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Things you need to know about Bitcoin

Bitcoin is the new talk in the town and is almost at every businessman’s and investors list. Some have already understood the new currency and have started investing, some are still trying to gather more information before taking a plunge into it with the hope to reap benefits. There is some basic information you need to know before starting off.

  1. Bitcoin is ONE of many and NOT the ONLY ONE Cryptocurrency: Amongst many other virtual currencies like Litecoin, Ethereum, Zcash, Ripple etc. However, Bitcoin is the first decentralized digital currency created by an unknown person using an alias Satoshi Nakamoto in the year 2009.
  2. Decentralised: The currency is decentralized which means NO BANKS and NO MIDDLEMEN. Public log called BLOCKCHAIN, of all the transactions, is maintained to ensure transparency but the names of the buyers and sellers remain anonymous as they are only known by their wallet IDs.
  3. MINING: Bitcoins can be mined by solving complex mathematical puzzles and this is how Bitcoins are created. Every winner is awarded Bitcoins. But there is a limit to the maximum number of Bitcoins that can be mined and that is 21,000,000.

    How Bitcoin mining works?
  4. LEGAL STATUS OF BITCOIN: Use of the cryptocurrency in criminal activities has put a serious concern in front of the countries while deciding the legal status of this DIGITAL ASSET. While the countries like Japan have legalized its use, there are banks in Australia who are closing the accounts of businesses which are anywhere connected to the Bitcoin currency. In INDIA it still remains unregulated. The RBI is still to finalize the ways to regulate the currency.
  5. BITCOIN PRICES: This volatile currency has been on a surge since its inception and in the past few months has been more stable than the gold prices. If we view Bitcoin as an investment deal, an investment of $5 back in 2007 would have made you more than $4.4 million richer today! That’s a whopping amount.

  6. BUY BITCOIN: Yes! we know after having read the previous point you definitely want to check out where to buy it from?
    You can buy it from the various Bitcoin exchanges such as https://www.zebpay.com/ , https://coinsecure.in/ , https://koinex.in/ . For those trading in the US can refer to https://bittrex.com/ .

                                                                           

If Bitcoin is just a bubble which is meant to burst is still a speculation. Fact, however, is that it is one of the strongest and revolutionary technology post-internet. Anything positive in this regard will only make international trades smooth and swift. The loopholes remain in the technology which needs a joint effort from the various legal experts for redressal. For anyone who is thrilled by the technological advancement and loves to keep pace with the emerging financial trends will definitely be attracted to the cryptocurrencies.

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