Just like the value of bitcoin, its future is also unpredictable. Different governments of different countries are finding ways to regulate them in some way or the other https://bitpapa.com. India’s latest take on bitcoin states that bitcoin cannot be considered as a legal tender, meaning, one cannot use it for the payment of any monetary debt. And one should invest in it up to the limit of the loss he/she can bare, as the value still stands unpredictable where I can buy crypto in Nigeria.
Why the obsession?
The important fact about the virtual currency is it does not involve Banks and the Government to keep a record of transactions and investments. Also, people believe that virtual currency is the future. Sell and buy cryptocurrencies have become more popular on this platform since it cannot be traced back to an individual. Overseas transactions and cross-border black markets have begun to thrive on virtual currency.
How does one get started with Bitcoin?
- After the initial step of procuring a bitcoin, the first step involves downloading a bitcoin wallet which is like an application or a program. Several bitcoin wallets are available across various platforms. Wallets can be chosen from bitcoins official website as well. Ensuring that the wallet is secure is extremely important.
- The bitcoin needs to be added to your particular wallet in the second step. Bitcoins can also be bought using credit cards.
- The next step is to send or receive bitcoins. It’s always important to thoroughly familiarize yourself with every detail of the procedure.
Investments and transactions
Before an individual plans to buy or invest in virtual currencies, one has to know that these are the following risks involved.
- Difficult to differentiate an original and a duplicate bitcoin
- Still in the developmental phase and no clarity over its future
- Subject to market and insurance risks
- Cannot take any legal action if cheated or part of a scam
One has to believe that Bitcoin involves higher risk. The dilemma over the future of virtual currencies should help an individual realize that investing in simpler investment plans offered by Governments and banks would be far more beneficial than fantasizing over something with an uncertain future.
Advantages of Bitcoin
- Bitcoin makes it possible to carry on transaction without revealing any secret information like credit card details or other private information.
- Minimal transaction fees which helps to carry out larger transactions.
- No involvement of another authority. It makes transactions a very private affair and restricted between individuals.
- Feasibility of using it anywhere and anytime makes it simple under certain circumstances.
Bitcoin has become a prominent sign of progressing technology and commerce of the twenty first century. It has achieved a upper hand as compared to localized currency, especially for its secured nature. It might have its risks, but that’s for everything in life! Lastly it has, definitely, earned the tag of the glowing symbol of this progressing digital era.Therefore this new and unique concept is a must try!