Nowadays, we have heard more about the Bitcoin, blockchain and cryptocurrency. Bitcoin is the popular one, and we can use it as the alternative currency, and that to it exists only in digital format.
What is Bitcoin, Is it safe to Buy it, How to Buy and Everything about Bitcoin
Sathvik Vishwanath who is the CEO and Co-founder of the Unocoin said that bitcoin is the kind of digital currency which is safely protected by the encryption layers.
It is same as the gold, and it is the decentralised currency. To transfer the Bitcoins, there is no need for the third-party support like banks.
Without any intermediary, it is like peer to peer transaction and open source software. Sandeep Goenka who is the COO and co-founder of the Indian Bitcoin exchange said that no one could own this network as there are no owners for the internet.
For each coin, there will be the uncovered code. We can do the mining of the bitcoins using the programs which are present on the computer. This programs will decrypt the algorithm. The process of mining is very easy, so people are getting into it by mining the bitcoin.
There is the limit regarding how many Bitcoins can exist totally. As we are mining more Bitcoins the complexity to uncover the fresh ones also increases.
Slowly the interest levels increased, and more dedicated miners started investing more on the specialised hardware for mining the coins.
But nowadays, the computing power got raised, and it is impossible for the homemaker to set the system of mining at home and complete the entire Bitcoin. Now it takes more time to mine the Bitcoin, so there is the requirement to buy it got increased.
Recently, the WannaCry Ransomware hackers hacked the thousands of the computers in the world. They demanded the Bitcoin payment as it is tuff for the government to trace it. Instead of it, there are several reasons why the bitcoins demand is increasing day by time. One of the reason is that its value is skyrocketing mainly from the past few days.
Zebpay’s Goenka said this is the first time in the history that the prices raised more when we compare it with the past days. The price almost went up to $5000. It is highly volatile, and demand may increase extremely.
Is it money or investment?
At present, it is both as the services are situated both in offline and online. The services are willing to take the payments through the Bitcoins. Hence in other countries, it is very easy to pay for the freelancers as it avoids the paperwork.
Slowly, the value of the Bitcoin is increasing. Now the value of the Bitcoin is trending upwards. The cost of the 1 BTC is about Rs 3,30,132.
In the last year 2016, the value of it is about Rs 40,000. If you had bought it in that year now in this year 2017, we could make the benefit of about Rs. 3 lakh.
Unicorn’s Vishwanath says that the Bitcoin is the best options for making investments. The reason behind it is that all the money transfer is going cashless. It is sure that the Bitcoin investment will increase and create records.
Is it safe to buy a Bitcoins now?
Vishwanath says as there are nearly 21 million on the Bitcoins the values of them will be more in the future. Keeping the investment perspective in mind it is better if we buy the Bitcoins now.
Here is the note that India still did not decide the Bitcoins future in our country. Initially, all the government bodies say that the Bitcoins transactions are illegal in India. So let us wait for the final decision of the Indian government regarding the Bitcoin transactions.
At present all the exchanges regarding the Bitcoin gathered and formed a group named Digital Assets and Blockchain Foundation India (DABFI). There is no official Government or RBI decision on the virtual currencies in India. However, the Finance Ministry arranged a committee to know more about the cryptocurrencies in India. As per the existing laws, Bitcoins are illegal in our country.
But the Bitcoin investments are high from India. Chris Burniske who is the investment manager said nearly the 10 percent of Bitcoin transactions are from our country. The biggest Bitcoin holders are US and Japan, but India is growing more in the investment.
Shiller said it is clear idea relating to the encryption, public ledgers, and blockchain. As the idea is more powerful, the government cannot stop it.
One Delhi-based Bitcoin investor said he is always worried about the trading of Bitcoins. He noticed that from the last seven years it’s demand is increasing. But the only fear he had is about the government regulations. These restrictions may nullify what the holding they had in the overnight. There will be the better opportunity for the people who will closely check the trends and news. If the value drops, there will be the huge loss for the holders.
How can we buy the Bitcoin?
There are many ways to buy it. The makers will store them in the series of letters and numbers. They will make them verified to stay against the public blockchain. We can store Bitcoins in pen drives, papers, Bitcoin wallets in online, public exchanges etc. It is simple to buy or sell the Bitcoins online. The only thing we have to do is to log into the numerous exchanges and to purchase some.
It is not the easiest step for the first-time buyers. Even though there are many exchanges, the Bitcoin is the appropriate one. Some of the alternatives are Ripple and Ether. Out of all the Bitcoin is the best one to use.
Unocoin’s Vishwanath said it is necessary to visit the Bitcoin exchanges online to buy it. They facilitated their users to buy them through online payments and wallet. So they partnered with the PayU India. Hence it is easy for the users to buy the Bitcoins using the PayU Money accounts.
In India, there are several Bitcoin exchanges like NEFT payments which will change our money into Bitcoins. There will be the fees to convert the money into Bitcoins.
LocalBitcoins are the sites which will make people do the transactions in Bitcoins. Here in this, we can do the trades without using the tracking or KYC. Hence, we can do the whole process in cash.