Bitcoin is a kind of cryptocurrency that was invented in 2009. The marketplaces used and acceptable are called Bitcoin Exchanges Market, where people can buy and sell bitcoins. In general, it is considered as a digital currency that has a high market value today. It is also called a digital currency or virtual currency, as it is completely virtual. It is a form of online cash.
Benefits of Bitcoins
⦁ Liquidity:- Compared to other cryptocurrencies, Bitcoin cash price is hugely popular and in-demand because of its greater liquidity. Liquidity means the convertibility into cash.
⦁ Wide Acceptance:- Bitcoin is widely accepted as a payment method, which means that selling and buying can be done through the exchange of bitcoins. Its high market value is more widely accepted as a digital currency than the other virtual currencies.
⦁ Easy International Transactions:- For the transaction with the help of bitcoins in the international market, there are no extra fees or charges are imposed for making transactions in bitcoins. At the same time, other currencies are not free of charge when it comes to cross-border exchanges.
⦁ Lower Transaction Fees:- In comparison to other transactions such as credit card, PayPal, etc., the transaction fee of Bitcoin is relatively lower than other transactions. It is generally 1% of its value while other kinds of transactions impose 2 to 3% of their value charges.
⦁ No Agents:- Bitcoins are not created by any bank or state, so it functions independent of the government’s influence. The Government cannot seize or freeze any Bitcoin units because it is out of their control system.
Why are Bitcoins highly valuable?
Apart from real money, there are so many other highly valuable things, for example, gold, diamonds, etc. Bitcoins are highly valuable because people are ready to exchange anything for getting bitcoins instead of real money. Bitcoins nowadays have a very high demand in the market because of their safety and security features. Bitcoins can be saved in offline mode, where hackers and viruses’ chances of getting hacked decrease significantly.
In 2008, RBI (Central bank of India) imposed a ban on the use of bitcoins for those entities that are regulated by the RBI, which means that the RBI banned the sale and purchase of bitcoins, but in recent March 2020, the Supreme Court verdict came which ruled that ban on bitcoins by RBI is revoked. The SC verdict made bitcoins legal in India. So currently, as per the SC judgment and RBI guidelines, Bitcoins are legal in India.
Bitcoin Cash Price
The price of Bitcoin fluctuates every day in the Bitcoin Exchange Market. Currently, one Bitcoin is equal to ₹19061.02 Indian rupees. This is one of the biggest reasons that people are more inclined towards Bitcoins than before when it was launched. Bitcoin cash can be processed more easily than Bitcoins Network, which follows blockchain technology that makes it slower. The Bitcoin Cash has proved to be a good investment option within two years, ranking 5th of all cryptocurrencies as per the report of Coinmarketcap. It is very easy to use the Bitcoin cash by logging in to the account and selecting the withdraw cash option.
Supervised virtual currency-bitcoin
A currency you can’t touch or store in your wallet or, say, a virtual currency called bitcoin. This is like other currencies, which helps in purchasing a variety of goods and other essential needs; the difference in both is their physical appearance, ways to earn; bitcoins can be obtained by online methods like trading your money, selling your services, putting your goods in the online auction.
Bitcoin is handheld by a decentralized authority, while banks and a particular government operate other currencies. Now the issue is all about trust and the record of their transactions.
The only obstacle for beginners is “cryptographic mathematical algorithms” or “Proof of works.” To solve all these types of chaos, Mining and POS is the method that overcomes all those worries. Personal pieces of information and private key numbers are different for every individual, and their transactions are handled via Mining and POS.
The trusted Mining and POS servers are chosen by(D POS), users had their crypto tokens to vote, and the most voted server became the block producer and manages the blockchain as a whole.
History of Bitcoin
Bitcoin has its roller-coaster journey since 2008. It was introduced on October 31, 2008, by a mysterious man Satoshi Nakamoto. The domain also came along named bitcoin.org, and the current domain is “Whoisguardprotected” to hide the personal information of the creator.
On January 3, 2009, Nakamoto made it public and presented its first block called the genesis block. And added 50 bitcoin to it and coded it like that nobody could spend those 50 BTC. But there is a myth that Nakamoto created the genesis block in 6 days, like how God created the earth in 6 days. Still, this puzzle has some missing pieces.
In January 2010, this virtual currency got its first increment, which is less than a dollar. And after a decade, it recorded approx $11,000.
Pros and Cons
Every coin has two sides, and coincidently, there is a coin; Bitcoin has taken the world by storm. This is the new era of economic freedom where you don’t have to go through multiple mediums to make your payments. Anybody can make international payments without any currency conversions and taxes. This is full proof, one person, to another payment mode as it follows decentralized protocols that’s why there is no risk of inflation. Also, the transparency factor of servers, anybody can’t access anything without the consent of others.
But with good comes some bad things too. As government-certified banks do not regulate it, there is no way to claim money insurance. Every bitcoin has its private identity. Unscrupulous people take advantage of it and try to carry out some illegal activities over the dark web. Through mining, data can be protected with a powerful computer, and due to this, much power usage will also affect the environment.
Need for bitcoin investment
In today’s world, not many are well aware of Bitcoin with its working and limitations. Investing all your money and saving in this virtual currency is not a joke. The cryptograph varies daily; the current value of Bitcoin depends upon mining. Security is a major issue because somewhere corruption and money laundering is a social issue. People start converting their black money into bitcoin. So no government body can access their figures.
Many countries try to bring this issue out of the shadows, and maybe it comes under any particular government surveillance. The future of Bitcoin is difficult to envisage. After a decade, who knows bitcoin would exist or not. This matter should be solved earlier; it may seem like now car companies come together and start talking about global warming.
Bitcoins’ success and failure depend upon the challenges it faces. They may determine the fortunes of other cryptocurrencies in the years ahead. This question will be asked: Is this a wiser idea to change the world according to our need and transform those industries that came earlier and give a new shape to revolution.