Bitcoin is a cryptocurrency. It is a digital currency. we can't see this currency or touch this like our general currency. We can only store it to our online Wallet and buy things online or exchange it with other currency.
So, let's start from what is a cryptocurrency and how it works.
What is a Cryptocurrency :
So, let's start from what is a cryptocurrency and how it works.
What is a Cryptocurrency :
We all know about different currencies , every country have
their own currency. Aside from that now a days digital currency is
getting popular.
And those digital currency is known as cryptocurrency.
Cryptocurrency is a digital asset and it is designed to work as a
medium of exchange same like our currency.
But something specious about Cryptocurrency is we can't touch or see this currency.
Cryptocurrency are different types:
- Digital currencies
- alternative currencies and
- virtual currencies.
Cryptocurrencies use decentralized control as opposed to centralized electronic money and central banking systems.
The
decentralized control of each cryptocurrency works through
a blockchain, which is a public transaction database, functioning as a
distributed ledger.
The first decentralized Cryptocurrency was Bitcoin and it was created on 2009 by Satoshi Nakamoto.
From then many cryptocurrency were made and those are known as altcoin.
Different Cryptocurrencies :
- Bitcoin
- Litecoin (LTC)
- Ethereum (ETH)
- Zcash (ZEC)
- Dash
- Ripple (XRP)
- Monero (XMR)
About Bitcoin :
Now a days bitcoin is use worldwide as a payment system.
The network is peer to peer and transactions take place between users directly, without an intermediary.
The network is peer to peer and transactions take place between users directly, without an intermediary.
How you can get Bitcoin:
- By exchanging Bitcoin :
- Mining of Bitcoin :
Mining is
the process of adding transaction records to Bitcoin's public ledger of
past transactions. There are different website on internet for mining I
really want to inform you don't be fool and don't do mining on different by
using of your laptop or desktop. Actually they use your PC or laptop battery for mining for their own not for you it's a
big chain and most of them are can't be trust.
Eddy Zillan is the founder and CEO of Cryptocurrency Financial. He has been trading cryptocurrency for three years and has made over 10,000% return since his original investment in 2015.
He has done many things from traveling around the country to teach lower income families to become financially stable, to advising with some of the biggest Fortune 500 companies.
To this day, Eddy has taught over 800 people about cryptocurrency, and personally mentored over 200. He now has 3 millionaire students and many more on their way.
His goal is to educate as many people as he can about the new revolutionary technology of cryptocurrency and teach them how to be successful traders.
Peter Saddington of Atlanta first read about bitcoin in 2011, and bought some for less than $3 per coin. With bitcoin now trading at around $7,500, the return on those early investments is around 250,000%.
“I’ve never seen anything like this,” says Saddington, 35, an entrepreneur who has a bachelor’s degree in computer science and three master’s degrees. “What solidified my confidence that this is worth investing in is that the code is based on math. It can’t really be turned off.”
In October, Saddington cashed out 45 bitcoins to buy a 2015 Lamborghini Huracán, for the equivalent of about $238,000. He and the seller made the transaction in bitcoin, without using a traditional bank. The transaction fees totaled $7.50.
Saddington, who runs a cryptocurrency social network called TheBitcoin.pub, deliberately sought a supercar he could purchase with bitcoin in order to tout the credibility of the currency.
“Buying the Lambo with bitcoin is proof it can be used for real transactions, buying really cool stuff,” he says. “It’s not only used by criminals.”
As for how much bitcoin he still holds, he says: “That’s for me to know and you to wonder about.”
Warren Buffett thinks cryptocurrencies will end badly.
Billionaire investor Warren Buffett told CNBC on Wednesday the recent craze over bitcoin and other cryptocurrencies won't end well.
"In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending," the chairman and CEO of Berkshire Hathaway said.
"When it happens or how or anything else, I don't know," he added in an interview on CNBC's "Squawk Box" from Omaha, Nebraska.
"If I could buy a five-year put on every one of the cryptocurrencies, I'd be glad to do it but I would never short a dime's worth."
Bill Gates, the philanthropist and former chief executive of Microsoft, is concerned by the crytocurrency craze, saying that the anonymity offered by the new technology has “caused deaths in a fairly direct way”.
Speaking during a Reddit AMA, Gates argued that “the government’s ability to find money laundering and tax evasion and terrorist funding is a good thing.
“Right now cryptocurrencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way.”
In contrast to cash, which is also untraceable, cryptocurrencies can be used remotely, which removes another avenue of control, he added.
Gates also suggested that investing in the sector is a bad idea: “I think the speculative wave around ICOs and cryptocurrencies is super risky”.
Why you shouldn't buy bitcoins :
1. Extreme volatility :
Investing in cryptocurrencies involves very high risk, as prices have been extremely volatile. Many experts are sceptical about bitcoin as an investment primarily because there is nothing for them to analyse.
