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  • Category: Investments

    Any idea on Bitcoin or other related coins

    Want to know more about Cryptocurrency and Bitcoins? Our technical experts can update you with the latest authentic news around.

    There are few popular crypto-currency news always around and one of them is about BitCoin which is growing rapidly. We heard that it is a peer to peer transaction and one has to have different apps and account to invest in a deal.

    The value of the Bitcoin is huge at the moment though its low denomination can be bought online. I would like to know which is the best coin after Bitcoin to invest less amount?

    Which coins are the best vs BitCoin?

    Is it worth to invest in such coins?
  • Answers

    3 Answers found.
  • Bitcoin is a cryptocurrency which is a type of digital currency in the internet and is regulated there through a secured encryption. The generation and the release of this currency in the web is also regulated through secured and safe methods.

    The most interesting but fearful thing about this currency is that it is not regulated by any Govt or bank. Bitcoin was the idea of a person known as Satoshi Nakamoto and even this was his alias name when he introduced bitcoin in internet in 2009. The addition of bitcoin blocks to an already existing asset is done through a peculiar process of mining. In this there will be a puzzle to be solved by the miner and if he succeeds he can add a block of this currency to the existing kitty. In the process he will be awarded a chunk of this currency. The difficulty level of mining increases as more and more blocks are added to the asset. There is a upper limit till which the mining can be done to add them. For bitcoin it is 21 million.

    Another common way for possessing this mysterious currency is from the internet. There are sites available through which one can exchanges for bitcoins and from there one can buy them. Because of its fast rising value, many people invested in this and that further fueled its price in the bitcoin market. It is very easy to find out in the internet about how to buy it or sell it.

    Apart from bitcoin there are other cryptocurrencies too, namely litecoin and peercoin. After the success of bitcoin people saw the opportunity in this area and litecoin and peercoin were also introduced within 2-3 years of birth of bitcoin. These currencies also work on the mining model but there are some differences with respect to bitcoin in their working algorithm and other routines. There are other less known cryptocurrencies like blackcoin, dash and dogecoin.

    As far as the investment in these currencies is considered, no one knows the future of this strange currency but as of now it is well protected with proper internet security and with strong algorithm. Every transaction is completed in such a manner that it is not possible to make any hacking or alteration attempt by the mischievous software and computer system experts.

    Because of the encryption in which user uses a key to decrypt the transactions it is believed that these are much secured.

    One thing which is also pertinent in respect to bitcoin, that if you want to transact with bitcoins, you will require a wallet for it to store them which is available with the bitcoin exchanges or specific online sites. The user can keep all his holdings there.

    Knowledge is power.

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    Bitcoin is a payment system introduced as open-source software in 2009 by developer Satoshi Nakamoto. The payments in the system are recorded in a public ledger using its own unit of account, which is also called bitcoin. Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency. Although its status as a currency is disputed, media reports often refer to bitcoin as a cryptocurrency or digital currency.
    Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger. Called mining, individuals or companies engage in this activity in exchange for transaction fees and newly created bitcoins. Besides mining, bitcoins can be obtained in exchange for fiat money, products, and services. Users can send and receive bitcoins electronically for an optional transaction fee using wallet software on a personal computer, mobile device, or a web application.

    Bitcoin as a form of payment for products and services has seen growth, and merchants have an incentive to accept the digital currency because fees are lower than the 2-3% typically imposed by credit card processors. The European Banking Authority has warned that Bitcoin lacks consumer protections. Unlike credit cards, any fees are paid by the purchaser, not the vendor. Bitcoins can be stolen and chargebacks are impossible. Commercial use of bitcoin is currently small compared to its use by speculators, which has fueled price volatility.

    Bitcoin has been a subject of scrutiny amid concerns that it can be used for illegal activities. In October 2013 the US FBI shut down the Silk Road online black market and seized 144,000 bitcoins worth US$28.5 million at the time. The US is considered Bitcoin-friendly compared to other governments. In China, buying bitcoins with yuan is subject to restrictions, and bitcoin exchanges are not allowed to hold bank accounts.

  • Bitcoin is a kind of digital currency trending the most at present. Well, in my views I would suggest you not to get into this trouble. Yesterday, Arun Jaitley declared Bitcoin as illegal in India. Also, the mining process of Bitcoin in India is not so trusted and easy as well. Moreover, you can check the history of Bitcoin and find out that it was recently hacked and people got into a huge loss.

  • I do not agree with the comment above that Bitcoin is illegal in India. Media reported this news in a wrong way. The finance minister of India said that Indian government will take steps to illegal activities taking place in India related to Bitcoins. For instance, some people are investing their black money in name of servants by giving false KYC documents in Bitcoin exchanges. It will be good if these people get caught and their black money is used for helping the poor people in India.

    In my view Bitcoins should be encouraged by the Indian government.

    Now coming to your question, I will not suggest you to go for any alt coins unless you have huge amount of money to invest. It will become a headache to check the prices regularly. Just invest in Bitcoins for 4-5 months or so to be on the safer side.

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