Bitcoin is a decentralized digital currency that is processed by a decentralized system called the Blockchain system. It was created in the year 2019 January by an anonymous person named Satoshi Nakamoto whose identity is still a mystery. It is a type of cryptocurrency since it uses cryptography as security purpose. People can buy and sell bitcoin in the bitcoin exchange market. This does not have any specialised banks to do transactions. The transactions are done in a public ledger that is accessible to anyone so it is impossible to fake the transaction or even reverse the transaction.
How bitcoin works?
Bitcoin is built and collected in Blockchain technology. Blockchain holds all the information about the transaction in the form of a block which is made up of data and units. This have information’s like date and time of the transaction, total amount, the information of buyer and seller, also generates unique identification code for all transaction. The entries are ordered in chronological order, it creates digital block for each chain.
Investment in bitcoin:
Bitcoin is a cryptocurrency coin, almost most people’s are showing interest in investing in bitcoin as there are many people buying bitcoin. Bitcoin is becoming global currency now. It is believed bitcoin continue to gain value more and more as a long term investment. The supply of bitcoin is limited only 21 million coins are produced. Investors believe that bitcoin is the digital gold.
Some countries are trying to include tax money for the profit you earn in profit, depending on the country you live in. As of now cryptocurrency making into mainstream market worldwide tax agencies are now planning to add bitcoin to taxes.
The comings up years are believed to be evolutionary for bitcoin. Since bitcoin is being store of value and medium for transaction daily currently, but institutional investor planning to bring it into action as payable for good. There are even some governments started accepting bitcoin as payable for goods such as Japan.
Some of the best platforms to exchange bitcoin:
- Binance: It is has easy accessible interface, reputable, good security etc.
- Coinbase: It is beginners friendly, easily buy bitcoin, it is insured.
- Kraken: It has stylish interface, reputable, good security.
- Etoro: Easy to navigate, no commission.
- Crypto.com: Regular promotion, good security, low fees.