Since the last decade, Bitcoin has slowly and steadily made its mark in the finance and economy market. When Bitcoin came into origin first in 2009, people did not know much about it, nor did they have any fate in this currency that was not available for touching and is just some crazy numbers that cannot seem to stay stable.
However, with time people have slowly seemed to realize the potential of Bitcoin which stood the test of time. However, many people have still not heard about Bitcoin and for them, Bitcoin is a really risky project.
So, if any of you guys are thinking of investing in Bitcoin but are still unsure about it, well you are in the right place! Read this article to know more about Bitcoin.
Bitcoin is a virtual currency which of course you cannot touch. It makes the online transaction of cryptos from one person to another easily without any dependency on the third party like banks or government. The best part is that Bitcoin is that it is also encrypted in computer language which makes the transaction process smooth and rapid. Apart from that, another reason why distance doesn’t matter when it comes to the transaction of Bitcoin is that it runs on the global networks of the computer which makes the entire process so smooth. It gives Bitcoin and the upper hand on traditional currency.
Bitcoin has a huge impact on people’s spending style and it has to a great extent imposed a huge threat to the traditional paper currency. It won’t be a shock if there is a global recession with Bitcoin Era.
· Bitcoin is digital
Of course, this is the most common feature of Bitcoin and everybody knows about it, if you are still not living under the rock. But if you are, let me again remind you that Bitcoin is a digital currency. You can see it only on your computer and phone screens. The entire procedure of Bitcoin is online and you can see all the transactions and accounts online in a public ledger of Blockchain technology. Apart from that, you can even remain anonymous as you do not need to give your information or identity proof for creating a Bitcoin wallet.
· Volatile and unpredictable
You should brace yourself for a roller coaster ride as Bitcoin is highly volatile and unpredictable. If you are of a mindset of earning a huge amount of profit, then better stay away as investing in Bitcoin is a bumpy ride indeed. You should be ready to face loss as well. That is the reason why it is advised to invest a small amount which you can bear losing.
• Bitcoin is decentralized
The whole idea of creating Bitcoin was to keep it decentralized, free from the control of any third party and that is how it is. Bitcoin does not come under the authority of Banks or government and so there is no third-party threat that can seize your currency.
• Invest in multiple cryptos
Though Bitcoin is one of the most famous cryptos available, it is not the only one. There are many other cryptocurrencies like Altcoin, Litcoin, and Ripple which can also prove to be a good investment. All I want to say is that never put all your eggs in one basket. Investing in multiple cryptos enhances your winning chances and to be fair the value of every cryptocurrency is unstable, so why take chances?
• Don’t keep a lot of money in exchanges
With modern technology, popular crypto-exchanges cannot be claimed to be the safest place to store your Bitcoins. You can be a victim of hacking even with the most secure wallet and may end up losing your funds. So, never store a hefty amount in your crypto-wallet.
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