Is Bitcoin a safe asset?

Even as China has banned Bitcoin, and RBI has been repeatedly flagging concerns on it while stating potential risks related to financial, legal, customer protection & security, an increasing number of Indians are investing in it every day. The concerns about Bitcoin rise high due to the fact that it is anonymous to an extent and the owners may only be tracked down when the bitcoins are converted to regular currency.

“Bitcoins have their own safety system in place wherein it harnesses an individual’s greed for the greater good. A bunch of tech-savvy users termed miners ensure the honesty of the system by employing their computing abilities into a blockchain – a global running tally of each bitcoin transactions. This blockchain spends the same bitcoin twice and prevents it from going rogue and the miners are then rewarded for their efforts through an occasional gift of a bitcoin. The miners keep the blockchain secure without letting counterfeiting become an issue.” says Mr. Hitesh Malviya Bitcoin expert.

At the time the gold price continued to decline, bitcoin rose, and while the precious metal saw a bit of renewed support in the first few months, the cryptocurrency continues to skyrocket. It's clear that investors are flocking to bitcoin, not because it offers stability, which it quite clearly doesn't, but more to find solid returns on an asset that is up over 150 percent year-to-date. Bitcoin transactions are limited to 1-megabyte every 10 minutes - or seven transactions per second. This compares to 2,000 per second for Visa and means that at peak times bitcoin transactions can take hours to be fulfilled, inhibiting the currency.

The Blockchain for the Internet of Things is a new megatrend. It is obvious that without the blockchain - robot’s economy simply impossible. The bitcoin ecosystem continues to attract significant investment. It is also true that, Bitcoin price falls sharply after reaching $5,000 high and the reason could be large traders had deliberately started dumping bitcoins in order to depress the price and then buy more of them. Lastly,Cryptocurrencies are growing and are volatile and bitcoin is faster. local currencies is controlled by banks but in the case of bitcoin you’re the owner of your bank. So, trading industry & traders liked it very much.

Tags: Bitcoin, safe asset,  Hitesh Malviya Bitcoin expert, Blockchain, iot, internet of things, bitcoin ecosystem, rbi, varindia