Ibullish t is a surge that can tame the most
of the bulls in the market. The unprecedented flight in value of Bitcoin this year continues to confuse and confound market watchers and investors. The price of Bitcoin, a type of cryptocurrency, has zoomed by over 20 times from about $750 at the beginning of 2017 to around $15,000 last month.
So what is Bitcoin? Bitcoin is the first decentralised digital or virtual currency that largely exists online. No government or traditional banks print it, and it has no physical appearance anywhere in the world. The system of works without a central bank or a single administrator. It is a cryptocurrency, and the transactions take place between users directly through the use of cryptography, without an intermediary.
Bitcoin was invented by an unknown person or group of people
under the name Satoshi Nakamoto and was released as open-source software in 2009. Despite many attempts to find the creator of Bitcoin and a number of claims it is still not known who Satoshi Nakamoto is, or was. It is not clear whether Satoshi Nakamoto, assumed to be a pseudonym, was a name used by a group of developers or by one individual.
A limited supply and unlimited demand are reason for the boom in price of Bitcoin. It is believed that most people are buying the crytocurrency in the belief that others will want it even more in the future. It is being looked at as a financial investment, opine analysts. At the same time, they caution that a bubble has developed in the Bitcoin market.
The easiest way to get Bitcoin is by using an online exchange and buyBitcoin
ing just like one would at an e-commerce site. Some of the Indian exchanges from where one can buy the Bitcoin are Unocoin, BuyUCoin, Zebpay, Coinsecure and LocalBitcoins, among others. Once Bitcoins are bought, the buyers usually transfer them to an offline wallet. A desktop-based wallet is the best option, though one can also store them using a mobile application.
But buying the cryptocurrency is fraught with risks. The government and the Reserve Bank of India do not recognise Bitcoin as a legal tender like paper money. Besides, there are no guidelines on Bitcoin trading in India. So, it is wise to stay away from Bitcoin and the mania surrounding it. But if some people want to take a plunge, then they could so at their own peril.
Price of Bitcoin has zoomed by over 20 times in 2017.