What is bitcoin? Are you confused about whether you should invest in bitcoin or not? Till now, how low and how high bitcoin price had been? Just read this article and you will get all the answers!
What is Bitcoin?
Bitcoin is the world’s first cryptocurrency. It’s a digital currency that is not available physically like $, INR, etc. Bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto and released as open-source software in 2009. It is the first decentralized currency which means that the government has not any kind of control over cryptocurrency. It’s electronic cash sent peer to peer without any financial intermediary. So if we compare this thing to the real world then we can say that it doesn’t contain any central bank or single administrator. Strange, right?!
Now here one question arises. How to store and secure bitcoins if it’s not available physically and also there is not any facility like the bank? Well, the answer to that question is the cryptocurrency wallet! There are many digital wallets are available to handle your cryptocurrency. Some of these wallets are multiwallet by Freewallet, citowise, mycrypto, blockchain wallet, and so on.
Bitcoins were primarily created as a reward for the process known as mining. Now, hackers and few more people use Bitcoins as currency in the black market on a huge scale. Bitcoins can be exchanged for other currencies, products, and services in the deep web and dark web. Research produced by the University of Cambridge estimates that in 2017, 2.9 to 8.5 million unique users using a cryptocurrency wallet, most of them using bitcoin.
Should you invest in bitcoin?
As I mentioned above, bitcoin is a decentralized digital cryptocurrency. So, the government has not any kind of control over it and it’s not physically available. Also, bitcoin is not legal. Nowadays, we see many cases related to bitcoin. So, if your secret is revealed, it will be the matter of only a single moment and everything is finished!
Still, if you want to invest in bitcoin just question yourself first before investing.
- What if the cost of bitcoin will decrease instead of increasing?
- What if you couldn’t find any customer to purchase your coins when you need money urgently?
In addition to that, bitcoin is not a stable currency as its cost may increase or decrease at any time and at any rate! That means if today one bitcoin price is equal to $10,000 then it can be $19,000 or more than that as well as $100 or less than that! The highest Bitcoin price till now is $19,783.06 in December 2017 and the lowest bitcoin price till now is $0.08 in July 2010. (For more bitcoin price, go to Bitcoin price history)
Thus, it’s worse than even speculation. So, I would strongly suggest you not to invest in bitcoin as it’s not advisable! Though if you have too much extra money and you don’t know where to throw it then it’s up to you what you want to do with your money. But if you are willing to get a good return from your investment then it’s not a good choice for sure.
Thanks for reading the article. I hope it helped you and now you know very well that what is bitcoin and whether you should invest in bitcoin or not. Still, if you have any queries, feel free to comment down below. Also, share it with your friends.