No introduction is needed to this word “Bitcoin”. It has already gained enough popularity. Bitcoin is the historical invention of technology in the last decade. It has created revolution in the world of finance. Bitcoin is made in such a way, that its features overcome all the drawbacks of present day paper currency and make each transaction convenient and secured.
Wondered! What are drawbacks of paper currency? Here they are.
Drawbacks of paper currency:
Centralization:
Every time you make a transaction, the money has to go through multiple authorities like back in between before it reaches the person on the other end. This involves additional transaction fees. We are bound to this rule because currency is controlled by centralized authorities.
Inflation:
Government has authority to produce extra money in case of requirement. Production of money is unlimited. This eventually leads to the decrease in the value of money, which means if today you can buy certain goods at the cost of 500 Dollars, after some years you need to spend a high amount like 1000 Dollars to purchase the same. This scenario is called Inflation.
Security:
Digital transactions are still prone to hacking. So, we get to hear cases of phishing attacks and frauds happening frequently.
How does Bitcoin overcome these drawbacks?
Bitcoin is decentralized. It is not governed and regulated by any single centralized authority. It gets distributed over multiple systems, and all transactions are public. But it doesn’t reveal the information of sender and receiver. So it is termed pseudonymous.
It doesn’t involve any additional transaction fee. It enables direct one-to-one transactions with no mediator authorities involved in the transaction.
Bitcoin is resistant to inflation. When a country needs money, the government prints more money, which leads to its value depreciation with time but supply of Bitcoin is limited to 22 million Bitcoins. These make them resistant to inflation.
Bitcoin uses Blockchain technology. Each coin is made up of a series of complex algorithms and code, and each coin is unique. Every Bitcoin transaction is highly secured and irreversible.
How is Bitcoin made?
Bitcoin is made using a competitive process called mining. The process involves individuals who get rewarded for their work by the network. These people are called miners. Bitcoin miners process transactions and secure the network using specialized hardware. In return, they get rewarded with some freshly mined Bitcoins. This mining process is regulated. Once the Bitcoin is mined, it comes to circulation where you can buy and trade with Bitcoin and make profits.
Here, the word miners may refer to a small group of people or an entire start-up with a room full of hardware dedicated to mining. However, the transaction of Bitcoin might seem simple, but it is more complicated in the backend.
Although Bitcoin has overcome many drawbacks, it is not perfect. It has some potential risks involved. It is difficult to predict Bitcoin value. It is highly volatile in nature. Here is where online trading apps like https://bitcoinfastprofit.com/ come to your help.
Why use Bitcoin Fast Profit?
Although there are numerous platforms available for Bitcoin trading, not every app is trustworthy and easy to use. They target professional traders to make use of their app.
Unlike other platforms, Bitcoin Fast Profit is designed with simple and beginner-friendly user interface making all technical terms easy to understand.
It uses advanced AI that personalizes itself as per the user requirements and you would have to put minimum efforts to trade as most of the process is automated.
If you are convinced to start Bitcoin trade with Bitcoin Fast Profit, here is how.
How to start on Bitcoin Fast profit?
Register for free:
Firstly, you have to register and create a free trading account. Here you just need to provide details of name, email ID, and phone number. Once your email ID gets verified, your trading account would be created.
Add funds:
This platform would not charge any additional fees from you to trade. Add some initial funds to deposit and buy Bitcoin. You can start at a minimum range and speed up your journey eventually.
Start trade:
That is it. You are done with initial formalities. You are now set to trade. Bitcoin Fast Profit would make you process simpler and help you invest in Bitcoin with its exceptional features.
On seeing the spike in Bitcoin value, many people are entering into Bitcoin trading. But here it is important to understand the risk of trading and choose a trading platform carefully. Trading platform should be able to give updated suggestions that would help you land in profits. Bitcoin Fast Profits has been designed to fulfil your needs. So, start your trading journey today.
