Bitcoin, you must have been seeing this word for a quite a few time now, to be more exact, from the past week. The reason this term is trending is due to its value and moreover the profit it attracts after selling it. Bitcoin is a cryptocurrency, also known as digital currency which was developed by a group of programmers, the thing about this currency is that the transactions happen one to one and thus resulting in the use of no intermediary. Bitcoin is trending accidentally, the main reason for it stands to be the recent big cyber attack called ransomware which infected computers and asked for bitcoins if one wants the access to its computer back. Well, we should make it clear that bitcoin has no relation to the physical world and that is why it is called digital currency through which one can buy or sell anything online.
You must be wondering if all the transaction happens where it goes recorded or who records it, your doubt is totally legit and so is the procedure for it. The transactions done through bitcoins are stored in a ledger called Blockchain. This term, blockchain happens to be a ledger which is public and is maintained by some network nodes, so everything related to bitcoins is done digitally. One great point that will make you want to grab a bitcoin is that it is tax-free that is all the transactions done with the use of this system implies no tax.
Surely bitcoin is trending now, and people are getting introduced to it vastly right now, but it is being used for a long time now. In fact, many merchants have started accepting bitcoins like any other regular currency so, one can’t just ignore this.
Like any other currency, Bitcoin is also denoted, and symbols to denote bitcoin includes BTC, XBT. That B sign looks like a dollar sign with B instead of S right? And if to go with smaller units of bitcoin, there are millibitcoin, microbitcoin and Satoshi.
A millibitcoin represents 0.001 bitcoin, microbitcoin represents 0.000001 bitcoin and last but not the least the smallest of all Satoshi represents 0.00000001 bitcoin.
When something is related to currency, finance and trading, one simply can’t ignore record-keeping, as we now know that blockchain means the ledger of bitcoins, there comes another term, Mining which means record-keeping of such transactions on a regular basis and keeping them unique with an algorithm known as SHA-256.
Since bitcoins is digital, there must be some software to store such currency and yes! Wallets are there to help you out in this case. Wallets, as we all know, is like a small carrier of money that we have in hand. Likewise, software wallets are used to hold bitcoins but are secure with the user credentials. People can spend bitcoins through their wallets and in exchange of that the software keeps their instance details and login credentials just to verify the authority of the transaction and by whom it is done. There are two categories of software wallets for bitcoins, and those are –
- Full Clients – Full clients service verifies transaction directly on a local copy of blockchains and requires much time to complete it.
- Lightweight Clients – This type of service confirms transaction but doesn’t need any local copy of blockchains resulting in the faster speed of transactions and that it is the reason it is termed as the Lightweight client.
It seems very odd that a thing termed coin doesn’t have any physical presence, but hold on, physical wallets makes this possible. Physical wallet is the type of wallet that stores necessary credentials of the user to use the bitcoin offline, it uses metal and credentials are printed on it.
Some popular sites or pay sources accepting bitcoins
- Free Software Foundation
Recently, with ransomware attack, the value of bitcoin smashed all records and went very high but it was very unusual as it was near 1,55,000INR roughly 2402 dollars but now a downfall to the currency is being speculated, and currently, it is going for 1,49,023INR which converts to 2309 dollars. People who sold their bitcoins recently gained huge unusual profits leaving gold nowhere close to sight. Gold is fading away in competition to Bitcoin.
Here are some wallets that can be used to store Bitcoins
- BuyUCoin- BuyUCoin is a leading name in Bitcoin use for people, and they can use this platform to buy or sell bitcoins for them. It has been recommended by a lot of Redditors to use bitcoins securely and safely. Their customer care facility is always available to use and to get required information on how to process the wallet and functionality in it.
- Zebpay- Zebpay is the another platform where you can buy or sell Bitcoins, and it is now ranked 7th in bitcoins wallet market. Zebpay is an international company aiming to ease the use of bitcoins and facility to use and store them. They also have mobile apps for platforms like Android and IOS and makes it, even more, easier to get all the details and be ready on the go for the transactions. You can also link your bank account with Zebpay to transfer funds easily in almost no time.
- Unocoin – A wallet service, very popular in India that helps to store bitcoins and use them for transactions. The company is entirely based in India and has seen tremendous growth in installs and usage for Indian audience recently as bitcoins trend is turning head all over the world. Unocoin also has app for Android and iOS
Now, to conclude about Bitcoin, we are here with some advantage and disadvantages of using or dealing with bitcoins. Let’s get started.
- Only you are the owner of the bitcoins. The central authority has no role in your cryptocurrency, because it does not print it, own it and control it correspondingly.
