Bitcoin is the first-ever cryptocurrency announced in 2008 and was launched in 2009 by an anonymous person, and he has been called by the name of Satoshi Nakamoto. He just gave the fabulous concept of cryptocurrency. Initially, it was not widely accepted by the people but later, with time, as the popularity and the digitalization increased, people started investing in bitcoins.
The most significant major advantage of bitcoin is that the cryptocurrency is transparent, and everything is mentioned on its official website in the form of a white paper.
Myths About the bitcoin
Initially, when bitcoin was started, its value was just a few dollars, but with time the value of bitcoin has increased to thousands of dollars. Initially, there was a various myth in the mind of the users while investing in the bitcoin platform.
- The first myth was that it does not have an owner, and the money got wasted, and any scam occurs, the who will be responsible for that. Then this myth was cleared by studying the white paper which is given on its official website.
- When this was initiated at that time, there was very little digitalization, so at that time, people thought that earning money from the internet was a complete scam. Later with digitalization, people started to invest in it.
- Another myth is that crypto is illegal; this is not true even though there are many countries that have legalized the use of cryptocurrency. There are some online sites where bitcoin can be used as the mode of payment.
- Some people think that it is part of the pyramid scheme, and again, this is not true. This is not part of any pyramid scheme. A pyramid is a method of doing scams by collecting many people and earn money from them in return for the bate and when the company earns great revenue and runs away. Before investing in bitcoin, you can read more from here.
Why invest in Bitcoin?
Bitcoin is the most advantageous platform in today’s time.
- Saves lots of time: it takes very little time for the transaction to take place. Earlier, there were various middlemen like banks, which takes lots of time and effort for local or international transactions. In contrast, now there is a bitcoin platform that takes very little time for the transaction to occur.
- Fewer transaction charges: There are very few transaction charges for the payment done by the bitcoin platform. As discussed, banks take a huge time along with the huge transaction charges.
- Transaction privacy: All the transactions made on this platform are private. No one will ever be able to view your transactions.
- Security: All the transactions made on this platform are secure because of cryptography.
Things to be known before investing in Bitcoin
As we all know, if there are merits of anything, then there are some things that should be taken care of so that the person should be aware of while investing or doing any transactions.
- In the bitcoin platform, there is the drawback that if the person had made the transaction, he could not find the account where the bitcoins have been sent. And the transfer cannot be reversed by any method.
- Because of the transaction privacy, the transactions are sometimes made by terrorists who cannot be read by the government, and the attack cannot be stopped. They do these transactions to buy arms and weapons.
- Some countries like India can hold bitcoin illegally, like China, and the market will fall suddenly at a very bad rate. Even the country users will not be able to withdraw the cryptocurrencies; still, if they withdraw, then the price of the bitcoin would be at ground levels.
Conclusion
Bitcoin is the unique idea presented by an anonymous person with a huge return on investment. In this pandemic, various people got jobless. Those people started to invest in the market, which started to move up, giving them huge profits.
These profits were the source of income for them to run their houses. Bitcoin is a very volatile market and the prices rise and fall at a very high pace; the person should once understand the statistics of the market before investing.