Bitcoin full details [for beginners]

When you are serving on the internet you have heard many internet terms. If you heard it multiple times then the desire of comprehending it creates in your mind then you search it on internet for getting full information about it. 


So maybe you heard about Bitcoin. This also the most popular Internet terms with searches over 100k monthly.

To get full information about Bitcoin read the article until the end, almost your all doubts about Bitcoin will clear in this article.

                          

Bitcoin

STRUCTURE 

1) Introduction

2) How it fluctuate or varies?

3) How it mine?

4) Advantages

5) Disadvantages

6) Should we invest in it?

 

**Introduction**

Like US dollar,  Indian rupees,  etc  Bitcoin is also a currency but you can’t see it like notes and coins. Basically, Bitcoin is an Electronic or virtual currency which possesses value but not weight. It stores in your online wallet but you can’t see it physically you only can see it numerically.  

Bitcoin is a cryptocurrency which functions without any central bank or a single administrator.


Bitcoin is founded by Satoshi Nakamoto which is unknown to everyone. He/they created a link paper of the full algorithm of peer-to-peer network currency and uploaded it on the Internet. In which Satoshi Nakamoto clarify the full details about Bitcoin. You can also read it on the Internet.

Currently, 1 Bitcoin is around 6,400 US dollars but the price of Bitcoin but it always vary. We’ll discuss ahead that how it varies.

According to some experts, Bitcoin is founded by 4 companies that are SAmsung, TOSHIba, NATAmichi, and MOTOrola. But these companies never accepted this.

The maximum number of decimal part of Bitcoin is 8 that means 0.00000001 is your minimum Bitcoin value, this is known as 1 Satoshi.

To get Bitcoins you have to mine it from the Internet which is quite hard. We’ll discuss it ahead.

 

**How Bitcoin varies or fluctuates?**

Bitcoin always fluctuate and fluctuation is one of the advantages and disadvantages of Bitcoin because when it’s price increases the investor celebrates and when decreases investors become sad.

Sometimes its value increases very much and sometimes its value decreases a lot so the Bitcoin is unpredictable and it is quite difficult to predict. That’s why experts don’t recommend to invest in it.

But you are thinking now why it fluctuates and what are the factors for the fluctuation of the Bitcoin’s price?

The answer is popularity or demand of the Bitcoin in the market. When people buy many Bitcoins then the popularity of the Bitcoin increases and its price also increases and when the sales of the coin decrease very less than its price also decrease.

Some days ago the price of Bitcoins decreases very much then the people bought  Bitcoins in a huge amount then suddenly after few hours the price grown up very much.

Maybe you are thinking that Bitcoin is limitless but you are wrong according to the algorithm of Satoshi Nakamoto there are only 21 million Bitcoins in the planet and almost 17 million Bitcoins mined so far.

Hence, there are only 4 million Bitcoins left so we can predict that the price is going to rise high but I am not sure that it will increase it may be decreased because it is based on the popularity of its or you can also say that sales of the Bitcoins responsible for the fluctuation of Bitcoin.

***Bitcoin mining***

You can buy and sell Bitcoins or you can exchange any products from the Bitcoins. Now days, companies like dell also accept Bitcoin which is very good things.

               

This is advantage of the Bitcoin and every exchange of money is stored in many powerful computers but the identity never revealed that’s why many people use it for smuggling, etc. because there is no any central authority in it.

                              That’s why you must have to verify your transactions and the transaction is verify by the miners by solving complicated mathematics problems with the help of advanced and powerful computers.

               Miners are paid some Bitcoins for their hard work. You can also be a miner and you can also earn Bitcoins.           

     Mining is divided into two parts:-

1) Solo mining:- 

                      If you have most advanced and powerful computers then you can do solo mining in which you are only responsible for the mining of the bitcoins and you’ll do alone.

                                       Most of the people can’t afford this because you must have powerful and advanced computers and a lot of hard work. That’s why there are very low numbers of solo miners in the planet. But you’ll be paid very much.

2) Pooled mining:- 

                            Many people can’t afford expensive and powerful computers. So, you can do pooled mining in which a network or group of people assembled and start mining in group.

You’ll be paid less amount but it is good not so bad. The needs in pooled mining is less as compared as Solo mining.

***Advantages of the Bitcoin**

We have learned what is bitcoin and how you can mine it. Now we are going to acknowledge the advantages of Bitcoin.

Bitcoin advantages:


1)  Hidden identity:

                     This is also a good advantage of Bitcoin that your identity not visible to the buyer or seller but sometimes it becomes a disadvantage because people can use it for smuggling or investing black money. That’s why the government don’t recommend to use Bitcoins because it may be harmful to us in some cases.

