Let’s see today what is Bitcoin? What is cryptocurrency? Invest in Bitcoin or not? Is Bitcoin Investment Legal? How to invest in bitcoin? How are people making money from Bitcoin? Can’t You Make Money With Bitcoin? Let us see the answer to all these questions today.
What is cryptocurrency –
Suppose there are 200 currents in this world, each country has different currency, then there are also 200 currency in this world. Bitcoin is also a currency called digital currency. Like India’s currency INR or rupee, USA’s currency dollar, Europe’s currency is called Euro.
Cryptocurrency is a universal digital currency that includes a wide range of currencies. There are many currencies like Bitcoin, ethilium, rupala.
How did crypto currency come to be –
In 2008, there were huge crises in the share market. People lost a lot of money, a lot of people lost a lot. It got so bad. A lot of people make money by working hard.
If the company goes into loss, then the money invested by the people is gone. People lose a lot. This created money that is in the hands of the people. This is where cryptocurrency begins.
Cryptocurrency is made up of two words. Crypto + currency = cryptocurrency Crypto means hidden, confidential. The thing that is hidden and no one knows how to change it is called crypto. Cryptocurrency only giver and currency taker can only see the currency.
Who created cryptocurrency –
The cryptocurrency was created by a man named satoshi naka moto. No one knows this person where goes. He created cryptocurrency and disappeared.
How are people investing in cryptocurrency –
When the first cryptocurrency was created in 2009, its value was zero. At the time no one knew what Cryptocurrency was. Zero was the price for how to buy.
Gradually people became aware of this and people started buying this currency. In 2010, the price of a bitcoin in Indian currency was 2 rupees 85 paisa. The price of this 2.85 rupees Bitcoin is today 33 lakhs.
Logically how do people make money from this –
in 2010 anyone would have bought a bitcoin of 2 rupees 85 paisa. If he had not sold the bitcoin after that, today the value of that bitcoin is Rs. 33 lakhs. And he can take this money in cash.
How to invest in cryptocurrency –
It is very easy to invest in cryptocurrency. You can invest in over 75 cryptocurrencies using the Coinswitch kuber app. It is one of the largest and easiest cryptocurrency exchange app in India. You can only invest in cryptocurrency in 100 rupees currency.
It is very easy to invest in it. Investing is as easy as ordering food online from home. More than 6 million users have registered in Coin Switch kuber in 11 months. You can KYC on this app. With this app you can invest and withdraw instant money.
How does the price of any crypto currency increase –
It all depends on supply and demand. As the demand increases so does the price. As demand decreased, so did prices. The people who created bitcoin created 21 million bitcoins. Of these, 18 million bitcoins have entered the market and the rest are yet to come.
How did the price of Bitcoin go up –
Most of the big companies started investing money in Bitcoin. The owner of this big company said that cryptocurrency is the future. As a result, the demand for bitcoin increased and the supply decreased. Elon musk says they will not accept cryptocurrency in legal tender.
This led to changes in the market and people started selling cryptocurrency. This led to lower bitcoin prices. The price of a cryptocurrency was Rs. 48 lakhs and its price went up to Rs. 33 lakhs, which means that if a person bought a cryptocurrency for Rs. 48 lakh it’s sells in 33 lakh. This person loss 10 lakh rupees.
Let’s take a look at the advantages and disadvantages of cryptocurrency –
Advantages-
1) If you want to do transaction in cryptocurrency, there is no mediator. If you live in India, if your money comes from out of India, it comes to the bank for the first time. The bank will verify the transaction, many will ask quotations.
Why has this money come? Who has given, for which purpose. Then the money will come to you. In cryptocurrency it is very easy to send money. This is global money. You can send from any country to any other country without any permission.
The transaction fee is very low. When you convert a dollar into Indian Currency or Indian Currency Dollar, you have to pay a transaction fee. In cryptocurrency, this fee is not pity. Cryptocurrency transactions are smooth and very quick. If you want to send Crypto currency from India to another country, you can send very easy and very fast.
Disadvantages –
1) The biggest disadvantage is that if you mistakenly pass a number back or make a wrong transaction, you will never be able to find out where the money went. In a bank, if you make a wrong transaction, you know where the transaction has taken place. You can request it or you can request money from the bank. You will get the money.
2) Block chain – What is a block chain? A block chain is a block in which any transition you make is saved. When the first block is filled, a chain is formed and the second block begins. When the second block is filled, the chain is formed and the third block chain is formed. In this way all the information in a biock chain is secured.
3) Mining – When one person sends money to another person, it is not a physical form. This money is in digital. Are in coding. Who can’t read this coding.
There are miners in sending money from one person to another. These miners mine the coding so they decode the code and pass it on to the person to whom the money is sent. A lot of people are doing mining work. In return they get Cryptocurrency.
There are only 5-6 famous cryptocurrency. The price of a Bitcoin is 33 lakhs. You don’t have to buy it completely. You can buy a small portion of it. You can buy and sell cryptocurrency for 100 rupees.