Bitcoin – All you need to know & future analysis
WHAT ACTUALLY IS BITCOIN?
Bitcoins I’m sure most of you will be aware of this name after the ransomware attack. Bitcoins are basically cryptocurrency, the word cryptocurrency is nothing but a digital currency that used Encryption techniques. The operations do not come under any central bank.
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The term encryption means nothing but supposes A and B are two-person and A want to transfer some money to B, He can use this bitcoin or some other cryptocurrency to send, thereby the source is encrypted.
A single bitcoins equal 100,000,000 satoshis, According to the current scenario Bitcoins to be worth $100,00,00 to be a legitimate currency. It’s a common question that what makes bitcoin different from the normal currency is nothing but the decentralized system that they use.
HOW ITS WORKS?
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- Imagine that someone requesting transactions from you
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- The requested transaction will be connected to the peer to peer connection by treating each end as a node
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- Validation of the information or the transactions will take place
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- After verification bitcoin is produced
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- Once the transaction is completed it will combine with another transaction and became a block.
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- This created block will combine with another block and form a hex structure
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- Hence the transaction will get completed then the money will be credited to your bitcoin address.
- A bitcoin address is something like 32 bit which is very secure and if a person needs to request bits they need to specify the address to the sender
WHAT’S THE SCOPE?
It’s the current trend to finding the scope of each and everything as I said before according to me
There is something called BLOCKCHAIN which I forgot to mention which helps to clear the history of transactions, once the transaction is completed it is not reversible its immutable this system is known as a Blockchain.
Come back to the point the scope of cryptocurrency is increasing its current value is around 76 billion it all starts from the 10$ share value. if you watch the market last two years you can see the rapid growth of cryptocurrency as compared to the other currency.
WHAT’S HAPPENING NOW?
The Cryptocurrency facing some kind of bubble theory right now, till august it achieved 2000$ change in the market value, sudden drops happened due to rumors created by Chinese society, it’s not yet confirmed by an official that the bitcoin was banned in China and introducing of BITCOIN cash also made a large change in the current crypto trend.
HOW TO INVEST?
Bitcoin is not like other share values its change is totally unpredictable I have seen some experts analyzing the W M wave pattern which makes it throughout. So playing with bitcoins is the kinda risky game right now.
WHO IS THE COMPETITOR?
The current competitor of bitcoin is Ethereum “ether”. The market competition getting high the stock price also got increased nowadays, in future Ether will be a competitor.
HOW TO BUY BITCOIN IN INDIA?
You have two options either go for the IQ option which is international level and another one ZEBPAY which is India’s bitcoin trading app, which is very simple and easy to use, what all you need is a bank account and a PAN CARD. Give your details it will confirm with 2 days, and you can start your trading. There they used to deduct 100 rupees as currency exchange transactions for each transaction.
