Everyone thinks that if we had invested in Bitcoin 5 years ago, we would be a millionaire today.
Today, cryptocurrency has become a hobby of every investor.
Let’s see what exactly is cryptocurrency ? Who started Bitcoin and why ?
Elon Musk, owner of Tesla and SpaceX, Jack Ma, founder of the Alibaba Group, Bill Gates, owner of Microsoft, as well as Raghuram Rajan, Governor of our RBI, have accepted cryptocurrency as the currency of the future.
What is cryptocurrency?
Anyone who wants to see today is running after this cryptocurrency. In a very short period of time, this cryptocurrency has made its place in the financial markets.
Cryptocurrency is also called virtual currency or digital currency.Because this cryptocurrency is only available online. This means that we cannot use this cryptocurrency physically for other currencies like the Indian rupee, the US dollar and the European euro.
Cryptocurrency is an electronic system that we can use to purchase goods or services through the Internet instead of the usual currency.
Simply put, cryptocurrency is a digital asset. Over which the central bank or any other financial institution has no control.
Just as the Indian currency is regulated by the RBI and the US dollar is regulated by the US Central Bank, no financial institution has been appointed to control this cryptocurrency.
Types of cryptocurrencies
There are many types of cryptocurrencies. There are more than two thousand cryptocurrencies available worldwide, such as Bitcoin, Ethereum, Lightcoin, Ripple, Tether, Dogcoin and so on. But the most popular of all these cryptocurrencies is Bitcoin.
Bitcoin was invented by Satoshi Nakamoto. But no one knows about inventor of Bitcoin. The same Satoshi Nakamoto is claimed from time to time by different people in different places. To date, however, the true programmer of this bitcoin cryptocurrency has not been identified.
Many programmers today are trying to make Bitcoin more secure and robust. The main purpose behind the introduction of Bitcoin was to transfer currency from one place to another without the intervention of any third party or central government. And the software needed for this has been developed all over the world.
Bitcoin is the oldest cryptocurrency in the world. As Bitcoin is being bought by more and more people, its price is constantly rising.
So soon Bitcoin built its empire.
The price of Bitcoin is rising today due to the growing demand around the world.
Is cryptocurrency legal?
Whether cryptocurrency is legal or illegal depends on the country in which you are using it. This means that in many countries it is legal. It is banned in many countries.
Bitcoin cryptocurrency is officially recognized in many large countries like Japan, USA, Germany, France etc. Similarly, in Nepal, Algeria, Bangladesh, Bolivia, etc., it has not yet received legal recognition.
In 2018 India all types of cryptocurrencies were banned .But in March 2020 the ban was lifted. So now anyone in India can buy and sell this cryptocurrency.
Return on Bitcoin investment ROI On Bitcoin
If you invest in gold, you get an interest rate of 2 to 3%. In FDs you get 6 to 8% and in mutual funds you get 14 to 15%. But if you invest in Bitcoin or other cryptocurrencies, you can get an interest rate of more than 65%. From this we can predict the growing graph of cryptocurrency.
If you invest in it blindly with the intention of becoming a millionaire overnight, it can hurt you. But if you really want to make money from it, you have to invest wisely.
How to invest in Bitcoin and Cryptocurrency?
Since cryptocurrency is legally allowed to be bought and sold in India, many people in India are also investing in it.
Many people have a question about how to invest in Bitcoin or many types of cryptocurrencies.
It is very easy to invest in this.There are many platform available for this.
- WazirX Bitcoin Wallet
- Coinbase Bitcoin wallet
- Unocoin Bitcoin Wallet
- Guarda Wallets
- Ledger Nano
In this we can directly invest in more than 100 types of cryptocurrencies. We can start with as little as 100 rupees.
Further reading – Best time frame for intraday trading