Bitcoin, this word is echoing everywhere these days.
Why not?
It is a historic digital creation that took place in the modern era. In recent times, it has transformed some common people to Billionaires astonishingly, who have invested in it a decade back. However, some people are still hesitant to put their hands on Bitcoin primarily due to a lack of understanding.
But! Thankfully, there are some trading platforms like this App called Bitcoin Prime which can help you to understand about Bitcoin and invest or trade with it by creating trading accounts for free.
What is Bitcoin?
Although there is so much popularity to this word Bitcoin, there is a lack of proper understanding. In simple words, Bitcoin is a cryptocurrency. Unlike paper currency such as Dollars and euros, Bitcoin doesn’t have a physical representation. It is a purely digital currency. But you can use it to purchase goods and services from certain retailers online.
But, why should you opt for Bitcoin when you have a conventional form of paper currency?
Well, Bitcoin has many benefits over conventional currency.
What makes Bitcoin exceptional?
Uses Blockchain technology. Each coin is made up of a series of complex algorithms and code, and it is unique. Every Bitcoin transaction is highly secured and irreversible.
Bitcoin enables the direct transaction. It doesn’t involve any additional transaction fee. It enables direct one-to-one transactions with no mediator authorities involved in transaction.
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.
Inflation-Resistant:
When a country needs money, the government prints more money, which leads to its value depreciation with time. As Bitcoin does have any central institute to make such decisions, it is less likely to depreciate its value over time.
If there is no centralized authority, then how is it made?
How is Bitcoin made?
Bitcoin is made using a rigorous process called Bitcoin 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 regulates the mining process.
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.
Risks of Bitcoin trading
When we see the history of Bitcoin, the very first Bitcoin transaction was made in the year 2009 and from then value of Bitcoin is full of ups and downs. It had a massive boom in 2017. Its value crosses 12,000 US dollars, and by the very next year, it dropped to 6,000 dollars. Later in April 2021, it valued at around 60,000 US dollars. So, it is evident that Bitcoin lacks stability and it is highly volatile.
But! It doesn’t mean that you should avoid Bitcoin. It has equal perks as well. It is still new into the world, much progress is yet to be seen. If you are excited about this concept and you are ready to dip your toes in it, you can achieve it in a few minutes using Bitcoin Prime.
How to create a Bitcoin prime account?
Create free trading account:
At the first step, you have to register and create a free 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 Deposit:
This platform would not charge any extra cost 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 Prime would make you process simpler and help you invest in Bitcoin with its smart strategies.
You don’t need to have the expert knowledge to trade, Bitcoin Prime is automated and it makes the process simpler even if you are new to Bitcoin trading. So, don’t hesitate to start your trading journey with Bitcoin Prime.
