Why is it becoming popular to buy bitcoin from an individual without a company? p2p bitcoin

Why is it becoming popular to buy bitcoin from an individual without a company? p2p bitcoin

Today's era is the modern era. Everyone is busy in increasing their feet towards progress. Things are getting better and the old is becoming obsolete. Everyday new inventions and discoveries come to the fore. An important discovery in these discoveries is Bitcoins and nowadays their popularity is increasing among businessmen, investors, and common people. But why?

Why is it becoming popular to buy bitcoin from an individual without a company?

To understand the reason for this we need to know some basic things first.

As-

What are bitcoins?

How to buy bitcoins?

How are they used?

Why do people want them?

Is it safe?

So let's know the answers to these questions one by one.

What are bitcoins?

Bitcoin is a type of virtual currency, it cannot be touched or seen like other currency. We can store bitcoin only in online wallet. Bitcoin was invented by Satoshi Nakamoto in 2009 and since then its popularity is increasing. Bitcoin has a fixed value because it can be bought and sold in the market.

Price of bitcoin

To know the value of bitcoin in the Indian market, open https://paxful.com/calculator/btc-to-inr

How can bitcoin be bought and sold?

If you want to buy and sell bitcoins, then first of all you must have some necessary documents. These documents include –

  °Aadhar card

  °PAN card

  °Phone number

  °Bank Account Details

If you want to buy bitcoin easily, then you can buy it on p2p exchanges, now you just have to follow some easy steps given below to buy bitcoins.

how to buy bitcoin

Step 1. Choose any P2P marketplace website like Paxful, coinbase, localbitcoin etc. And buy bitcoins by paying with your preferred payment method.

Step 2. Select your favorite offer by visiting the selected website.

Step 3. Now click on your favorite offer and pay in your favorite way.

Step 4. As soon as Seller gets the payment amount, bitcoins will come in your wallet.

Paxful is considered a very good company for buying and selling bitcoins. The Paxful p2p marketplace provides the purchase of bitcoin for 0 fees. Here you can do transactions up to $ 1500 without ID verification. Also, it provides many methods for payment, you can pay by choosing your favorite methods.

How are they used?

We can use Bitcoin to make online payment or to do any kind of transactions. Bitcoin works on peer to peer network based, which means that people can easily transact with each other directly without any bank, credit card or through any company.

Why do people want to transact in bitcoin?

Since bitcoins are not controlled by any bank or government, they provide a privacy to the user.

Is bitcoin safe?

It is very difficult to create new bitcoins and copy old ones and every transaction is recorded. So we can say that it is safe. But some people do not consider it safe because you cannot see and touch it.

So now we have got the basic knowledge about it and now we can go deep so our question was why its popularity is increasing day by day among traders.

Some of the reasons for the popularity of bitcoin are as follows.

1. Here your transaction fee is very less as compared to paying with credit card and debit card.

You can send bitcoin to anyone anywhere in the world and anytime from your mobile sitting at home without any hassle.

Bitcoin account is not blocked like other debit and credit accounts, so this problem does not happen here.

Bitcoin is considered very profitable for long term investment, even a little investment made in it can benefit you a lot because according to such records, the price of bitcoin is skyrocketing and it is believed that its price will increase in the coming time. It can even touch the moon, which means it can grow further.

There is no control of any kind of government or authority on Bitcoin, due to which it keeps the transactions secret and private, for this reason it is also used for illegal activities, because if they are not recorded, then terrorists can easily escape by using them. .

Heavy investment by large companies also makes the bitcoin marketplace on p2 popular.

Recently coinbase, biance has bought 12.5% of coinsquare at a cost of CAD$430 million behind this joint venture is to get its iron in the p2p marketplace in the coming future.

Also AXS Blockchain Solutions Inc. And well-known companies named Blockchain foundry have signed a letter of intent to make the p2p marketplace more secure, transparent, comfortable for the users.

Paxful and localbitcoin, the decentralized p2p marketplace, have expressed the idea of removing the intermediary to make transactions faster.

According to Paxful cofounders Ray Yousef and Artur Schaback, in 2016 their marketplace was able to do about 8000 transactions a day.

Although Paxful sacrifice has emphasized the removal of basic verification system kyc to make transactions more secret and private.

A well-known company named HIVE BLOCKCHAIN is emphasizing on cryptocurrency mining and is managing to reach it to the public as soon as possible.

The new company HASH CHAIN Technology Inc. Providing many types of on-site mining services 24/7 such as DASH MASTER NODE hosting, Node40 balance accounting.

Also Global blockchain Technologies corp. and Riot Blockchain Inc. Like well-known companies are also emphasizing on cryptocurrency.

  Bitcoins as an investment:

Bitcoin is becoming a point of attraction among businessmen and common people today, the reason for this is its ever-increasing price, today its price is about 8,38,303, which was only 36 paise a year ago, and in the coming times, its amount will increase further. There may be many reasons for the bright future of bitcoins such as

Acceptance Gradually, with time, all businesses and common people have started adopting bitcoins. They are now being used in daily use at the time of shopping, eating food in restaurants and buying some electronic items.

Zero Fees – When you use debit and credit card then you have to pay some regular fee on each transaction which is around 3-4%. But bitcoin provides zero fee facility as well as debit and credit card Minimizes the associated hazards. There is no fee to buy bitcoin at Paxful however a 1% escrow fee is required to sell.

Bitcoins cannot be stolen – Security has been considered the priority of bitcoins, they cannot be stolen like money kept in a purse. It is almost impossible to steal them, this is the biggest reason for its popularity.

No need to reveal identity – While paying for anything through bitcoin the payee is not required to reveal his/her identity which protects his/her privacy.

Warning

As bitcoin is not a real currency, there can be many problems in its use, such as 1. Huge fluctuations in price It is very difficult to make an accurate estimate of the price of bitcoin. Its price can touch the sky or the ground overnight. There has been a huge jump in its price in the last several years. The volatility of the price is shown in the graph below.

hacking

The biggest threat to bitcoin is hacking. Hackers can enter your computer and phone and steal your bitcoins, which can cause huge losses to you.

limited use

Although bitcoins are used by big companies like kfc, subway, amazon, microsoft, AT&T, but still its use is very limited, it is not accepted everywhere, you cannot buy things for your daily needs. .

uncontrollable

As there is no control of Government, RBI, SEBI and any other authority on this, if any fraud happens then they will not be accountable and they will not have any responsibility.

legal Disclaimer

A press release was issued by the Reserve Bank of India on 24 December 2013 regarding virtual currency like bitcoin. It was said that no official permission has been given for the transaction of these currencies and there are many levels of risk in doing this transaction. Along with this, in February 2017 and December 2017, the Reserve Bank again cautioned about it. was issued.

Despite so many losses, bitcoin is becoming a good investment, its price is increasing continuously, but be alert and careful in the transaction of bitcoin.