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Everything You Need To Know About Bitcoin

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Recently Bitcoin has stirred the market with its incredible potential as a virtual currency. It has baffled many debates and has gained constant interest from people all across the globe. It been a five-year-old subject but still appears to be as intriguing and intimidating. Even in India, Bitcoin trading has gained an exponential height and hence we are going to talk about it in detail:

What Is Bitcoin?

Bitcoin is a digital currency (cryptocurrency) that operates on a decentralized technology facilitating secure payments. It does not require any storage and is a virtual currency that allows making payments of any value free of any additional fee.

History Of Bitcoin?

Bitcoin was introduced online in the year January 2009, but it was invented a year before- 2008. The mastermind behind this incredible technology is a secret internet user named Satoshi Nakamoto. He has not been identified yet despite many efforts. He mined the first block of bitcoin and the reward for the same was 50 Bitcoins.

Famous Persons Opinion About Bitcoin

There are many startups based on Bitcoin that have seen significant growth in their initial days of business. Many experts in the industries hold a positive feedback about this latest technological evolution. Here is what the experts have to say about it:

“I think it’s a technical tour de force but that it is an area where governments are going to maintain a dominant role.”

Bill Gates, Founder of Microsoft and richest person in the world.

“Bitcoin is exciting because it shows how cheap it can be. Bitcoin is better than the currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient.”

Warren Buffet, CEO of Berkshire Hathaway and the second richest person in the world.

“Technical answer in Bitcoin is that bitcoin is a remarkable cryptography achievement.”

“Bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world has enormous value”

Dr. Eric Schmidt, Ex CEO and current Executive Chairman of Google.

“In terms of 5 to 10 years, Bitcoin and Ether will be around I bet,”

Balaji Srinivasan. CEO and co-founder of 21.co, a cryptocurrency startup that has left every other startup behind in traditional VC funding. 

Bitcoin Price

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How To Invest In Bitcoin?

Investing in Bitcoin is easy and there are many ways one can do that. For buying Bitcoin with your credit card you can use coinbase.com or coindesk.com as these are the two major exchanges. The websites provide you easy tutorials as well.

For buying Bitcoins in India, Zebpay.com is one great platform. You can use Android or iPhone app of the platform and link your bank account for transactions.

Unocoin is another Indian Bitcoin Exchange. You can buy, sell, store, use and accept Bitcoins using Unicoin.

Pros And Cons Of Bitcoin Investment:

Pros:

  • It offers you protection against payment frauds.
  • Insignificant threat of identity theft
  • Immediate settlement with direct transfers
  • Lower fees
  • Easy Access

Cons:

  • Helps in financing illegal activities
  • High risk of loss
  • High rate of Volatility

Conclusion:

Bitcoin can possibly replace the existing payment system. It has all the potential to become a mainstream currency, provided it is dealt with essential care and remains in the right hands.

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