Bitcoin is the first decentralized digital currency of the world. It can be used anywhere at anytime. you can send or receive money with the help of Bitcoin. Only an amount of 1 rupee and 67 paise are charged through the bitcoin for transfer of the money. In each country, the amount of money is fixed for circulation but there is no control of any agency or government on the Bitcoins.
Field in which Bitcoins are mostly used
Nowadays Bitcoins are used in the field of remittance widely. Remittance is the amount which a person pay to his country if he is living outside the country. The amount of remittance was four lakh fifty-two thousand crore in the year 2015. the person sends his money to another country with the help of agencies and these agencies acquire 6 to 30% as fees. If we save this mony, think how much money we can have?
Bitcoin Investment to get maximum profit
If you are thinking to invest in bitcoin, then it is also necessary to think about the profit and not only the profit, it’s about the maximum profit. There are some steps which must be understood to make a good profit on Bitcoin.
Acquire the bitcoins and store them-
The very first thing is to acquire the bitcoins, you can buy it from Coinbase or other web-based wallets. Once you acquire the coins, you obviously would not want to loose them. so, there is a method which to send the coins into offline wallet commonly called ‘cold storage’ or paper wallets, here your wallet has not access to the internet. Once your bitcoins are in a secure paper wallet, you can hide them somewhere and your coins will be completely safe.
Become a Minor
The process of bitcoin is peer to peer system, so we should understand it.Miners are the primary consumers of goods paid with Bitcoin. Finally, miners spend Bitcoin on fiat money, which leads us to the second big entity group which is also called traders.
Then become a Trader
Traders regulate the cycle between Bitcoin and fiat according to the bitcoin rates.
Then you are a merchant
Merchants need traders to get the fiat which needed them to survive. The magic of Bitcoin is that at one time, one person can be a miner, trader, and merchant all by him- or herself. A big merchant needs to have lots of fiat to survive, and when it acquires lots of bitcoin, it needs to sell it. Thus, the supply of tradable bitcoin increases, lowering its market price.
Finally, you are a consumer
Consumers simply spend the coin to buy goods or services. they can acquire them either by trading or miming. that’s the other business.
Another thing to consider, like all good investors, is diversification. While most altcoins are worthless, there are a few worthwhile coins that you could use to get your bets on Bitcoin. Dogecoin, Litecoin, Darkcoin, NXTcoin, and Peercoin all have significant value and can be used to make your cryptocurrency portfolio a little more secure. Be careful, bitcoin price is volatile, altcoins tend to be even more volatile. They also have a better chance of losing most of their value permanently.