The COVID-19 pandemic has boosted the popularity of fiat alternatives as cashless means of settling transactions. This has added to Bitcoin’s acceptance across business houses like Overstock, Microsoft, Expedia, Planet Express, and eGifter, to name a few. Today, we are going to analyze the ways in which this numero-uno crypto can add to the growth curve of your start-up business:
- Anonymity
Purchases of bitcoins are not public unless you decide on disclosing the information on your end. These cash-like transactions of the digital world do not leave behind any digital footprint, making them untraceable. A unique bitcoin address is generated against each bitcoin transaction which gives a good amount of privacy to business owners.
- Decentralization
Any central authority does not regulate the bitcoin value. Government bodies also do not have any say over the sale or purchase of bitcoins. People can easily engage in bitcoin transactions provided they are holders of a valid crypto wallet and have a working internet connection.
- Minimal Fees
Traditional banks charge an exorbitant fee on the transactions, which makes it difficult for start-ups to sustain in a cut-throat competitive market. But bitcoin can lessen such woes by keeping its users buffered from having to shell out heavy amounts towards minimum balance fees, account maintenance fees, overdraft charges, returned deposit fees, etc. While the cryptocurrency exchanges levy a minimal charge for the services provided, it cannot be compared to the traditional banking charges.
Banks also levy hefty fees on international wire transfers and currency exchange. This simply adds to the expense meter of start-ups, which are engaged in international dealings. Bitcoins, on the other hand, can transfer your money without the involvement of banks and this helps in lowering down the cost. You can also benefit from instant remittance, as cryptocurrencies do not depend on any third-party approval for initiating payments.
- Easy Accessibility
A robust infrastructure already exists for fostering crypto transactions across the globe. You need to put in your credentials, like account number, while completing transactions with a credit card. But this is not the case with bitcoins where you can enter into transactions very easily without having to type in your credentials time and again.
- Universal Acceptability
Trading start-ups have to deal with multinational clients, and this involves the hassles of currency exchange. Bitcoin can put all those worries to rest by removing the territorial and political barriers which otherwise handicap fiat currencies. It is very difficult to shop using dollars in Germany or euros in New Zealand. However, bitcoins hold the same value around the globe, which helps in using them anywhere. The unrestricted global circulation of Bitcoin is free from third-party interference, restrictions, or approvals. Hence, the payment is completely modulated by the bitcoin owner, making it a highly practical solution.
- Security
Blockchain defines the security of the bitcoin network. It operates on the framework of complex mathematical cryptograms, which maintains its uniqueness for every single transaction. This ensures the safety of your crypto coins. It also becomes impossible to make any alterations after a data bit has been added to the chain. You can take the example of a credit card transaction, which can be blocked easily. However, the same is not true in a bitcoin transaction that becomes irreversible on being a part of the blockchain. The level of security gets further enhanced by the encryption and authentic digital signature used by each crypto wallet for data processing.
- Fast Transaction Speed
The lack of any barriers makes the crypto transactions super-fast in nature. The transactions take place on a real-time basis so that you can get the bitcoins credited into or debited from your account instantaneously, rather than waiting for the time-taking fiat currencies. The speed of the transactions also remains the same, irrespective of whether it is international or domestic.
- Hedge Against Inflation
Bitcoins are safeguarded from the risk of inflation, which is a big concern for fiat currencies. An upper ceiling of 21 million bitcoins makes it impossible to increase its supply beyond a certain point for preventing arbitrary issues.
Final Words
Bitcoin works on the framework of a peer-to-peer network for helping users send and receive payments. This decentralized digital cryptocurrency is not controlled by any central authority, making theft a practical impossibility. The bitcoin India rate today (24.11.2020) is 1,386,782 and it is expected to rise further in days to come, following the Supreme Court’s order to lift the ban imposed previously by RBI on cryptocurrencies.
Also you can download the app and Start Trading Now!
Android App – Cryptocurrency Exchange
iOS App – Cryptocurrency Exchange
Frequently Asked Questions
What Is Meant By Bitcoin?
Bitcoin is a digital currency that was initially released in January 2009. It is based on ideas offered by Satoshi Nakamoto, a mysterious and pseudonymous figure, in a whitepaper. The name of the person or individuals who invented technology has not been revealed. Bitcoin promises lower transaction fees than other online payment systems, and unlike government-issued currencies, it is decentralized.
