Bitcoin is a type of Cryptocurrency. Bitcoin- The Digital Currency falls outside the control of any federal government; it’s used worldwide and used to purchase things like food, beverages, land, cars, and also many other things which are not considered as legal like drugs, weapons, etc. Bitcoin is a type of gambling more than the investment because it is blind-fold investing since there is no predictability and doesn’t have any calculation involved which makes it riskier. It is also termed as a virtual investment which means it doesn’t deal with the actual money.
How Does Cryptocurrency (Bitcoin) Work?
Bitcoin – The Digital Currency which works on the peer-to-peer technology which means there is no intervention of the government or other third-party sourcesso as to make the funds or payment easy and faster.
Each Bitcoin used is a digital file stored in a “digital wallet” app on the smartphone or computer.
Bitcoin can be transferred and received in the digital wallet. To trace the history of transactions made through Bitcoin, each transaction is recorded in a public list also called “block-chain”.
Is Bitcoin safe and secure for people?
A big question arises that whether investing money in Bitcoin is safe and secure or not?
earn bitcoin is the only one platform in which investing money gives the Highest Return and as well as is the Highest Risk platform as investing in Bitcoin are non-predictable and cannot be calculated as compared to other investments like equity fund, debt fund, etc. Bitcoin may be fast source of payment but it is not dependable.
Bitcoin is not favored by the government instead is discouraged by the government as Bitcoin is being used in Black Market, Money Laundering, Illegal Activities, Tax Evasion and are also used by Hackers, Terrorist.
Above all there is no third-party intervention as it is a peer-to-peer network based which make it less secure as other types of investment where the government is involved.