Vivek Belgavi, Partner and Fintech Leader, PwC says, “There isn’t enough of an ecosystem surrounding bitcoins to allow fundamental analysts to study it as an investment.People are therefore investing with imperfect information and joining the herd of speculators.”
Since these cryptocurrency prices are not regulated, as more people enter the market lured by the high prices, the prices climb ever higher.
This might lead to formation of a bubble that will eventually burst and cause widespread losses.
2. Neither commodity, nor currency :
The lack of clarity about its origin is another big issue related to bitcoin. In olden days, highly priced metals like gold, silver, etc. were used as currencies.
Then came currencies printed by governments (or central banks) and these are called ‘fiat currencies’.
Though its proponents claim that cryptocurrency is ‘mined’ using complex mathematical formulae, they are reluctant to call it a commodity.
They also claim that it is not controlled by any government and so, it is ‘democratic’. Therefore, cryptocurrencies don’t fall into the ‘currency’ category either.
“It can be very risky for businesses, industry and people to trade or invest in bitcoins as it is just a formula, not backed by any tangible asset, but by sheer demand,” says S.P. Sharma, Chief Economist, PHD Chamber of Commerce and Industry.
3. Don’t invest if you don’t understand :
Some global bankers and experts have warned investors against investing in cryptocurrencies, because they are of the opinion that it is nothing but a bubble that is just about ready to burst.
Jamie Dimon, CEO, JP Morgan, for instance, has recently expressed his doubts about the value of bitcoins, saying “It’s worse than tulip bulbs. It won’t end well.
Someone is going to get killed.” However, owners and operators of bitcoin exchanges are of an entirely different opinion.
Sandeep Goenka, Co- Founder and COO, Zebpay, says, “The comment from JP Morgan’s CEO was his personal view, and there is a possibility that he doesn’t understand the evolution of bitcoins.
On the other hand, we have former Citigroup CEO Vikram Pandit investing in bitcoins.”
The problem is apparent: If global bankers don’t understand the phenomenon, retail investors might not have much of a chance either. So what should you do? Follow the simple yet profound wisdom of Warren Buffett—if you don’t understand it, don’t invest in it.
4. Prone to illegal activity :
Due to the lack of government control, terrorists and extortionists are also utilising the cryptocurrency space to their advantage.
“Bitcoins users on either end of a transaction can remain relatively anonymous and cybercriminals have found ways to mask their addresses, so it can be difficult for government authorities and companies to trace such illegal activities,” says Reshmi Khurana MD and Head of South Asia, Krollsays, a cyber security and risk consultation firm.
Kishore Jeswani, 50, fell victim to such hacking in September 2016. Jeswani’s computer was remotely accessed and locked by hackers, who demanded a payment of three bitcoins.
However, although Jeswani met their demands, they did not unlock his computer and he ended up losing his data anyway.
- By sale of different products and services :
You can get bitcoin as a payment by selling different products or services online because many of website now use bitcoin as a payment method. So you can take advantage of it. You can ask your buyer to pay to bitcoins instead of other currency.
How bitcoin works :
No one really knows how does the bitcoin works . But their company said like this "A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Bitcoin wallets
keep a secret piece of data called a private key or seed, which is used
to sign transactions, providing a mathematical proof that they have
come from the owner of the wallet."
It is really hard to understand the working process of bitcoin.
Some of the teenage who became really rich and famous only because of Bitcoin :
1. Eddy Zillan
Eddy Zillan is the founder and CEO of Cryptocurrency Financial. He has been trading cryptocurrency for three years and has made over 10,000% return since his original investment in 2015.
He has done many things from traveling around the country to teach lower income families to become financially stable, to advising with some of the biggest Fortune 500 companies.
To this day, Eddy has taught over 800 people about cryptocurrency, and personally mentored over 200. He now has 3 millionaire students and many more on their way.
His goal is to educate as many people as he can about the new revolutionary technology of cryptocurrency and teach them how to be successful traders.
2. Peter Saddington
Peter Saddington of Atlanta first read about bitcoin in 2011, and bought some for less than $3 per coin. With bitcoin now trading at around $7,500, the return on those early investments is around 250,000%.
“I’ve never seen anything like this,” says Saddington, 35, an entrepreneur who has a bachelor’s degree in computer science and three master’s degrees. “What solidified my confidence that this is worth investing in is that the code is based on math. It can’t really be turned off.”
In October, Saddington cashed out 45 bitcoins to buy a 2015 Lamborghini Huracán, for the equivalent of about $238,000. He and the seller made the transaction in bitcoin, without using a traditional bank. The transaction fees totaled $7.50.
Saddington, who runs a cryptocurrency social network called TheBitcoin.pub, deliberately sought a supercar he could purchase with bitcoin in order to tout the credibility of the currency.
“Buying the Lambo with bitcoin is proof it can be used for real transactions, buying really cool stuff,” he says. “It’s not only used by criminals.”
As for how much bitcoin he still holds, he says: “That’s for me to know and you to wonder about.”
