefits of bitcoin investment, more and more people are ready to invest in bitcoin. This is a very beneficial aspect of bitcoin for bitcoin investors. As the demand and value of bitcoin increases with more people than ever using bitcoin as the primary currency, the price of bitcoin will eventually increase. With the passage of every single day, businesses understand that bitcoin is the ultimate solution to their everyday problems of handling money. This trend of the usage of bitcoin will eventually attract both small and large businesses to choose bitcoin. The more people love bitcoin, the higher its price in the market. Keeping this aspect in view, it is a matter of time that bitcoin will increase the profits of manifolds for all the bitcoin investors.
Many Governments acceptance of bitcoin
Keep in mind that a single government or a company does not own bitcoin. In contrast, bitcoin is a public currency, one of the best reasons for its popularity. However, to use bitcoin, it must be approved by the government. Though no single government has control over bitcoin, almost all governments worldwide have allowed people to deal in bitcoin. This means that bitcoin is legally verified to be used in transactions and storing your assets. Bitcoin has won the trust of governments worldwide because of its high security features and honesty. Despite all its success, bitcoin has never been involved in ripping off its users and spreading false information to attract masses. Everything is green on the legal aspect of bitcoin usage. Bitcoin will ultimately become the world’s most powerful currency.
How do I buy Bitcoin ?
While the simplest way to invest in Bitcoin is to buy it and hold it on-exchange, it is not the safest way. Bitcoin, due to being decentralized, has immutable transactions and needs to be kept secure. It is a bearer asset; owned by whoever holds it. If you are starting small, then it’s perfectly acceptable to start with a purchase and keep it on a reputable exchange.
Is it the right time to invest in Bitcoin?
Bitcoin’s volatility will continue for the foreseeable future. While there are certain times in the past that have been major buy points, as we wrote about in Dec 2018, the most intelligent investors we know do not try to time the market, but rather average over time.
How safe is it to invest in bitcoin?
Among all the questions, it’s the major and more asked. People should know that investing in bitcoin is totally safe, but they need to acquire the required information and choose the safe or popular platform only for buying, selling, or training. There are plenty of live apps and sites present that are used when performing trading. The particular cryptocurrency is present in peer to peer system, which is the biggest reason that proves it’s safe to make an investment.
Where is bitcoin acceptable?
All countries have a different set of rules for accepting bitcoins. In some countries, people can buy everything via it, and in some, there is hardly anybody present who can accept bitcoin. But nowadays, the majority of the countries accept bitcoin, and people can use it at banks, great institutions for investing in real estate or buy luxurious items.
How to make profit with bitcoin investment?
It’s the most asked question by the people too. Before investing, people are interested in learning how they can earn money via it. There are various methods to generate really a good income via bitcoin. Investors can earn by bitcoin faucet sites, by performing bitcoin trading or mining, or by lending them on platforms to earn interest. After knowing the answers to all such questions, it becomes easy for everyone to take their first step to proceed with bitcoin investment. Also, after then, people can easily make the right decisions and avoid plenty of risks to lose money when dealing with the most popular cryptocurrency. The most helpful tip for people who are interested in making an investment is to stay updated with all the latest news, information, and bitcoin’s price.
I have tried to make most of understanding about how and why you should invest in bitcoin, yet I must say DIY, there are plenty of risks also come with any ‘investment’. So, first make sure how much you are capable to bear ‘loss’ in a worst scenario. There is no doubt the bitcoin and crypto will ride the future!
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