So, you might have heard people talking about bitcoins, cryptos, blockchain, investing, trading, and many other similar pieces of stuff. But do you know that what are these? If not so this blog is for you
and today, I will be telling you the primarily following questions asked online.
What is cryptocurrency?
Cryptocurrency is a method of exchange of goods and services online and now offline too, which is not accepted globally,
Yes, it is not accepted as a legal way of exchanging services either online or offline in many countries, including India.
One of the cryptocurrencies is Bitcoin, its creator is anonymous, but there are many shreds of evidence on the internet, indicating that Bitcoin is Satoshi Nakamoto.
Bitcoin is a decentralized way of exchanging services, meaning that the transactions are not controlled or managed by an individual or an authority. Still, other methods of payments are handled by groups or individuals. We will be discussing more about bitcoin,
why is bitcoin an emerging cryptocurrency, its scope in the future, and many more points further in the post, so keep reading.
Why is Bitcoin gaining popularity with time?
So as know you know that what is cryptocurrency or bitcoin, you might also be aware of the value of 1 BTC globally; if not, let me tell you,
1BTC = 41,09,385.65INR, now you might be surprised and wanted you to know its initial value at the time of release, let me tell you that too,
in 2009 at the time of its initial release 1BTC = 0.50INR. Now you might have an obvious question that Why is Bitcoin gaining popularity with time?
So I will answer this question for you. In 2009, it did not have that much popular but still,
as a currency, it needed to be used somewhere at the time of its initial release. Hence, people who possessed bitcoins started using them for goods and services, and this group of people was why bitcoin started going price and popularity. It is not the Bitcoin that is gaining price daily but the people like you and me who are giving it importance as we have recognized its potential to well in the future, which brings us to a new question What is the scope of Bitcoin and other cryptocurrencies in future?
What is the scope of cryptocurrencies in the future?
With the data present online and the rise in the price of bitcoin daily, I can assure you that bitcoin or simply cryptocurrency in the future is going to boom!
As stated earlier that it is a decentralized form of exchange of goods and services s it cannot be tracked, and the transactions made in bitcoin are truly
anonymous and in this online world today in 2021 or the future who would like to share their details like a credit card online or someone who you cant trust.
Every big nation like the United States, Japan, and many other countries has started accepting bitcoins or cryptocurrencies as the mode of payment, which can clearly say the scope of bitcoin or cryptocurrencies in the future is.
Not only this earlier bitcoins were used only for illegal services as they cannot to tracked but now it is accepted online by many companies just like your credit card or online wallet,
this also clearly shows the scope of cryptocurrencies in the future.
Why should you invest in a cryptocurrency?
Know, as you guys know, answers to the important questions like What is cryptocurrency? Why is Bitcoin gaining popularity with time? And What is the scope of Bitcoin and other cryptocurrencies in the future?
You might be interested in cryptocurrency and wanted to invest in cryptocurrency or bitcoin, but some might be a little confused yet and wanted to know Why should you invest in a cryptocurrency?
As its value is not fixed, unlike a 10 rupee note. Yes, its price varies daily, but if one can figure out an algorithm or a way or best time to invest in cryptocurrency or bitcoin,
it is not such a difficult task. Below are some crucial points which will make you clear that Why should you invest in a cryptocurrency?
- It is a decentralized mode of payment
- Its price is not fixed
- Can make you profit
- Has a considerable potential to do well in future
- Accepted globally
- It Gives you anonymity
- Every big mind like Elon Musk invested in bitcoin
I think you might be agreed with these points. If not, or if you have any doubt, make sure to leave a comment below.
Top 5 cryptocurrencies in 2021
Moving further in our discussion now, we will be talking about the Top 5 cryptocurrencies in 2021. SO there are many cryptos on the internet, and many companies also have their own cryptocurrencies for exchange, but all cryptos are not as popular as bitcoin. In this section of the post, I will tell you the Top 5 cryptocurrencies in 2021 in India where you can start investing.
Below is the list of Top 5 cryptocurrencies based on their market value, which is highly volatile.
| S.no | Crypto | Market Value |
|---|---|---|
| 1 | Bitcoin | 41,08,920.45 INR |
| 2 | Ethereum | 2,97,634.41 INR |
| 3 | Bitcoin Cash | 1,01,161.57 INR |
| 4 | Binance Coin | 48,572.70 INR |
| 5 | Litecoin | 26,553.37 INR |
Note values are in Indian Currency(Rupee - INR)
Which cryptocurrency should you invest in?
Now, as all your doubts about cryptocurrencies are clear, you might be interested and ask me that which is the best cryptocurrency you should invest in. S let me tell you that
investing in any cryptocurrency is risky; yes, you should definitely invest in cryptocurrency, but you must know the history of the prices or values of that coin or crypto you are investing in.
Investing with some research will give you higher returns in the future. You should invest in bitcoin or any crypto you want, but for the long term or you can also start trading cryptos.