Why invest in Bitcoin? What is Crypto currency and Bitcoin?

Bitcoin, crypto currency

    Why invest in Bitcoin? What is Crypto currency and Bitcoin?  

    Everybody wants to know more and more about Bitcoin and crypto currency. The story of crypto currency is a tale that can go on and on endlessly. Billionaires are investing in crypto currencies such as Bitcoin. People are desperate to know more about how crypto currency works and what it actually is. There are So many questions about bitcoin. However, today you’ll know why people are so hyped about investing their money in Bitcoin. 

    Why do people invest in Bitcoin? The desire for a reliable, long-term value store is one of the reasons that so many people invest their hope and money in Bitcoin. It is an effective means of transferring money through the Internet and is regulated by a transparent set controlled by a decentralized network, thus presenting an alternative to central bank-regulated Fiat money.

    Why do people invest in Bitcoin? 

    Here are some the reasons that made people so desperate:

    1. Bitcoin has a first to market advantage

    2. Bitcoin has gold-like properties but better

    3. Bitcoin is the most trusted cryptocurrency

    4. Future monetary systems are being built on Bitcoin

    Why would you want to invest in Bitcoin? 

    1. Billionaires are buying Bitcoin

    2. Bitcoin is becoming more legitimized as it gets more regulated

    3. Bitcoin is safe and traceable

    4. Improvements are being made to make Bitcoin processing faster

    5. Bitcoin usage is growing

     Bitcoin — the most recognizable open source cryptocurrency in the world.

    Bitcoin was the first widely adopted cryptocurrency and the world's largest cryptocurrency by market cap. Unlike cash or gold, there is no physical form of Bitcoin. It is used, held, and distributed electronically. It is not controlled by any country, government, or organization. Instead, it is maintained by a peer-to-peer network of computer systems distributed throughout the world.

    The first Appearance Of Bitcoin 

     Bitcoin first emerged as a link posted on a cryptography mailing list in October 2008. The link was to a paper by still-unknown author Satoshi Nakamoto. The title of the paper is 'Bitcoin: A Peer-to-Peer Electronic Cash System”.   

    In January 2009, the Bitcoin open source  code was released and Bitcoin was born. The chief purpose of Bitcoin is to allow people to  store and transfer value in a censorship-resistant   environment. While in the early days, Bitcoin  had been known for its use in illicit activities,  these days there are thousands  of legitimate uses for Bitcoin. You can even exchange Bitcoin for gift cards using services such as BitRefill. The maximum supply is approximately 21 million  coins. Unlike fiat currency, new Bitcoins cannot  be created on demand. Instead, Bitcoin follows a  set coin creation schedule that shuts down near the year 2140. 

    Every four years, the number of  new Bitcoins entering the system is cut in half. To keep the network secure, Bitcoin operates on  a consensus mechanism known as Proof-of-Work. This means that powerful computers are solving difficult cryptographic puzzles in a race to win a reward of new Bitcoins and  transaction fees. This process is called mining. 

    Bitcoin pioneered adoption  in cryptography applications which allowed a popular decentralized currency to exist online. It's really quite remarkable.

    Disadvantages of Bitcoin 

    Even though Bitcoin is an online currency and highly popular among investors, it has some disadvantages that can not be ignored. It is the same as any other high-risk investment in terms of its practical application.

    Disadvantage of Bitcoin;

    1. Investing in cryptocurrencies means high volatility and the possibility of large losses

    2. Due to its black market activity, Bitcoin is banned or illegal in many countries.

    3. Bitcoin is uncontrolled and unbacked, and it carries a lot of risks of cyber hacking

    4. This can be a common problem but we cannot ignore the fact that there is no refund system in Bitcoin.

    The greater the risk is the higher chances of getting the highest profit generated. This is the eternal rule of business and investment. Bitcoin is exactly what the rule goes for. It is a balanced system of profit generation and in this system an investor has to bear all the risks related to the investment. Bitcoin does not accept any liability here.

    Future of Bitcoin in Bangladesh 

    Any kind of virtual coin or cryptocurrency in the country is said to be illegal or at least for the time being.

    At present, Bangladesh Bank or any Government Organisation of Bangladesh does not approve any transaction of Bitcoin or any other artificial online currency. It is said to be completely illegal by the law of the country or the government does not want to have any connection of Bitcoin with the economy of the country. In fact Bangladesh arrested 4 with links to illegal bitcoin trading. However it is not cleared that the country will never consider the trading of bitcoin as legal. 

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