Are you also thinking to invest in Bitcoins in 2019 and want to make some quick money?
Everyone is talking about Bitcoin these days. Whether we browse Facebook, Twitter, YouTube or any other social channel, this cryptocurrency is everywhere. Seeing Bitcoin’s rapid growth in the past few years, this virtual currency has gained investors in short span.
To help you make the right decision here, we have covered some of the facts and assumptions made on Bitcoins.
You will get a complete idea about this virtual currency and decide whether you should be investing IN or NOT.
RBI Saying No To Bitcoin Investment
RBI warns people before for coming the next four years saying that these virtual currencies loss are unbearable. In 2017, the most significant cryptocurrency Bitcoin value was 17000 Dollars (approx 12 Lac) and its total market value today has gone down to 2.40 Lac rupees only.
According to Coinmarketcap.com, other cryptocurrencies like Ethereum today has a total market value of just Dollar 93.41. The assumption is there that these currencies may change drastically at any point of time and these aren’t a suitable medium of investment.
The Future Of Bitcoin
Whereas Nasdaq and other stock exchanges in coming next year have given hints to early start trading in these cryptocurrencies.
These private currencies are yet not adopted by any Central Banks in India. But in future, the value of these cryptocurrencies will be at the peak that even the government would not be able to ignore it.
In 2017, the market value of Bitcoin was more than the GDP of Pakistan (which is 30.07 lac crore rupees). If the top 20 cryptocurrency market value is analysed, then this would be entering into the top 30 countries in the world, according to GDP.
According to a media report, Zebi in Hyderabad-based blockchain startup has collected 2 Million Dollars through initial coin offerings. Windex, a startup company in Bangalore, has launched its ICO on 27th October 2017. This company has arranged 2.79 crores till 4th Dec 2017 and was aiming to achieve 26 crores more finance.
Understanding More About Bitcoin
Cryptocurrency is a peer-to-peer based network, where every server or user has all the data and information of who is having how much of Bitcoins and who is selling them in what quantity to other. But it does not have any centralised database system.
Like, if you spend money from your bank, it shows a debit balance, and if you receive, it shows a credit balance.
Cryptocurrency does not have any such centralised authority. People are showing more interest in these cryptocurrencies because this type of currency is not in control of any central bank authorities.
In the market, you will hear about various types of cryptocurrencies (even I’m still exploring it) 😛
At present, there are more than 1300 cryptocurrencies in the market. And from all among only top 20 cryptocurrency are in demand according to its quantity and value. Peercoin cryptocurrency which is in 100th position has a value of US$ 0.48.
These are the top 20 cryptocurrencies:
- Bitcoin ($3,486.28)
- Ethereum ($93.41)
- Bitcoin Cash ($91.07)
- Ripple ($0.313911)
- Litecoin ($29.12)
- NEM ($0.065295)
- Dash ($70.03)
- IOTA ($0.249445)
- Monero ($42.81)
- Ethereum Classic ($3.98)
- NEO ($6.43)
- OmiseGo ($1.26)
- Hshare ($0.844034)
- Qtum ($2.09)
- BitConnect ($0.679889)
- Lisk ($1.24)
- Stratis ($0.693850)
- Waves ($2.55)
- Tether ($1.00)
So, Should You Invest In Bitcoins In 2019 Or Not?
Theoretically NO. But practically, if you are earning good and looking for an investment opportunity, I would suggest you invest a little in bitcoins and see the impact of it.
Reserve Bank has said in its accordance that these currencies are kept in e-wallet, and for this reason, their chances of being hacked, virus attacks, password hacking and many more such high risk are involved.
Although these risks are also involved in e-wallets like Paytm and Mobikwik, internet or mobile banking accounts, losses caused by these are accounted for and is being considered by the banks.
But in cryptocurrencies, if your Bitcoins coins are hacked or stolen, then there is no way out for you to get them back. Moreover, because of no centralized authority, you cannot claim anywhere to get your invested money back.
But there are hardware wallets which you can use and keep your bitcoins safe and secure. We will be covering them in coming articles.
As per predictions, Bitcoin will hit new heights in 2019, and this is the reason you should go for it.
We hope you find this post helpful and it clears all your doubts about whether you should invest in Bitcoins or not. If you have any questions, do let us know in the comment section below.Tags: bitcoin facts, investing in bitcoin