“Bitcoin Is Our Future”
Hello Readers, Today we will talk about Bitcoin, what is the future of Bitcoin, and should you Invest in Bitcoin In India.
Did you know the value of Bitcoin 10 years ago is Zero and Now the value of Bitcoin is 30,98,412.82 in Indian rupees?
You can Imagine how the ratio is increasing day by day.
The second Fact about Bitcoin is only 12 Million Bitcoins are available in the market.
Because of this, the demand for bitcoin is increasing day by day.
History of Bitcoin
10 years ago, in October 2008 one person named Satoshi Nakamoto publish one paper on the internet in which the first line defined Bitcoin.
They told clearly about Bitcoin, A version of electronic cash that allows online payment directly from one party to another party without going through a financial institution.
Cryptocurrency is a digital Asset where the central bank or financial institutes have zero control.
Like Indian currency was controlled By RBI.
But in the case of Bitcoin, No one is taking control of this. And that was clearly mentioned on the paper.
How Cryptocurrency Work
Now we will talk about how Crypto technology works.
If you want to start trading or to invest in bitcoin the basic knowledge is enough for you. How it actually works.
All bitcoins were store in an account name LEDGER in digital form.
And the copies are distributed to the miners.
Miners are the normal peoples who have to work with powerful systems and to see the transactions and verify the transactions.
Let’s take one example :
Suppose Ram wants to send 3 bitcoin to Sham then the Miners will verify and check that, is 3 bitcoins are available in Ram account or not.
For that, they want to solve a mathematical equation because every Bitcoin has there special Variable.
And the equations are solved by computers because for human beings it is not possible to solve them because the calculation of the variable is very complicated.
And after completion of the equation, the transaction will go forward and it will pass to other network computers and they will confirm it and after that, this will convert into a chain.
And this technology was named BlockChain technology.
You have one question in mind, what Miners will get instead of this; right.
Miners will get a very valuable thing that is Bitcoin.
And this is how the Crypto-Technology Works.
Future Of Bitcoin in India
This is one controversial topic actually.
Because there are some peoples who talk about bitcoin as an alternative to Currency.
And on second hand some are there who think of Cryptocurrency as an Investment.
What do you think please comment below?
But the main use of Bitcoin in today’s time is Investment.
We invest some money in bitcoin and after some years we get a high return of money.
So this is like a Store Of Value.
That’s why Bitcoin called Digital Gold.
Here is also a risk because Bitcoin is a Digital Currency they have No value itself. Because we cannot see that currency it is only digitally present.
If you buy gold as an investment you can see it physically. But in the case of Bitcoin, it is not present physically.
In society, Bitcoin is not acceptable in a wide range.
Because you cannot buy something from bitcoin in shops.
But there are some Online platforms that support Bitcoin Payment.
And in the future, I think E-commerce Sites also accept Bitcoin payments.
The positive point of Bitcoin is it is economical in foreign fund transfer.
Suppose if you want to send money in foreign the banks will charge a very high amount and they take a lot of time to transfer funds from one account to another.
But in the case of Bitcoin, it is effective to send funds it takes hardly 10 minutes and with 0 Charge.
And it is also effective and economical with credit card fees.
And this is why Banks are opposed to Cryptocurrency. Because Cryptocurrency bet there business Model.
Paypal Introduce the cryptocurrency option for transactions.
Should you Invest In Bitcoin?
My answer is YES.
Because under Article 19 1G of democracy every citizen has the fundamental right to make Business, occupation, or trade.
In march 2020 the court declared that the cryptocurrency business is legal and if a person wants to trade or invest in it they have the right to invest.
So this is your right to trade.
The decision is yours. If you have trust in bitcoin then definitely go for it because it is our future.
But keep in mind invest in genuine websites of cryptocurrency does not get into greed and invest in fraud websites of cryptocurrency.
I hope every point of cryptocurrency is clear in this article and you like it also.
Do not forget to share with other friends.
Thank you for reading.