Cryptocurrency, better known as digital currency, is the latest trend in the market. There are numerous virtual currencies in the market, but the one which everyone talks about is Bitcoin. Bitcoin is a cryptocurrency and is also an investment. If you have good knowledge and experience, you can earn a considerable number of profits from bitcoins by trading bitcoins. Before you buy bitcoins and try your luck, you must know about all its ins and outs. Some crucial facts about bitcoins are listed below. For more information you can add the link in the image given below
When was bitcoin launched?
At present, bitcoin is the most popular cryptocurrency, but most users don’t know anything about its origin. Bitcoin came into existence on paper in the year 2009. It was created by an individual or group named Satoshi Nakamoto. No one has seen or met Satoshi, which is why the founder of bitcoin is still a mystery. Soon after its launch, bitcoin started gaining attention worldwide, and its market value increased rapidly.
In no time, it becomes the most valuable cryptocurrency in the world, and today it needs no introduction as everyone knows about it. There is no central authority that controls bitcoin as it is wholly managed and handled by the vast network of its users.
Who can use bitcoin?
Some people are confused if they are eligible to use bitcoins which is entirely a myth. Bitcoin can be used by anyone, anywhere, and anytime. There are some cryptocurrency exchanges over the internet, and any user can purchase bitcoins from them. Bitcoin is quite expensive, so you need to have a massive amount of funds to buy one bitcoin token. But if you don’t have enough money, you need not worry as you can also purchase a small share of bitcoin, which is known as Satoshi. So, anyone can buy and use bitcoins according to his needs and requirements.
Bitcoin has become quite popular nowadays as several big companies, online sellers, and e-commerce giants such as Amazon, Microsoft, etc., have started accepting bitcoin payments. Over 300000 bitcoin transactions occur on a daily basis. It may not be as popular as credit cards and debit cards, but it is surely giving a tough competition to it.
Why is it not widely accepted?
Bitcoin is considered to be a replacement for fiat currency, but it has not been possible till now. There are several reasons that why bitcoin is not accepted as easily as fiat currency is accepted. First and foremost, bitcoin is a decentralized that means it is not backed up by authority or financial institution. So, most users fear using it without the support of any government authority; there is a huge risk of facing any fraud or scam. Moreover, the bitcoin market is highly volatile, which means its prices keep on fluctuating. It is impossible to predict the bitcoin price fluctuation, which makes it risky. It is another crucial reason that despite several incredible features, people still avoid using bitcoins are a common medium of exchange.
Does bitcoin cause any damage to the environment?
Lately, there has been several news and rumors about the environmental damage caused by bitcoin mining. Bitcoin mining is a complex process and consumes a lot of electricity. There are some reports that the whole bitcoin network emits more CO2 than entire Sri Lanka. Some countries use non-renewable resources for bitcoin mining, such as coal, whereas some of them rely on renewable resources. The main problem is in using non-renewable resources as it causes damage to the environment that cannot be repaired.
Is it a good investment?
Now comes the most important question that almost every investor and trader have in his mind. Bitcoin is irrefutably highly valuable, but some experts believe that it is not a real investment. The reason behind this belief is that cryptocurrencies like bitcoin do not generate money. If there is no cash flow, someone else will have to pay more money for the currency than what you did in order to get you some profits. Moreover, bitcoin is highly unstable, and its future is also not clear. So, it is a risky investment and but the final decision is yours.