Bitcoin is an innovative payment network and a new kind of money which is known as Cryptocurrency. Found in 2008 by an anonymous Programmer or a group of programmers who were later nicknamed Satoshi Nakamoto hinting their ethnicity to be Japanese as open-source software. It is a peer to peer, and the transactions take place between users directly, there are no brokers or any intermediary. Besides being created as a reward for mining, programmers would complex coding problems and get Bitcoins in return as a reward. Bitcoin can be exchanged for other currencies, products, and services. In February 2015, Bitcoin was started to be recognized as a bank, and over 100,000 merchants and vendors from all over the world started accepting Bitcoin as a payment method. The following is about the need to open a bitcoin demo account. Let us discuss more about bitcoin trading and its benefits.
Popularity of Bitcoin
According to Cambridge University’s research in 2017, there were already 2.9 Million to 5.8 Million unique users and only a few Cryptocurrencies that has grown now to 1 Billion unique users and over 2000 different cryptocurrencies. A bitcoin is generated when an entity, or a business, uses software power to solve a mathematical puzzle that keeps making the blockchain more secure. To ensure that not everyone can solve the problems the algorithm makes sure that the difficulty level is adequate.
The worthy currency for international transactions
Bitcoin is the best currency to use for international transactions as it can be used to buy merchandise and is not tied to any country or subject to regulation. Its rule Bitcoin not being a physical currency it can’t be printed and cannot be accessed by anyone who isn’t a holder. Instead, Bitcoin is digital, transparent, and can be accessed by anyone. The only drawback Bitcoin has It Thatople can
Investment in the cryptocurrency
Bitcoin has also proven to be a great investment and shows remarkable promise holding a value of 24,67,171 INR per 1 Bitcoin as of January 2021 is expected to increase exponentially in the coming years. The value of Bitcoin can sound very expensive, but there are various ways of investing in it, if you trade bitcoin online, it provides infinite options to invest. An Individual can invest the bare minimum and still expect very good returns, and if someone is for high stakes, Bitcoin is all about it. Being 13,062 INR in 2017, Bitcoin has come a long way and is only going to increase. Some reputable investors have also quoted in recent years that the value of Bitcoin will be at least 3,67,18,106 INR by the year 2030.
Bitcoin offers a 10% return on your Investment, i.e. 10% of the current 1BTC is 2,46,717 just for holding it, and their various Cryptocurrency wallets offer to return up to 7% in some cases. Bitcoin operates to equalize the currency worldwide, which could help Countries like Nigeria and Africa provide affordable financial services.