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Bitcoin is a new kind of money and a new way to pay for things.
Bitcoin transactions are cryptographically validated by network nodes and recorded in a publicly distributed ledger known as a blockchain. The first cryptocurrency, Satoshi Nakamoto, was created in 2008 by an anonymous person or group. The money went into circulation in 2009, after its implementation was made available as open-source software. In a white paper issued on October 31, 2008, the term “bitcoin” was defined. It is an abbreviation for the words bit and coin.
Is Bitcoin an attractive investment?
Yes, it is possible to earn money through the purchase of cryptocurrencies. Due to its growth potential and long-term value, Bitcoin is regarded by many as an attractive investment. Investing in Bitcoin carries hazards, such as market volatility and the possibility of hacking and fraud.
Is Bitcoin Legit and Safe?
How you define security determines whether or not Bitcoin is a secure investment.
Bitcoin prices can be extremely volatile, there’s no doubt about it. In 2022 alone, the price of BTC fell from nearly INR 39,56,137 to approximately INR 16,07,165 at the time of writing.
Investors would flee from any other asset class if they suffered such losses. If you think of a safe investment as one with a price that stays pretty steady, Bitcoin might not be a good choice for your wallet.
However, Bitcoin’s volatile character may be changing.
“Bitcoin is becoming more integrated with traditional financial markets, and we are seeing significant participation from retail and, increasingly, institutional investors,” says Ryan Burke, general manager of Invest at M1. “Historically, BTC has been more volatile, but it has recently become a de facto mainstream alternative asset correlated to large-cap tech.”
If you consider Bitcoin to be digital gold, rather than an investment security, you may add another layer to the security debate.
“Bitcoin technology is relatively safe, but it isn’t anonymous and relies on passwords,” explains Daniel Rodriguez, chief operating officer of Hill Wealth Strategies.
While Bitcoin conceals your personal information, the address of your crypto wallet is public.
“Hackers could use web trackers and cookies to find more information about the transactions that could lead to your private information and data,” Rodriguez explains. If anonymity is part of your concept of security, Bitcoin may not be completely secure.
Similarly, the security of your cryptocurrency is only as good as the crypto wallet you keep it in. If you forget your wallet password or it is stolen, you will lose your Bitcoin.
