A few years ago, Bitcoin was all the rage, with people either considering it the next new thing in online investments or others saying it was all part of a big scam. Fast forward to 2022, and one Bitcoin is worth approximately USD 38,000 (INR 30 lakh), as opposed to a fraction of a penny in 2010 https://bitpapa.com/. This means that if you had invested USD 100 for 125,000 Bitcoin in 2010, you would’ve been a billionaire four times over, which is mind-blowing. But what exactly is Bitcoin, and how does it work?
Origin of Bitcoin
Bitcoin was invented by an anonymous group of people in 2008, who called themselves Satoshi Nakamoto, look here. It is a type of cryptocurrency, making it very hard to make counterfeit since it is secured by cryptography. It is decentralised, and failures of other financial structures like banks are not likely to affect it. It also eliminates the need for a middle-man like a credit or debit card since the transactions occur directly and are faster. Its popularity increased in recent years due to public figures like Elon Musk endorsing Bitcoin in 2021.
How does Bitcoin work?
The entire concept of Bitcoin might seem abstract and daunting, but here’s a simple version of it. You can either buy Bitcoins with actual currency, ask people to purchase your goods with Bitcoin or create them by solving complex sums on a computer, with a process called mining. The last method is perhaps the least efficient since several people have started mining Bitcoins now.
Should you invest in Bitcoin?
Besides the fact that financial giants have endorsed cryptocurrency in recent years, people also choose to invest and trade using Bitcoin since every transaction is publicly recorded, which means that you can’t spend Bitcoin twice or create counterfeit. Bitcoin also offers some level of anonymity while spending it.
However, the price of Bitcoin is not stable, and its price could increase or drop significantly at any time. The possibility of losing or accidentally deleting Bitcoin is very real, and there have been instances where it has been stolen from sites that store your Bitcoin for you.
Ultimately, Bitcoin would be like investing in any other stock, except that it is invisible and highly volatile. Proceed with caution if you choose to invest, and only do so after completing thorough research on Bitcoin.
Bitcoin is the new trend of earning money. So, learning about this big world and knowing the ways on earning from here is must for every person looking to have some income in their hands. Stop the wasting of time and learn about something new that can help to bring food into your plate. Bitcoin is the softest place if you know the ways to earn and understand the market. So, without looking for other ways, start investing from this place such as . It is termed as the safest place where person having no experience to having much experience can start earning and investing.