What World's Top Billionaire thinks about Bitcoin:
- The famous Investor and Billionaire Warren Buffett said :
Warren Buffett thinks cryptocurrencies will end badly.
"When it happens or how or anything else, I don't know," he added in an interview on CNBC's "Squawk Box" from Omaha, Nebraska.
"If I could buy a five-year put on every one of the cryptocurrencies, I'd be glad to do it but I would never short a dime's worth."
- Here what Microsoft's Billionaire co-founder Bill Gates says about Bitcoin :
Bill Gates, the philanthropist and former chief executive of Microsoft, is concerned by the crytocurrency craze, saying that the anonymity offered by the new technology has “caused deaths in a fairly direct way”.
Speaking during a Reddit AMA, Gates argued that “the government’s ability to find money laundering and tax evasion and terrorist funding is a good thing.
“Right now cryptocurrencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way.”
In contrast to cash, which is also untraceable, cryptocurrencies can be used remotely, which removes another avenue of control, he added.
Gates also suggested that investing in the sector is a bad idea: “I think the speculative wave around ICOs and cryptocurrencies is super risky”.
Why you shouldn't buy bitcoins :
1. Extreme volatility :
Investing in cryptocurrencies involves very high risk, as prices have been extremely volatile. Many experts are sceptical about bitcoin as an investment primarily because there is nothing for them to analyse.
Vivek Belgavi, Partner and Fintech Leader, PwC says, “There isn’t enough of an ecosystem surrounding bitcoins to allow fundamental analysts to study it as an investment.People are therefore investing with imperfect information and joining the herd of speculators.”
Since these cryptocurrency prices are not regulated, as more people enter the market lured by the high prices, the prices climb ever higher.
This might lead to formation of a bubble that will eventually burst and cause widespread losses.
2. Neither commodity, nor currency :
The lack of clarity about its origin is another big issue related to bitcoin. In olden days, highly priced metals like gold, silver, etc. were used as currencies.
Then came currencies printed by governments (or central banks) and these are called ‘fiat currencies’.
Though its proponents claim that cryptocurrency is ‘mined’ using complex mathematical formulae, they are reluctant to call it a commodity.
They also claim that it is not controlled by any government and so, it is ‘democratic’. Therefore, cryptocurrencies don’t fall into the ‘currency’ category either.
“It can be very risky for businesses, industry and people to trade or invest in bitcoins as it is just a formula, not backed by any tangible asset, but by sheer demand,” says S.P. Sharma, Chief Economist, PHD Chamber of Commerce and Industry.
3. Don’t invest if you don’t understand :
Some global bankers and experts have warned investors against investing in cryptocurrencies, because they are of the opinion that it is nothing but a bubble that is just about ready to burst.
Jamie Dimon, CEO, JP Morgan, for instance, has recently expressed his doubts about the value of bitcoins, saying “It’s worse than tulip bulbs. It won’t end well.
Someone is going to get killed.” However, owners and operators of bitcoin exchanges are of an entirely different opinion.
Sandeep Goenka, Co- Founder and COO, Zebpay, says, “The comment from JP Morgan’s CEO was his personal view, and there is a possibility that he doesn’t understand the evolution of bitcoins.
On the other hand, we have former Citigroup CEO Vikram Pandit investing in bitcoins.”
The problem is apparent: If global bankers don’t understand the phenomenon, retail investors might not have much of a chance either. So what should you do? Follow the simple yet profound wisdom of Warren Buffett—if you don’t understand it, don’t invest in it.
4. Prone to illegal activity :
Due to the lack of government control, terrorists and extortionists are also utilising the cryptocurrency space to their advantage.
“Bitcoins users on either end of a transaction can remain relatively anonymous and cybercriminals have found ways to mask their addresses, so it can be difficult for government authorities and companies to trace such illegal activities,” says Reshmi Khurana MD and Head of South Asia, Krollsays, a cyber security and risk consultation firm.
Kishore Jeswani, 50, fell victim to such hacking in September 2016. Jeswani’s computer was remotely accessed and locked by hackers, who demanded a payment of three bitcoins.
However, although Jeswani met their demands, they did not unlock his computer and he ended up losing his data anyway.
risk consultation firm. Kishore Jeswani, 50, fell victim to such
hacking in September 2016. Jeswani’s computer was remotely accessed and
locked by hackers, who demanded a payment of three bitcoins.
However, although Jeswani met their demands, they did not unlock his computer and he ended up losing his data anyway.
This was everything about Bitcoin , Now its depends on you whether you want to buy bitcoin and become rich or loss your all money by buying.
However, although Jeswani met their demands, they did not unlock his computer and he ended up losing his data anyway.
This was everything about Bitcoin , Now its depends on you whether you want to buy bitcoin and become rich or loss your all money by buying.
Kindle Edition of this book is giving Free in Amazon
source : some informations were collected from different sites from internet.
0 comments:
Post a Comment