Bitcoins Investment In 2021 | Bitcoins Best Cryptocurrency | Know About Bitcoins Investment | Lost Bitcoin Recovery

Bitcoin, after the tremendous rally that has been shown in the past, many would have been tempted to make money from this too. After 2015, the price of bitcoin, which gained momentum, crossed $ 19 thousand on December 17, 2017, so it was not known where this series would stop. At that time, experts were telling new targets for bitcoin, but Honie had something else approved.

After the all-time high of 2017, bitcoin declined and by March 2020 it dropped to around four thousand dollars. Some saw this as a good opportunity to buy and their bet was right. Since April 2020, the price of bitcoin has risen by 700 per cent. Investors made huge profits in a very short period of time. On January 8, bitcoin reached a peak of 42 thousand dollars. Now that its price has started decreasing again, people are more restless than the last time, to invest in it. Before you invest money in bitcoin, let's know some important things related to it and understand the world of cryptocurrency.

What is cryptocurrency?

Crypto is meant to be confidential. Currency means currency. Cryptocurrency is a currency whose identity is hidden. Its data is in a language that not everyone can understand. Only those two people who are transacting know how many bitcoins were bought or sold.

This term was first given by Way Die in 1998. This currency based on computer algorithms is only digitally present. That is, you cannot hold it in hand like rupees or dollars. It can be stored in a wallet, but not in a wallet that fits in your jeans pocket made of leather, but in a digital wallet. Bitcoin, Ethereum, Ripple, LiteCoin, SisCoin are also similar currencies.

What is special about bitcoin among so many cryptocurrencies?

Bitcoin is the first cryptocurrency. In the first few years, its value increased gradually, but after 2015, the rapid rise made it famous among investors worldwide.

There is also a special thing that the world is still unaware of who was the brain behind this virtual currency that was formed in 2008 and launched in 2009. It is said that a person named Satoshi Nakamoto started bitcoin. Who they are, where they belong, whether in the world today or not, is not known.

When you don't know who made it, how to trust?

Investors' advantage lies in keeping the identity of the person who brought bitcoin into the world confidential. If you remember that in 2019, when the founder of Cafe Coffee Day suddenly committed suicide, how did it affect the shares of the company? Shares of Coffee Day Enterprises fell 37% in two days. The company incurred a loss of Rs 600 crore in market capitalization. Its price reached its all-time low of 123 rupees 25 paise per share.

Bitcoin will be saved from such an accident. At the same time it also means that there is no survey of currency. Minors around the world oversee it. Minors are those who maintain a network of cryptocurrencies from supercomputers. Their job is to solve the confidential language of the transaction with the help of computer. It can exist in any part of the world. The process remains transparent as no one has the rights.

How does bitcoin work and where does the transaction information go?

Bitcoin and any cryptocurrency works on blockchain technology. Block, ie a square box. In this box, the story gets to know about every bitcoin transaction. These boxes are made by minors. When a box is completely filled, a new box opens. All these blocks keep on connecting, through a chain. The last information of the previous block is saved as the first data of the next. And in this way, a currency account is created in the blockchain.

It is not possible to vanish data from one of its links because immediately from the next block it will be known that it is not getting the previous information. In this way cryptocurrency data is protected. As stated earlier, who is buying or selling, their identity remains confidential. A person sitting in one country can transact with another person in foreign countries, without any hassle. There are currently 21 million bitcoins in the world. Of these, 1.86 crore are currently part of the cycle of transactions.

How to buy bitcoins?

To buy bitcoin you have to register on a cryptocurrency exchange platform. Such as WazirX, Binance, Zebpay along with international agency like coinbase, coin mama, cashapp, local bitcoin etc Before starting trading, you will have to provide some basic information - Aadhaar, PAN, a bank account, email address and phone number in your name. After this you can buy and sell bitcoins. The best thing is that you do not necessarily buy a whole bitcoin. You can also buy 0.1 bitcoins as per your pocket convenience. You can also check out this article in order to find Top 5 websites to buy bitcoin easily in 2021.

Is Bitcoin Legal ? How to use it?

It is legal in all around the world like united states, united kingdom , dubai , India etc.

In India, bitcoin has been approved under the Supreme Court's ruling in March 2020. There is no legal restriction on its sale and purchase. However, they cannot be used to buy goods. That is to say, bitcoin cannot be used in exchange of rupees when buying something from a shop or ecommerce platform.

What is the use of buying when you cannot use it?

You cannot use bitcoin directly. This does not mean that profits from it cannot be achieved. By selling bitcoins being traded, you can convert the earnings from it into rupees. For this first, bitcoin has to be sold on the exchange platform. When other traders on it buy your bitcoin, the money will come in your digital wallet on the platform. You can easily transfer it directly to your bank account. The platform will charge some fees to convert the money into your national currency and add money to the account.

If you do not want to pay this fee, then you can contact other wallet holders on the platform. Suppose you have money in US dollars and you have to convert it into rupees. In such a situation, a person who has money in his wallet and needs a dollar can be contacted. This will impose exchange fees on the buyer. However, the buyer gets your bank account details when doing so. This does not make your identity as confidential.

Is the transaction process completely safe?

No. Because there is no bank-like intermediary in money transactions in cryptocurrency systems, no one will be accountable if any transaction is wrong. The whole blame is yours. Therefore, it is very important to fill all the details while transferring money.

Secondly, if you forget the password of digital wallet for any reason, then it is possible that your money will be stuck in it. There are 10 chances to guess password. If you are unable to access the correct password in this number of times, then you will not be able to access the account. According to a recent report by the cryptocurrency data firm Chen Analysis, around 20 percent of the world's bitcoins are stuck like this. They will cost around $ 140 billion.

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