Bitcoins are the world’s first cryptocurrency and they have huge popularity in some parts of the world. Just like our regular currency, Bitcoin is also valued currency but only virtual.
A single Bitcoin is worth around $7000 in 2019 and will soon reach the $8000 by 2020. So, with such great future prospects, here are 4 important things which you should know about it.
- The price of Bitcoin is volatile
the actual price of Bitcoins is volatile. It entirely depends on the demand and supply formula. Therefore the price of Bitcoins can rocket sky high within a few minutes or come crashing down in a few seconds.
- Bitcoin is transparent
the Bitcoin payment option is certainly the most transparent to have ever existed. The transactions you make are absolutely public, traceable, immutable, and publicly available. Hence, every Bitcoin seller or buyer will be able to access that information. But you don’t need to give away your name or address. Just use your Bitcoin exchange details.
- Bitcoins are taxable
just like any other currency in the world, Bitcoins to are taxable by the government. Any profits that you are going to make will be properly taxed by the government. In countries where it is accepted as legal money, people pay tax for possession of Bitcoins.
- Bitcoin is widely accepted
in many parts of the world, Bitcoins are considered as an important method of payment. Brands like Amazon, Expedia, Cheap Air, Microsoft, Dell, GAP, Victoria Secrets, etc. accept Bitcoins as an official method of payment. Similarly, more than 100,000 other retailers in different industries accept Bitcoins as one of the modes of payment.
Die analyze for the success of Bitcoins is still uncertain but you can be sure of one thing that the value of cryptocurrency is going to improve in the coming future. Bitcoins will hold a more important position in the future of our digital world.