Let’s discuss money today! Not the one that you carry in your pocket but something digital, secure, and easily accessible. Introduced in 2009, BITCOIN has completed 12 years of existence but is still a topic of discussion and is not known by many. Yes, it’s BITCOIN, or we can call it Cryptocurrency or a form of Digital Money. Despite different theories and speculations, it’s flourishing its way. As everything and everyone is working digitally, why BITCOIN should be left behind. The more knowledge we have about a product or a service, its usage becomes easy.
BITCOIN, one of the famous cryptocurrencies, is a kind of digital money, or we can call it to peer cash system, which is encrypted in a certain code, so it can’t be misused. It can be used for any buying or selling activity or can be used in exchange for any other currency.
Nowadays, everyone is interested in using plastic money, and further belief in going digital. For everything we buy, we do not prefer to use cash, we rely on credit or debit cards, which is a kind of digital money for almost every transaction, but the drawback with this is:
- It’s Centralized, which means a 3rd party or middle man (e.g., Banks) are involved in every online transaction we make to the other party.
- It is not fully transparent and a little
- Mismanaged
We can look at an example to understand this is Venezuela. A few years back, the country’s government has brought in so much money inflow, which led to a decrease in the value of money. In simple terms, it caused Inflation, and the economy of the country collapsed. Here comes the role of BITCOIN (Cryptocurrency) to fight hyperinflation.
Benefits of investing in Bitcoin and other cryptocurrencies –
So, with no further delay, let us discuss the benefits of BITCOIN.
- No 3rd party involvement – It is a peer-to-peer transfer of electronic cash with no involvement of 3rd party as mentioned above. This means that the money is directly transferred from the 1st party (sender) to the 2nd party (receiver).
- Easy conversion – You can easily convert Bitcoin into any currency, be it a dollar, euro, or pound, through a virtual transaction.
- Maintains Anonymity – It maintains the anonymity of the sender, which can be further elaborated into that transaction would be visible but who made the transaction will remain anonymous.
- Nominal transaction fee – There is a very low transaction fee that is charged, not more than 1% of the value being transacted.
- Follow Blockchain mechanism – It follows a BlockChain Mechanism which means that any computer involved in the transfer of BITCOIN keeps a copy of the Ledger. So, more the transfer, more will be copies created on the computers being used. This is called Encryption and makes the currency unique.
- Safe to use –If one owns a BITCOIN, there is a specific address that is associated with it and is safe in Ledger.
- Investment purpose -It is not only used for transactions but can be used as an investment. If we own a certain value of BITCOIN, then as and when the value increases, we can encash the amount by converting it into local currency.
- Wallet facility -There is a BITCOIN wallet for the BITCOIN holders. You can keep the possessed bitcoins into that wallet all intact to be used later.
- Earn Decent Interest – There are few websites that let one earn a particular rate of interest on stable Coin holding: Cryptocom, Blockfi, Celsius, Binance, and a few more with different interest rates.
So, to conclude further, every product or service has its Pros and Cons. Without knowing them, we should never invest our money. Thorough research is very much required. I hope this will give you all an idea about BITCOIN and will help in understanding the benefits of investing in the same.
Mahendra Sharma’s weekly newsletter now includes cryptocurrencies predictions. You can now trade or invest in cryptocurrencies with conviction by using the astro predictions by Mahendra Sharma in your trading strategy. Check our subscriptions here https://www.mahendraprophecy.com/
