What is the Future of Cryptocurrency? Bitcoin Future Predictions!

If you had invested $1.37 (Rs 100) in bitcoin 12 years ago, you would have been the owner of $100.29 million (Rs 750 crore) today. The investment in bitcoin in 2009 has been around seven and a half million times.

When this currency came into circulation in 2009, the value of one bitcoin was about 36 paise. Today, the price of one bitcoin has crossed Rs 38015, which is around Rs 2.77 crore. Most recently, this world's most expensive currency reached a record high of $42000.

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The price climbed 550 percent in the year 2020

Last year by 2020, bitcoin prices have jumped about 550 percent. At the beginning of last year, the price of one bitcoin was less than 7300 US Dollars.

Only in December of 2020, there was a jump of about 50% in the price of bitcoin. According to a report, the software related to bitcoin has been upgraded. It is believed that this will increase the speed of transactions in bitcoin currency.

Apart from this, increased investment between different countries around the world has increased safe investment in bitcoin. And another reason for bitcoin to grow so much in 2020 was the coronavirus pandemic.

Apart from gold, global investors are also increasing bitcoin investment. US investment bank Goldman Sachs recently said in its note that there is huge potential for growth in cryptocurrency, now it will be difficult to ignore.

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What is bitcoin?

Bitcoins are virtual currency. It can be used like other currencies like the dollar, rupee, or pound. Apart from online payment, it can also be exchanged in dollars and other currencies. This currency came in the form of bitcoin in 2009.

Today it is being used for global payment. There are also exchanges for buying and selling bitcoins. Big businessmen and many big companies around the world in financial transactions.

Cryptography is used to create a cryptocurrency. This is a Peer Peer Electronic System, which we can use to purchase Goods and Services in place of regular currencies through the Internet.

In this system, the government can work without even telling the banks, so some people believe that cryptocurrency can also be used in the wrong way.

Because Cryptocurrency can also be called digital money, because it is available only online, and we cannot use it physically.

In other currencies such as Rupees in India, Dollar in the USA, Euro in Europe, etc., governments are implemented in the whole country and used in the same way, these currencies are also used in the whole world.

But it is to be understood here, that Government does not have any hands-on these Cryptocurrencies because they are Decentralized Currencies. So no agency or Government, or any other board has authority over cryptocurrency, due to which this did not regulate its value.

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World's most expensive currency

Bitcoin has become the world's most expensive currency. Currently, the online or market price of a bitcoin is more than about 38000 dollars.

Transactions can be done without this bank through computer networks. At the same time, this currency is also kept in a digital wallet.

Large scale use in illegal businesses

Bitcoin is used extensively in black money, hawala, buying, and selling of drugs, tax evasion, and terrorist activities.

The increasing use of bitcoin has woken up security agencies in countries around the world. The Reserve Bank of India or any other regulator has not given legal recognition to this virtual currency.

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What is the future of cryptocurrency?

US investment bank Goldman Sachs said in a note sent to its customers last week that cryptocurrency can not be ignored. There is a strong possibility of growth in it.

According to Amit Bhardwaj, director of MCAP Crypto Currency, the future of cryptocurrency is much better.

If you've got missed investing in bitcoin, then there are more options to take a position in cryptocurrency within the market. Like, mcap.

Let us tell you that the current price of mCap is very low, besides the current price of Utherium cryptocurrency is $1670. According to experts, the price of cryptocurrency is likely to increase year after year.

If we first do Cryptocurrency, then it will be Bitcoin which was first brought to the world for these purposes. If we see today, more than 1000 Cryptocurrency are all around the world but only a few of them are more important, about which we will learn later.

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What is Bitcoin Mining?

On hearing the words Bitcoin mining, perhaps something must have come to your mind like Gold Mine or Gold Mine from where people used to dig gold.

Along these lines, let me reveal to you unmistakably that in no way like this occurs here, yet here Mining implies something different, here it implies a cycle where Transaction is handled by utilizing Computing Power, the network Is kept initialized and everyone who is connected to it is synchronized in the same system.

It is sort of a Bitcoin Data Center but it's a Decentralized system that is controlled by Miners located around the world. Here no single person can control it. It is called a Decentralized system because it cannot be controlled by any individual.

