BitCoin -The virtual currency of the internet and one of the most searched words on the internet. So what the hell is this BitCoin? Is this legal? and how it works? Is it safe?
What Are Bitcoins?
BitCoin is an electronic currency also known as “cryptocurrency” developed by unknown programmers under the name Satoshi Nakamoto who published the invention on 31 October 2008 to a cryptography mailing list in a research paper called Bitcoin. It came into the picture by 2009.
Watch this Video:
I hope you’d understand the basics of BitCoin.Before explaining the BitCoin and BlockChain concept, let’s understand the problem why is it invented?
Suppose, Tahir & Yash are close friends and Yash is required ₹500 urgently but he requested Tahir to send ₹1000 in his account instantly. Suddenly, Tahir accepted his request and send ₹1000 in Yash account.
Unfortunately, Yash received only ₹900 in his account and As they are close friends, he didn’t ask Tahir for this ₹100 less amount.
Who is responsible for this ₹100? Whether Yash or Tahir?
Here, Bank was the cheater which sent only ₹900 to Yash and made a fraud of ₹100.
So here is the solution of all such problems.
Why you should use BitCoins:
Bitcoins are highly controversial because they take the power of making money away from central federal banks, and give it to the general public beyond the control of traditional police and financial institutions.
- Bitcoins are not created by any central bank, nor regulated by any government.
- No tax.
- Digital currency in everyone’s hand.
- Very minimal charges.
- Bitcoins are changing how we store and spend our personal wealth.
- Working based on BlockChain system.
At the starting of BitCoin release, Cost of 1 BTC was equal to ₹1 only and today, 22 July 2017 cost of 1 BTC is more than 1.8 Lacks. This is a very interesting fact that
“If I’d invested ₹4500 when I was in school, I’d have 450 Crore today.”
Think, If I’d invested ₹90,000?, what I’d be?
A Billionaire of course.
Here in above chart, you can see in April a BitCoin costs around 75K and now just after 3months it costs around 175K which is more than double in just three months.
BitCoin hidden facts:
- Bitcoins can be ‘mined’ by anyone in the general public who has a strong computer using electricity.
- It is self-limiting because only 21 million total bitcoins will ever be allowed to exist
- Approximately 11 million of those Bitcoins already mined and in current circulation.
- Your Bitcoin wallet can be stored online (i.e. a cloud service) or offline (a hard drive or USB stick). (WOW)
- Bitcoin transactions are irreversible.
So, It’s a golden time to invest in BitCoin and if you are interested in investment, ping me so that I can help you out.
In my next article, I’ll write about “how to invest in BitCoin successfully in 2017.”