Bitcoin is the first most widely exchanged cryptocurrency in the world. When cryptocurrency developers found it necessary to work on the invention of a digital currency that allows money transfers and trading of money without involvement from central and local banks, they invented bitcoin.
A Brief History:
The cryptocurrency rose to the attention of the world by the name of bitcoin in 2009. Earlier in the 1980s, similar ideas were coined by various intellects which did get the deserving recognition. Some filed for bankruptcy while the others just didn’t earn the attention of the population.
Nine months after Bitcoin came into existence, it did not have much value. Few programmers that were interested in bitcoin made a few transactions as test transfers in order to work out any bugs and errors in the mechanism. Market exchange rates were not yet available for any of the currencies including dollars, euros and others. Currency exchange through bitcoin did not happen until the later years.
Today, we’ve entered an era where every other person has heard the name of bitcoin. Thousands of ledgers exchange and perform transactions through this digital currency. However, investing in bitcoin is a decision requiring ample research and knowledge. Without research, investments can turn into regret. If you are considering investing in bitcoin, you have come to the right place.
Bitcoin provides a platform for businesses and other financial networks to transfer money without any hassle of bank-related formalities. Buying and selling in the international market is now possible through cryptocurrency.
The Bitcoin network contains information of both buyer and seller. The absence of third-party involvement eradicates the risks and losses in transfers. Information related to a transaction is secured and only stays between the two involving parties without any control of the government or central banks. Therefore, money transfers through cryptocurrency are safe, confidential, and convenient.
Bitcoin is the most valuable currency today. A single bitcoin is worth a seven-digit figure in rupees. The market value of digital currencies changes with each second and that is why it is important to choose the right time for investment or exchange. Selling at a time of high-value state is beneficial whereas the same in case of making an investment is not compelling.
Better Than Physical Banking:
Banking through cryptocurrency can be considered if you are looking for a decentralized system of money exchange and secure storage. Investment in physical banks can be risky due to the possibility of theft and hacking. Additionally, the requirement of physical presence for the purpose of making a big transfer and then having to provide a reason when transferring a larger sum of money is a bit inconvenient.
Bitcoin investment saves you from this trouble. The money remains secured in your bank through a digitalized encoding method called cryptography. The record of your currency exchange is only shared with you and there is no possibility of losses through theft.
Future of Bitcoin:
While there are a few drawbacks of bitcoin due to its illegal nature in some countries including Pakistan, its popularity is widely growing. The use of bitcoin in the international market grows and the number of currencies in which bitcoin allows exchanges keeps adding to an already lengthy list.
As of today, no one is unfamiliar with the word bitcoin, however, very few people understand the complicated mechanism. Though as we enter the future and more updates and advancements get added to digital currency, we may be able to see a rise in the number of businesses and banks utilizing bitcoin. The process of transactions through bitcoin is unlike the primary and traditional mechanism of payments. The processing involves a distributed clearing mechanism.
Bitcoin In Pakistan:
While in Pakistan, bitcoin is not widely prevalent because it is not recognized by the State Bank and Supreme Court, it is only a matter of time until it becomes legal here as well. Many tech-driven youngsters and blockchain enthusiasts like Waqar Zaka are working towards the popularity of bitcoin in Pakistan.
The introduction of bitcoin will provide the necessary boost to Pakistan’s economy in the future. There are some platforms that allow bitcoin exchange in Pakistan like C4Changer. It is essential to get an expert opinion before choosing to invest somewhere and C4Changer is one of the widely recognized and reliable bitcoin and ethereum exchangers in Pakistan, the top two cryptocurrencies present globally.
Keeping all the above in mind, investing in bitcoin seems quite promising. If you are someone who is making up their mind to take that step through a trusted bitcoin or ethereum exchanger in Pakistan, you can try C4Changer. We are known in the business for our swift exchange services.