 No gatekeeper


2) No gatekeepers:

 
This is one of the most attractive features or advantage of Bitcoin that it has no gatekeeper because sometimes some gatekeepers become slippery and there a disorder takes place, which is very unfavorable for us and Bitcoins have no gatekeepers that’s why it is remarkable.  

 3) More secured:

 Bitcoins are more secure than the other currencies because no one can steal or rob it because it does not exist physically it is a virtual currency and no one can view or touch it. That’s why it is more secure.

Maybe you are thinking that it can be hacked, so you are wrong because it is extremely secure and it is almost impossible to hack because of the use of cryptography.

4) Extremely fast:

                Bitcoin is a digital currency and it is store electronically you can’t see it and touch it because it exists virtually and as we know that digital items are too fast, such as you can talk with a person which is another side of the world at the same moment within a second.

You can send a message to the person who is another side of the world within a second. Bitcoin also stores digitally that’s why it is too fast and you can send the transactions out of the borders quickly. This also makes Bitcoin remarkable.

5) Portable currency: 


Bitcoin is a digital currency and it stores virtually you can easily transport Bitcoins out of the borders also because it’s stored in your mobile, tablet, laptop, etc and the good thing is that thousands of stores and companies allow or accept Bitcoins. That’s why you can use it in any part of the world.

Sometimes when you are out of the country and suddenly your all cash blew away then there you can use Bitcoins but maybe they will not accept Bitcoins but you can also sell it to another person and collect some cash from there and you can use it.

From the point of view as an urgency money Bitcoins are the best because in some countries like Japan and South Korea its craze is outstanding.

Maybe you can sell your Bitcoins with more profit.

6) Amazing returns: 

          Bitcoins are the only currency in the planet which can grow more than 30% in a day and it executes Bitcoin much more marvelous because you can’t get that type of interest in other funds or anything because maximum you can get 20% per month but you can get more than 30% per day from Bitcoin but sometimes it decreases also and a few days ago it was very well-built also.

As we discussed backward that only 4 million Bitcoins are left and it is growing like a skyrocket and maybe its prices are going to grow very much in the future.

That’s why if you want good returns in some days so you can invest here but after analyzing the full advantages and disadvantages of the Bitcoin I will also discuss should we invest in it.

So keep reading.

***Disadvantages***

1) Irreversible:

                    According to the agreement of Bitcoin, it is impossible to reverse your money with Bitcoins that means if you buy a bitcoin you are not able to reverse it again in money that’s why I recommend you to think 100 times before buying Bitcoin.

You must have to analyze both advantages and disadvantages of the Bitcoins and if your soul state you to buy Bitcoin then you can buy Bitcoin because it is very hazardous.


2) Very high fluctuation rate:


              As we already discussed backward that Bitcoin is the only currency in the planet whose fluctuation rate is more than 30% a day which gives us advantages but sometime it shifts  disadvantage because it can decrease also 30% in a day and it also increases the hazardous rate to invest in Bitcoin because it can  be decreased by more than 30% in a day but some experts are predicting that it is going to grow because only 4 million Bitcoins are left so the demand  is going to increase very high in a some years.


3) Lack of understanding:


Bitcoin is a digital term so it is very critical to understand because this is a very critical one and if you can’t understand it your soul never suggest you to invest in Bitcoin and another reason is that if you can’t understand Bitcoin you will not able to explain it to others that’s why sometimes it creates problem in some cases due to lack of understanding.

But I am sure that almost you have understood about Bitcoin by reading this article but I also know that the human mind have always had doubts about it so you can comment I will reply to you.


4) Very hazardous:


               We have already discussed the major disadvantages of the Bitcoin and almost in every case you have noticed a word hazardous also known as risk.

When you sum up all the disadvantages of the Bitcoin your result will be hazardous because it is too risky to invest in it.

If you can easily overcome to the loss you can invest in it surely.

There are only two requirements to invest in Bitcoin that are 1)  money and 2)  willing to take perils and if you have both then you can invest in Bitcoins or any cryptocurrency.

   **Should we invest in it***    

  After analyzing both the advantages and disadvantages of the Bitcoin now I am going to discuss should we invest in it &  here I will give you conditions and if you have everything then you can absolutely invest in it

Money:

If you have money which is waste and you can easily throw out then you can invest here because it may decrease very much but chances of that are very less.

Wiliness to take perils:
If you are brave and you can easily overcome to lose so you can invest here because it can be decreased very much. 

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