Here, rather than gold mining, Transaction also gets the reward for processing. Here, whoever does the work and therefore the amount he gets, gets a gift accordingly.

Bitcoin mining isn't only wont to create new bitcoin but also contributes to other tasks like sending bitcoin from one wallet to a different, so it is sure that bitcoin mining will continue even after the last bitcoin has been mined.

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Types of cryptocurrencies

If seen, there are lots of Cryptocurrencies, but there are only a few of them, which are performing well. And which you can use other than Bitcoin.

1. Bitcoin (BTC)

If we mention cryptocurrency and there's no talk about bitcoin, then it's impossible. Because Bitcoin is the first Cryptocurrency in the world, Which was created by Satoshi Nakamoto in 2009. It is a digital currency that is used only to buy goods and services online.

It is a decentralized currency which means that no government or any institution has any hand on it. If we talk about today, then its value has increased considerably, which is now close to 13 Lacks, the value of a coin. From this, you can find out about its present importance.

2. Ethereum (ETH)

Ethereum is an open-source, decentralized, and blockchain-based computing platform just like Bitcoin. Vitalik Buterin is the founder of this Cryptocurrency. Its Cryptocurrency token is also called 'Ether'.

This platform helps its users to create a digital token, with the help of which it can be used based on currency. Ethereum (ETH) and Etheriem Classic (ETC) are divided into two parts. Thanks to the recent addition of a tough fork. it's the second most famous cryptocurrency after bitcoin.

3. Litecoin (LTC)

Litecoin is also a decentralized peer-to-peer cryptocurrency that is open-source software released under the MIT / X11 license by Charles Lee in October 2011, who has previously been a Google Employee.

Bitcoin has a huge hand behind its creation and many of its features are similar to those of Bitcoin. Litecoin's block generation time is 4 times less than Bitcoin. Therefore, Transaction is completed very quickly. It uses the Scrypt algorithm to perform mining.

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4. Dogecoin (Doge)

The story of Dogecoin's creation is quite interesting. It was compared to a dog for mocking Bitcoin which later took the shape of a Cryptocurrency. The name of its founder is Billy Markus.

Like Litecoin, it also uses Scrypt Algorithm. Today the market value of Dogecoin is more than $584 million and it is accepted in more than 200 merchants all over the world. In this, mining is much faster too than other Cryptocurrency.

5. Faircoin (FAIR)

Faircoin is part of a much larger grand socially-conscious vision. Which is a Spain-based co-operative organization and also known as Catalan Integral Cooperative, or CIC. This uses the blockchain technology of Bitcoin, but with a more socially constructive design.

Like other cryptocurrencies, Faircoin doesn't depend upon mining or minting new coins in the least. But instead, they use certified validation nodes, or CDNs, for the block generation. In Faircoin, 'proof-of-cooperation' is used in exchange for proof-of-stake or proof-of-work.

6. Dash (DASH)

Its earlier names were XCoin and Darkcoin. Dash, which means 'Digital' and 'Cash'. This Cryptocurrency is an open-source, peer-to-peer cryptocurrency similar to Bitcoin. But it has more features than Bitcoin such as 'InstantSend' and 'PrivateSend'.

In InstantSend, users can easily complete their transactions, while in Privatesend, the transaction is completely safe, where the user's privacy is given great importance.

Dash uses an uncommon algorithm called 'X11', which is the specialty that it also becomes compatible with very less powerful hardware so that more and more people can mine their currency. X11 is a very energy efficient algorithm, which consumes up to 30% less power than Scrypt.

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Benefits of CryptoCurrency

The chances of fraud in cryptocurrency are slim. If we mention cryptocurrency, then they're safer than a normal digital payment.

In this transaction fees are also very low if we talk about other payment options. The accounts during this are very secure because different types of Cryptography Algorithm are utilized in it.

Disadvantages of Cryptocurrency

In Cryptocurrency, once the transaction is completed it is impossible to reverse it as there is no such option.

If your Wallet ID is lost then, it is lost forever because it is impossible to get it again. In such a situation, whatever money you've got in your wallet is lost forever.

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