Bitcoin is a digital currency that is growing rapidly. In simple words, Bitcoin is like real money, but you cannot touch it as it is in a digital form, you can use it for payment transactions, you can use it to purchasing goods and services, and you can also use it for investment purposes.
The domain name of bitcoin.org registered in 2008 and come into existence in 2009 and was started by an unknown person or maybe an unknown team, but according to the research, it is started by Satoshi Nakamoto. Firstly it was started for only digital payments where there is no third party included for any transaction.
The growth of Bitcoin was rapidly increased, and nowadays mostly it is used for investment. In the initial stage price of a bitcoin was very low, but after the introduction in the market, people were excited to purchase, and the price of Bitcoin tends to rise up and up. In this bitcoin buyer just launched, you can know more about bitcoin from here.
Meaning of Bitcoin
Bitcoin means a Digital coin which is used for purchasing goods and services, for investment purpose and online transactions. Unlike banks, there are no third parties who control the transactions of bitcoin. Bitcoin is separate property.
In simple words, “Bitcoin is an untouchable coin with extraordinary features.”
Why Bitcoin is popular
Bitcoin grabs the attention of people with some extraordinary features:
The first feature is that Bitcoin is decentralized, i.e., it is not regulated by any third party; it is separate. We will understand with the help of an example- in the banking sector; there are some rules and regulations which are governed by all the banks and regulated by a central bank. It means banks are centralized, but in the case of bitcoin, there is no control of the government on this cryptocurrency because bitcoin is separate. Even in some countries, bitcoin is restricted.
The second characteristic of Bitcoin is that there are no high charges or fees for online transactions. When online payments came into existence, some platforms charged some fees or amount per transaction, especially high if you want to send money to foreign or abroad. It was very difficult for small businesses. Bitcoin had solved this problem; it is a multicurrency coin, you can purchase bitcoin in any currency, and it is very easy to use.
Form of an Investment
Nowadays, bitcoin is very popular for investment. It is also like an asset, i.e., which can be sold for the benefit if the price will be increased. People who had invested in the initial stage of the bitcoin are at a huge amount of profit because the value of 1 Bitcoin is now 40 Lac something; in 2020, the value of bitcoin was 4.9 Lac something, what a rapid change. Suppose you have invested Rs. 5,00,000 in 2020 and imagine you have 1 bitcoin (40,00,000).
So there are some perceptions, people think, the values of Bitcoin will increase.
It’s like an investment in other assets like shares, stocks, bonds, debentures, and real-estate, etc. People investing in Bitcoin earn money by investing, and if they are investing so it is safe to invest, but it’s all upon you if you want to take the risk.
Is there any Software for trading and Storing Bitcoin?
Yes, there are many bitcoin trading apps or software where you can exchange a bitcoin-like share market.
For the trading Purpose: An app
For storing the Bitcoin: A Wallet
A digital wallet is like other payment wallets such as PayPal wallet, Paytm wallet, and many other payment gateways, etc. In this digital wallet, you can check your bitcoin, you can purchase or sell online via your wallet, you can purchase more, and you also can purchase goods and services through your bitcoin wallet.
Is trading Legal?
This is the common question that is asked by many people, is bitcoin legal or illegal, is investing in bitcoin is safe? Yes, the bitcoin coin is legal; many people investing in bitcoin day by day, and many people earned a huge profit; it is all up to you if you want to take risks. Bitcoin is restricted in some countries. You can purchase, sell or invest in bitcoin, and it is 100 percent legal.
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