Have you ever heard about bitcoin? ? If yes, then you need to know a few things about bitcoin. It is powered by blockchain technology, one of the most highly encrypted technologies built on the strongest foundation. Among all the crypto coins available in the market], bitcoin is popular and traded by many. Bitcoin allows you to exchange money and transact in many ways.
Getting started with bitcoin is not a big deal only thing is, you should learn bitcoin in detail to do any serious transaction. Bitcoin is treated as a normal crypto wallet and should be more alert during the transactions.
Bitcoin was first introduced by Satoshi Natamoto in the year 2009. The main objective of his inventions is to make transactions simple, fast and secure.
Securing your Bitcoin Wallet
As in a normal sense, a wallet should be more secure. A digital coin can transfer value from anywhere in the whole world and also it has the capacity to grab total control over your money. That’s a great feature that comes with a great security system. Bitcoin can provide great security features if it is used perfectly.
Every single person on earth wants to be secure and provide proper security to their money.
There are three types of wallets: Hardware wallets, Software Wallets and Mobile wallet. Just choose your convenient wallet to protect your money. There are few factors to be followed to save your money and secure your wallet.
- Be careful when the transaction is processing.
- Backup your wallet.
- Users have many secure locations.
- Make sure your wallet is encrypted
- Password should be very strong.
- Multi-signature should be given in order to save your wallet from theft.
Bitcoin Price is the most volatile concept. Its price is unpredictable by anyone in bitcoin’s history. It is capable of shaking the whole world with its impeccable growth in one night and also can fall for the worst as it is very young to the world. Anyways securing bitcoins is not at all safe at this point.
Bitcoin is termed as an asset at a very high risk, and you need to make sure that you should not store money which you cannot afford to lose with your bitcoins. Your amount which you receive through bitcoins can be converted very fastly to your local currency.
Bitcoin Payments are irreversible and never act as a medium. Once the payment is done the server has no control in getting back your money. You need to directly deal with the person you sent the money. But, bitcoin can guarantee you that there will not be any kind of invalid transactions to any invalid address by mistake. Bitcoin network can explore its servers in future to make all accurate transactions without delay and to provide more choices to protect their money.
Bitcoin Halving is one of the most predetermined concept in the bitcoin network. In simple words halving is making anything into half ie., 50% from its original. Bitcoin Halving is done once in four years ie., for every 120,000 blocks.
There are 32 bitcoin halving in total according to the bitcoin formula. Just 2 bitcoin halvings are completed till now. This halving is estimated to be done till the maximum number of bitcoins reach 21 millions.
In the year 2012 and 2016, the first and second halvings were done with 50% reduction on 50 and 25 blocks respectively. The Price of the bitcoin will be obviously high after the halving is done. The Third halving is yet to occur in 2020 with 12.5 blocks.
Our team from Winbtc.net have come up with the most booming topic and developed innovative infographic on Bitcoin Halving.
Taxes and Regulations
As everyone is aware about bitcoin, it is not an official currency. It is a virtual coin mainly known as a crypto coin across the world. Every investor is ready to enter the crypto environment but their country’s local jurisdiction is the main hindrance for their entrance. Some countries which terms crypto legal collect payrolls, income tax, sales tax and also on bitcoin according to their value.
Every individual should ensure that they should complete all the tax formalities issued by the government of your country.