- Bitcoins doesn’t get affected by any Inflation regardless of it being a minor or major one. Inflation decreases the value of money and increases prices for services and goods. Central bank deals with this problem usually by printing more and more amount of money to fill the gap posted by Inflation. As we know that central bank has nothing to do with cryptocurrency so it simply can’t control it. Supply and demand are the only regulating mechanism defining its value. Besides, 21 million digital coins can’t be exceeded yes, right 21 million digital coins and still getting stronger.
- Another benefit of bitcoins is that fee-related to its transaction is almost zero and if it is more still it is significantly lower than what a bank charges. In some cases, no fees are required at all. It aims at saving money for you, and thus its popularity is undoubtedly increasing day by day
- If you want to send bitcoins somewhere or to receive them, neither location nor time matters anymore. Since no intermediates are involved, you are free to send electronic cash at any moment and any place. Independence and freedom are the key characteristics of Bitcoin system.
- As we now know that all transactions related to bitcoins are recorded in the blockchain. That makes Bitcoin system transparent. Publicly posted, anyone related to digital cash supply can, at any given moment can check the details. Just enter your details like address, block or transaction and get a full report. You must be worried about the security of it after reading the lines above, but don’t worry all the protocols are protected with the help of cryptography resulting in zero manipulation or changing of data. The data has all the details about whom the payment is sent, when it sent, successful or not, every regular detail that you expect about a transaction can be found here.
- Bitcoin is always considered as highly volatile. As it stood in 2014, it was seven times higher than gold and eighteen times higher that USD and the same situation happens to be running right now in 2017. Reason regarding such volatile nature is confusing, but some people say it is due to the absence of stabilisation mechanism and remaining critics think it is normal because bitcoins are the first startup currency and is in the process of stabilising.
- Bitcoin system is not yet fully developed, and that’s the only reason why not all features are available but some very detailed features fulfils the gap. It is still in the development. Thus we can’t complain about it. We should give some time to it to be stronger and stable.
- Bitcoin is innovation and, nobody knows what impact it’ll put in future resulting in high numbers of uncertainty and future is unforeseen. So, it contains some risks related to operating with money.
How to Buy or Sell Bitcoins in India From UnoCoin?
- First, of you have to register yourself by clicking here
- You just have to enter your mobile number along with your email id and you have to create a new password
- Finally verify your email id and mobile number, to enjoy unocoin service.The Registration process is simple just like registering on any Website but now the next step is to Verify your Unocoin Account because if you don’t have a verified Unocoin Account you cannot buy, sell, send, receive bitcoins or any features. So I highly suggest you Verify your Unocoin Account to use Unocoin Services. 🙂
ATTENTION: This is for SHORT-TERM TRADERS
Those who fall in this category:
1. Don’t want to keep money for long term (2-3 years at least)
2. Don’t want to keep on trading, instead just want to keep the money to some wallet for some time (few months) and hoping to earn.
3. Don’t want to invest A LOT OF AMOUNT (30k at least)
To Those People:
1. DON’T KEEP YOUR COINS ON BTC WALLET: BTC value has already skyrocketed and then fell, and now growing very slow. You can’t hope the same growth rate it had initially.
Those who are in the game for the long term they can still keep on BTC, it will surely reward you. But short term investors don’t expect to earn much if you keep on BTC.
2. If your purpose is NOT TO TRADE, just KEEP IN WALLET and WAIT: Then divide your BTC and invest on a few other cryptocurrencies. XRP, XMR, LTC is falling down have a look. You may invest when it STARTS rising. As of NOW, ETH, STRAT, DASH are rising, analyze the graphs. Divide and invest in some / all of them.
The advantage is, if by some luck, some currency gets a good increment, it is your profit. And if it decreases, your other currencies are safe.
3. If your purpose is SHORT TERM TRADING (extremely volatile and risky, due to the fact you have small investment amount, and every single trading will cost you fees):
If you decide to be on this road, then trade ALL your BTC for ETH. ETH is CURRENTLY growing and expected to grow. So, you can earn some amount quickly. But if it starts falling, you have to opt for other currencies listed in point 2 above. So, calculate your fees before making this move.
If you think in a way, 3 has better ROI only and only if the market expectations go true (that is, if it increases). Read the news about why that is going to happen. Chinese sites are going to use the currency (read details on Google)
To conclude, Don’t Wait for BTC anymore, you may keep losing money, or even if you don’t lose, your money won’t increase at the end of the day, too much extent.
So, the conclusion is simple it is developing and needs some time. We can’t expect much from it, and it is still out of reach to a mass pie of population.
Freewallet All in One Wallet App: [Unreleased, Beta]
Search: FreeWallet on Play Store to find. Link not available coz unreleased app.
It contains a lot of wallets together. Good for those who wants to trade multiple currencies.
BONUS: Freewallet also has SMART PAY IN option that allows you to top up coins from one wallet to another. (BTC to Etc, etc)
Keep Visting JioLYFEasy.