As we all know that there is a trend in cryptocurrency in today’s time. Everyone is just crazy for investing in cryptocurrency as everyone is earning enormous profits from the cryptocurrency in significantly less time. As we all know, anything new starts with something, and this something is bitcoin. Bitcoin is the father of all cryptocurrencies. Bitcoin was announced in the year 2008 and was launched in the year 2009.
Initially, there were many controversies regarding bitcoin. Many people said this is a scam; some said virtual cash is not possible. But later on, with time, as digitalization increased, people came to know about cryptocurrencies. They started to get aware; they studied the white paper. The white paper reveals everything about Bitcoin.
Prices of the Bitcoin
As we have discussed earlier, bitcoin was considered one of the biggest scams, and no one believed in bitcoin in any way. The price of bitcoin was just dollars and even some cents. But later on, as the people started to invest, they got huge profits from the bitcoins. The prices of bitcoins rose in the year 2012, and then it is on its constant growth.
If we see the statistics, the price of bitcoin was around 2 to 3 lakhs around 7 to 8 years ago. The price of bitcoin has reached 40 lakhs. Now it has reduced to 32 lakhs just because of the market crash because of the ban in China. But still, 32 lakhs are a significant amount.
Other Crypto Currencies
By seeing the popularity of bitcoin software like the Bitcoin Era software, there was the release of the other cryptocurrencies. So today, if we see the crypto market, we have a huge variety of cryptocurrencies to invest in. It is as if we are going to buy some clothes and there are a variety of brands with various designs.
Along with bitcoin, other cryptocurrencies helped the users earn a considerable amount of profits. When there is the release of the new cryptocurrency, and the user invests in it, it gives huge and huge profits to the users; as this has to go up, there are no chances of falling. So, this also helps the users to earn huge profits.
Why do people like to invest in Bitcoin?
- The major reason for investing is that it helps the users to earn huge and huge profits. Even after the market crash, most people had earned huge profits in a very short period.
- It provides transaction privacy. In bitcoins and other cryptocurrencies, once the transaction occurs, there is no way to get track of the transaction.
- This is a universal currency and can be used in any place in the world.
- This takes very little time for the transaction to take place, and there are no middlemen for the transactions.
- The transaction charges are very less as compared to the other sources which are used for the money transfers.
- Cryptocurrencies can be sent to any user who is a resident of any part of the world.
- It is very easy to invest in bitcoin as earlier there was an official website where the investment took place. But now, there are various digital applications that are used for investment purposes. This is a very easy method as everything like the statistics, all cryptocurrencies, selling, buying, etc., can be done in a single place without any problem. So, because of the ease, most people are getting joined.
There are some of the drawbacks of bitcoin too.
- Sometimes the bitcoin platform is used for illegal activities because the transactions of the bitcoins are never revealed.
- Once the transaction is done and the bitcoins are sent to the wrong person, then the transaction cannot be reversed by any method.
Bitcoin is one of the best forms of investment in today’s time. Bitcoins are used for huge returns on investments. As there are some drawbacks of bitcoins, we have to understand that the drawbacks always come with benefits, so we have to take care before doing any transactions. But if we conclude overall, this is a unique idea which was given by the anonymous person Satoshi Nakamoto, but the concept is just awesome.