Bitcoin is the latest form of digital currency without any central bank. It can be sent from user to user without any intermediaries. In the Bitcoin business, these are generated as a reward for a technique known as mining. It is invented in 2008 by a person using the name Satoshi Nakamoto. In January 2009, Bitcoin Business started as open-source software when it was implemented. Nowadays, the price of one BTC reached $10,371.90 or 1,726,830.08 Pakistani Rupees.
What is Bitcoin?
Bitcoin is a virtual currency which we can’t feel, touch, print, or store in our wallets, etc. In other words, we can say that it is a form of electronic money. While doing Bitcoin business, it generates on a technology called the Blockchain. A blockchain is a growing list of records called blocks, which are linked through cryptography. Blockchain also can create, store and manage digital transactions.
Scope of Bitcoin Business in Future
Many pundits say about Bitcoin that it is the future of money. The actual physical currency will start shrinking, and the digital currency will start materializing. Nowadays, many online retailers accept Bitcoins & deal with their businesses easily. A lot of online stores and eCommerce websites accept Bitcoin as a payment method. Some are:
- Ethereum
- Bitcoin Cash
- Ripple
- Dash
- Litecoin
- NEO
How can we buy Bitcoins?
It is very easy to buy cryptocurrency (Bitcoin) because there are hundreds and thousands of online websites or apps in the cryptocurrency marketplace called “cryptocurrency exchanges.” Different people allow Bitcoin business against different currencies.
Now, if you want to buy or sell Bitcoin, first of all, you open an account on any website that I’II mention below. From that website, you get a digital address which is your identity to buy, sell or pay in Bitcoin.
List of the names of those websites:
- Coinone
- Bitthumb
- Bitfinex
- Quoine
- Bittrex
- HitBTC
- Poloniex
- Kraken
- Coinbase
- Bitstamp
Risk in Bitcoin
As we know that Bitcoin is a virtual currency, but it also is not acceptable everywhere for buying or selling purposes. If it is a virtual currency, we can’t hide it in our wallets or banks that we cannot use in a difficult time. The main risk of Bitcoin business and transaction is that its value fluctuates. Sometimes its value is on the top that doesn’t mean it remains the same. Maybe within an hour, its value fluctuates and goes down. Selling or buying a Bitcoin is a business in which experts can earn double or triple benefits in seconds.
But the riskiest problem is that as Bitcoins are virtual, we stored them in digital wallets. Many hackers can easily hack our Bitcoins. They mostly target Bitcoin according to the higher value of fluctuation.