“Ever fancied a Bitcoin”?

Bitcoin has been rocketing like no other. We have all had our fair
share of run-ins, alongside paying attention to what others have to
say. Everybody has got an opinion, Right? Be it a random bloke you
met in a park feigning expertise or a professional investor known by
his stark choice of stock. However erasing the concept of middlemen
[Pun intended] ,let us try demystifying the world of cryptic
cryptocurrency “ Bitcoin”
Bitcoin is the digital form of currency that operates on blockchain
technology.
Confused? Fret not my friend, we got you!
There is no centralized control over the currency, an analogy can be
drawn to the Reserve bank of India .There is no such establishment
monitoring the currency. It is made available to everyone
irrespective of their nationality .Bitcoin is limited in nature ,owing
to the fact that there are only twenty one million of them present in
the world .The records of transactions ever committed on the blocks
are unalterable ,one wrong address and the money is gone
POOFF! .These transactions are anonymous {shush}
Clearly benefits that can be accrued out of investing in bitcoin are
indefinite.
Go forth my child!
But on the flipside it comes with a lot of caveats. To begin with
bitcoin’s highly volatile, making it vulnerable to wild swings and
most people believe that this will likely continue for the foreseeable
future. It could be on its all time high in one second and hit the
bottom in the next! Meaning, using it as an actual currency to
transact might not be the most prudent thing to do. More
importantly, not everybody is convinced Bitcoin is the future.
However, proponents of Bitcoin argue otherwise. They believe this
time it’s different. Last time regular retail investors propped up the
price of Bitcoin by hoping to make some extra money on the side.
They weren’t in it for the long run and were primarily making a bet
because of FOMO — the fear of missing out. But this time, the rally
seems to be driven (at least at some level) by participation from
institutional investors — supposedly the more sophisticated kind.
PayPal announced that it would allow customers in the US to buy
and sell Bitcoin on its platform and let them purchase items using
cryptocurrencies. So despite all the optimism surrounding Bitcoin,
perhaps it’s prudent to exercise restraint, especially if you are
planning to invest a large part of your savings in crypto assets. On
the flip side, it no longer seems viable to dismiss the idea of Bitcoin
as a scam either. There’s definitely more to this ethereal asset than
what meets the eye. So maybe the only question now is — Is it really
worth the hype?