Important Things That You Must Know Before Investing Money in Bitcoin

We all know that the future is going to be digital. Twenty years back, we were using landline, and now that we are in the modern century, everybody has smartphones in their hand.

So have you thought about the money?

Even money is changing with the help of technology, and it’s called digital money.

There is numerous digital money, and one of them is Bitcoin.

Since the past few years, bitcoin has become very famous and trusted digital money around the globe.

Like normal currencies, virtual currencies are not backed by the central government.

People have invested in bitcoins, and the future is going to be virtual money.

If you want to invest in bitcoin, 2020 is the best year for you.

Value of bitcoin in 2010.

The value of bitcoin ten years ago was 0 INR, but now in the year 2020, it’s about to touch 15 lakh INR. Due to this, bitcoin has again become the topic among the people and the media.

Idea

On 31 October 2008, Satoshi Nakamoto published a paper on the internet. His idea was to transfer money from one party to another party without going to a financial institution.

The cryptocurrency was the idea, and now people use it as trading in a normal stock market.

Banks

The bank is the only place where our money is safe. We keep our hard-earned money by trusting banks, but we forget that we give them the power to use our money the way they want. There have been so many scams related to banks around the world, and we all are very much aware of it.

This is where bitcoins came into play, where it doesn’t need any mediator and direct exchange of digital money from one end to another.

Control

We all know there is no government bodies to control cryptocurrencies. This makes it easy to use and out of third party interferences.

After the global economic crisis in the year 2008, there was a bankruptcy-like Lehman Brothers. This incident gave birth to virtual currencies, and bitcoin was one of them.

Risk

People have not accepted bitcoin as digital money yet. All the transactions are done through the computer, and it doesn’t have any physical presence people are afraid to invest in.

But in western countries, people have started taking bitcoin as an alternative currency exchanging it in restaurants and hotels. If you don’t have a sufficient amount of knowledge about Bitcoin, then you must check www.pushmoney.app that is offering the latest news and important information about Bitcoin.

Technical challenge

Usage of bitcoin for daily use is a bit challenging as it works on blockchain transactions, and it takes time for confirmation. For the blocking process, it takes almost 10 minutes, and if you are in a hurry and waiting for so long, it’s not practical in day-to-day life. 

Bitcoin is not practical for day-to-day use, but it is very useful for foreign fund transfer. Transferring money from one country to another bank charges money in the name of foreign transfer, whereas exchanging bitcoin is for free. While it takes only 10 minutes to transfer, on the other hand, banks take much more time than it.

Pandemic 

In the last few months, during the COVID-19 pandemic, many industries and mutual funds are struggling, whereas bitcoins and other cryptocurrencies values are peaking high on the chart. From 1 March 2020 till November 2020, the value of bitcoin has reached more than 120 percent.

PayPal and JP Morgan have also introduced cryptocurrencies.

Companies and industries which were against cryptocurrencies are accepting the change these days. 

Through this, we can make out that slow and steady cryptocurrencies are coming into the market.

We don’t know what more changes are going to happen, but one thing is for sure that it’s going to be digital. There was the time we were using physical money, then time changed, and plastic money was introduced. Now, digital money has stepped in, and knowingly or unknowingly, we all know that the future is going to be digital, and we all have accepted it in our unconscious mind. Bitcoin is in the market for the past ten years, and it’s growing. There is no turning back for it, and in the coming years, we never know if we all will be using crypto money for our day-to-day use.