Bitcoin is one of the oldest cryptocurrencies. IT also has the most name recognition, which gives it an advantage over its competitors, and it’s been referred as “DIGITAL GOLD”. The reason behind it is that it has a limited supply of tokens that can be created. its supporters believe that scarcity will increase Bitcoins’ value over time.
Well till now Bitcoin is not as valuable in the market as it should be, it is because people have fear using this gold. People fear that they could get scammed easily. Hence it is still used by very few populations. This master coin is more popular among sellers than its competitors. This also gives Bitcoin a leg up, because gaining widespread adoption will be key to survival over the long term.
Bitcoin being the most popular crypto and one of the most stable profitable due to its volatility has a chance to lead the future and may determine the successes of some cryptocurrencies later. Its source of income is for lot of people to make money and secure their future with a platform for trading like British Bitcoin Profit to make a profit.
BITCOIN is considered an asset which means that u cant exchange bitcoin in any shop or anywhere, there is only one medium of exchange and that is the bank. Only banks are the legal medium of exchange for Bitcoins. And this is also one vital reason for Bitcoins and their progress in the market is slow. And a common man is unable to fetch the advantages of these “cryptocurrencies”. A common man is always worried about his pocket, and how it will be filled easily and without any scams. But we should agree that there are scams when it comes to any investments the same way Bitcoin has scams as well then let that be hidden scams or revealed scams.
Cryptocurrencies are safe? the question arises HOW? The answer to this question is BLOCKCHAIN TECHNOLOGY. What is blockchain technology? It is the medium that holds a security chain now how does it hold security, now previously as it is mentioned that the medium of exchange is only banks, yes now when the exchanges are done at that time there are minors who keep the records of exchange, and the language of exchange is “coding” this a computer language that no common person can crack, as well as we need supercomputers to crack the coding hence if someone invested today in Bitcoin is reported in a fraction of seconds.
Now actually what happens in blockchain we will understand in an easy way. If we have a box, we are filling that box with details of investors and customers now that box is filled up we have no space then what are we gonna do? Obvious we will make another box, but while making another box we will first add the detail of that last person whose details are in the first box, and the process will go on and on, and because of this technology if anyone does wrong will be easily trapped. This way Cryptocurrencies keep them secure.
Cryptocurrencies and the underlying blockchain technology are the future of the economy. It is the new age of finance which is going to stay for long. Cryptocurrency is a decentralised digital currency that works on blockchain technology and makes transactions easy to do across borders. IT is fast, efficient, secure, and has anonymity with peer–to–peer trading. It can be listed on exchanges and bought and sold like which is traded on the stock exchange. It is extremely volatile which makes the value fluctuate drastically.
Expert writers at Edugeeksclub define cryptocurrencies as digital assets developed with the purpose to complement traditional money and ensuring the safety of financial transactions in the online environment.
Well if we understand CYPTO in a precise manner then crypto has a good future.
1] ACCESSIBILITY: DIGITAL coins are widely accessible and u can use them wherever and whenever you want. While investing in crypto money, there is no fear of identity theft or fraud.
2] Lower fees: The cost of cryptocurrencies is less than traditional exchange.
3] Portfolio diversification: You can use Crypto coins to diversify your portfolio of investments and broaden the scope of work.
4] Faster transactions: Cryptocurrency transactions are conducted almost instantly, so u don’t have to waste any time at all.