September 24, 2021

What Is Cryptocurrency? Is It Worth It To Buy? Can It Make Us Rich

cryptocurrency

bitcoin

What is Cryptocurrency?

Cryptocurrency is a digital form of currency that runs on a completely new monetary system. It is not regulated by any government or institution. Each digital currency is backed by a decentralized peer-to-peer network called a blockchain. Block chain technology ensures that all cryptocurrencies are tracked, regardless of whether they are in a digital wallet or used for trading.

How many cryptocurrency are there?

CRYPTOCURRENCIES
CRYPTOCURRENCIES

According to CoinMarketCap, Print Kriptokrensi $324.716 billion ( up to January 20, 2021 total) Market Cap with 7812 ‘s. Coinlore provides a separate count listing a total of 6241 cryptocurrencies. It seems that there are over 4,928 cryptocurrencies in the market . But, it does not give the exact number of virtual currencies in existence today.

Why Bitcoin gets so expensive? 

bitcoin
bitcoin

Bitcoin was the world’s first digital, decentralized, P2P cryptocurrency and payment network. It does not require the work of the bank and is dependent on a trusted network. It was immediately considered the future of money by many eminent personalities.

Gold like properties of bitcoin made it much better than other currencies. Soon many large companies began to accept payment in bitcoin and eventually the interest level of the general public soared. The currency started gaining traction and so did its price. Everyone wanted to make their own and so the price went up quickly.

Another major factor driving bitcoin price growth has been the opportunity to trade in them. Many exchanges began to facilitate bitcoin trading and with each new development (such as banks accepting it; countries giving it legal status – Japan legalizes bitcoin; price goes through the roof) bitcoin The price skyrockets.

The current price of bitcoin is INR 59,621.00 / USD 1, at the time of writing this answer (prices taken from www.unocoin.com )

Bitcoin History??

It was started on 3 January 2009. It is the world’s first completely open payment system. There are over 10 million  bitcoins  worldwide. Bitcoin is  a virtual currency, virtual means that it does not have any physical form like other currency, it is a digital currency.

bitcoin price in india??

1 Bitcoin equals = 45,01,561.03 Indian Rupees

ALSO READ: Powerful To Grow Your Business Using Twitter Like A Pro

10 INTERESTING FACTS ABOUT BITCOIN- SOME INTERESTING THINGS ABOUT BITCOIN-

1. The Bitcoin whitepaper was released on October 31, 2008 by an anonymous individual or group known by a pseudonym (Satoshi Nakamoto).

No more than 1.21 million bitcoins will enter the market.

2. The total amount of Bitcoin has already been decided. More than 21 million bitcoins will not enter the market, so far about 13 million bitcoins have come to the market.

 3. Bitcoin can be divided to 8 decimal places, which makes 0.00000001 BTC (BTC) the smallest account.

4. No one has been able to hack the bitcoin blockchain yet.

5. Bitcoin was First Used to Buy Pizza – On 22 May 2010, Laszlo Hanyecz paid 10,000 bitcoins for two pizzas to be delivered to his home. This is the first known commercial transaction involving bitcoin.

6. May 22, 2010 is also known as Bitcoin Pizza Day by cryptocurrency enthusiasts around the world.

7. The biggest bitcoin personal loss was USD 74 million – a man named James Howell from Wales threw away an old hard drive that contained private keys to a bitcoin wallet worth up to 7500 BTC.

8. Bitcoins are ATMs. Yes, bitcoin ATMs exist and you can find them in many places around the world. Most bitcoin ATMs are located in the United States.

9. Bitcoins is a legal digital currency in Japan. In addition it is accepted by over 300,000 stores in Japan.

10. The theft of bitcoins has happened many times in large quantities.

TWO REASONS WHY YOU SHOULD INVEST IN BITCOIN?
  • Learning about investing is free

In traditional investments, one has to spend years learning the basics of investing. You cannot buy some clothes and start selling them to others in a single day. In the same way, a beginner cannot come to the stock market and try his luck. Time is the last money and one has to spend a lot of time to learn about traditional investments. This need for a lifetime to learn a traditional investment makes it very expensive.

On the other hand, learning about bitcoin investing and making profits is much easier. Using great platforms like the one described in the paragraph above makes it very easy for new investors to learn and understand the hidden bitcoin secrets. It takes much less time as compared to other investments to learn bitcoin investing and make profits.

  • Prices will keep on growing

Seeing the benefits of investing in bitcoin, 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 using bitcoin as a primary currency than ever, the price of bitcoin will eventually increase. With each passing day, businesses understand that bitcoin is the ultimate solution to their everyday problems of dealing with money. This trend of bitcoin usage will eventually attract both small and large businesses to choose bitcoin. The more people like bitcoin, the higher its price in the market. With this aspect in mind, it is only a matter of time before Bitcoin will generate manifold profits for all Bitcoin investors.

Should you invest in bitcoin or not?

Bitcoin and many similar cryptocurrencies are absolutely decentralized currencies. This means that there is no relief from the government on this. It is very difficult to track the transactions, transactions of these currencies. Therefore, no government will allow the economy to get out of its hands like this. Do not put even 1 rupee in it by mistake.

Bitcoin was at its peak in 2017 when the price of 1 bitcoin was around Rs 14 lakh in Indian Rupee. After that, in February 2018, it fell on rampage and was priced close to 6 lakhs. Has the currency halved in value in 2 months, is it worth investing in such a volatile currency? You would think that in a day, it can rise to 20 thousand and fall to 30 thousand. There is nothing inferior in this investment.
Their exchanges were closed following an earlier order of the Supreme Court in India. They also have different quirks.

You have to buy from them at a price higher than the international market and when you sell, you have to sell below the market rate.
The whole market is running like this

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