How To Invest In Bitcoin?
Bitcoin may be invested in two ways: through mining or exchanges. Bitcoin mining is carried out by high-powered computers that solve challenging computational arithmetic problems that are too difficult to complete by hand and complex enough to tax even the most powerful computers. WazirX, a Bitcoin exchange, is another alternative.
Is Bitcoin Legal In India?
In India, Bitcoin is not illegal. Because of cryptocurrency's rapid evolution, policymakers and regulators seemed to have recognized the chance to accept the new technology early. From the infamous 'RBI ban' in 2018 to reports of an impending bill banning cryptos in 2021 that has yet to develop, India has seen its fair share of ups and downs when it comes to Bitcoin regulation. Last year, the Supreme Court Of India approved the use of Bitcoin throughout the country. According to the Supreme Court, the existence of Bitcoin or any other cryptocurrency is unregulated but not unlawful.
Who Created Bitcoin?
Bitcoin is the first application of the concept of "cryptocurrency," first articulated in 1998 on the cypherpunks mailing list by Wei Dai, who proposed a new form of money that relies on cryptography rather than a central authority to manage its creation and transactions. Satoshi Nakamoto published the initial Bitcoin specification and proof of concept on the cryptography mailing list in 2009. Satoshi exited the project in late 2010, with little information about himself available. Since then, the community has evolved, with numerous people working on Bitcoin. Satoshi's anonymity has sparked unfounded fears, many of which may be traced back to a misunderstanding of Bitcoin's open-source nature.
How To Create Bitcoin Account?
Firstly, Go to the WazirX website and sign up. Then, a verification mail will be sent to you. The link sent via verification mail would be available only for a few seconds so make sure you click on the link sent to you as soon as possible, and it will verify your email address successfully. The next step is to set up security, so select the most suitable option for you. After you have set up the security, you will get a choice to either proceed further with or without completing the KYC procedure. After that, you will be directed to the Funds and Transfer page, where you could start depositing Bitcoins to your wallet. You can also deposit INR and then use it to buy Bitcoin for your WazirX Bitcoin wallet.
Is Bitcoin Safe And Legal In India?
In 2020, the Supreme Court of India lifted the RBI’s restrictions on cryptocurrencies. According to the Supreme Court, the existence of Bitcoin or another cryptocurrency is unregulated but not unlawful. The verdict has greatly aided the world of digital money in the country. To put it another way, investing in Bitcoin is perfectly legal, and you may do so through various apps and traders.
How Does Bitcoin Work?
The blockchain, a distributed digital ledger, is what Bitcoin is based on. As the name suggests, blockchain is a linked database made up of blocks that store information about each transaction, such as the date and time, total amount, buyer and seller, and a unique identifier for each exchange. Entries are linked in chronological order to form a digital blockchain. Entries are linked in chronological order to form a digital blockchain. Blockchain is decentralized, which means any central authority does not control it.
How Many Bitcoins Will Ever Be Created?
The source code of Bitcoin stipulates that it must have a restricted and finite quantity. As a result, only 21 million Bitcoins will ever be generated. These Bitcoins are added to the Bitcoin supply at a predetermined rate of one block every ten minutes on average. The supply of Bitcoins will be depleted once miners have unlocked this number of Bitcoins. It's possible, however, that the protocol for Bitcoin will be altered to allow for a higher supply.
How Bitcoin Mining Works?
Bitcoin mining is a crucial element of the blockchain ledger's upkeep and development and the act of bringing new Bitcoins into circulation. It's done with the help of cutting-edge computers that solve exceedingly challenging computational arithmetic problems. Auditor miners are rewarded for their work. They're in charge of ensuring that Bitcoin transactions go through smoothly and legitimately. This standard was established by Satoshi Nakamoto, the founder of Bitcoin, to keep Bitcoin users ethical. By confirming transactions, miners assist in avoiding the "double-spending issue."
Is Bitcoin A Good Investment For The Future?
Some investors are afraid of the risks or devastation, but others are very eager to pursue the possibility of profit from a Bitcoin investment. A Bitcoin investment is similar to stock investing, except it can be more volatile.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
