These days, you will come to hear of words like crypto market, Bitcoin, etc. that are booming and bringing a new digital fintech revolution after the internet. But for a layman a Bitcoin seems like a mysterious word, so let’s clear it out first.
Bitcoin is a form of currency that is not in physical form and is digitally available that was made for direct transactions and to end the old conventional method of payments. You can say it as the new ‘Dollar’ that is dominating the market with huge investments made in it. Satoshi Nakamoto founded it in the year 2009 .
Since its discovery it was like dormant for some years and then it started booming. Currently The Bitcoin is trading at $38,000(USD). There are many platforms like Digital Asset through which investors can easily invest in other digital currencies as well. But before putting your money into this Bitcoin we should know different aspects of it because investing in something without enough knowledge is a uncalculated risk.
Few Words About Bitcoin Facets:
Demand and Value
Most of the people do not study the working of Bitcoin and throw their money without seeing the demand and value. Bitcoin also works on the demand and supply rule and currently you can estimate its demand by its current value. But the key here is that there is a lot of fluctuation in its demand and value so it can’t be called a safe investment but it doesn’t mean that it cannot make you a millionaire. So, Study the demand when buying and sell accordingly.
Digitalization
Bitcoin can be a major revolution in vanishing our offline payment wallets as it can be used to pay for anything literally anywhere on the internet and. From buying pizzas to buying weapons Bitcoins can be used anywhere.
Decentralization
It’s completely decentralized! It means that there is no central body like the government monitoring or regulating the production and usage of the Bitcoins. No one is going snatch your Bitcoin off your hand and the people are the only ones to decrease its value.
Fast and Transparent
All you need to do is set up a Bitcoin wallet that can be done in less than 10 minutes and start you digital journey! The process is completely transparent and its very fast, buying , selling , transfer of Bitcoin is very fast and transparent.
Mining
Bitcoins do not fall from the heaven they are mined from miners and currently there is a huge craziness for mining. People are buying mining machines for even $2000 and try to mine bitcoins and its like a lottery for most of the people whereas some people are experienced and consistent miners that get the bitcoins. Mining is also banned in countries like the Asian giant China.
Anonymous Transactions
The transactions made by bitcoins are anonymous and part of blockchain. Since there is central body monitoring your transactions so if you did a mistake say you send someone 5bitcoins instead of 1 , then they are gone and you cannot go anywhere right now to fix this because there is no central body to listen you.
High Potential
While many people see bitcoin investments as gambling, if with investments made through precision and the right time.
Conclusion
While bitcoin was discovered as something that can be used to deal with our daily payments, right now it can be seen as a luxury according to its rising price. No one wants to spend their bitcoins to buy some goods instead they will like to hold it till eternity. On the other hand, there are people who see Bitcoin as a quick rich scheme get rich way and they would like to buy and hold it for a second or so and then quickly become a millionaire. Since it’s just the starting of this new technology that is seen as revolutionizing, there are many breakthroughs ahead that we will see. Many people will get rich and many will go broke. Therefore, we should study the facets first and then take any step.
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