Bitcoin Halving: Everything You Need To Know

Bitcoin has recently taken over the world and has created a space for a transparent, decentralized online payment system. It is basically virtual cash that you can use to buy or sell certain products and services on the internet. Each physical bitcoin has a private code printed in it. These codes help in converting bitcoins into computer files that you can carry on your phone like a digital wallet.

When talking about this cryptocurrency, halving, the importance of halving, and bitcoin halving price prediction are topics that cannot be avoided. This article will discuss bitcoin halving and related topics in detail.

What is a bitcoin halving event?

Ideally, 21 million bitcoins can ever be created. Bitcoin halving is an event that occurs after producing every 210,000 blocks or roughly four years until 21 million bitcoins have been produced by the miners; the bitcoin halving 2020 date was May 11th 2020. In this process, the new reward given to the miners in the form of bitcoins is cut in half. Bitcoin halving is aimed at decreasing the number of bitcoins generated in the network and limiting the supply of new coins.

Bitcoin halving is a process of manipulating the demand and supply forces to synthesize inflation. Such a change in the market forces results in an increase in the pricing of the cryptocurrency. Bitcoin is essentially known to be a deflationary asset, and bitcoin halving helps it to stay that way. Since this process is surrounded by hype and expectations, bitcoin halving price prediction is an unofficial event before the actual halving takes place.

About Unocoin

Unocoin is one of the leading crypto exchanges in India where you can buy or sell different types of cryptocurrencies. It is a platform designed for Indian users and has been in the cryptocurrency game since 2013. Additionally, Unocoin offers you SBP (Systematic Buying Plans) for bitcoins, which is the first-of-its-kind in the cryptocurrency industry.

Why is bitcoin halving important?

New bitcoins are generated through a ‘mining’ process that is very different from traditional mining. It is a process where individuals use specialized hardware for processing transactions and securing networks in exchange for newly generated bitcoins. There is a chance that the number of bitcoins generated in the market may increase due to an increase in competition within the miners.

This would lead to the supply and demand forces going up, which would cause the price to go down, ultimately leading to a bearish market. In order to control this situation, bitcoin halving takes place once every four years. The process regulates the supply and demand forces to control inflation and results in pushing the bitcoin prices higher. This process ensures that bitcoin is a long-term asset that is here to stay.

Graphical representation of bitcoin inflation v/s time, source

The previous bitcoin halving has resulted in a dramatic surge in price after an initial selloff. This has been a pattern for all the past halving events, as well. After each halving event, the price and demand for bitcoin experience a surge, essentially a bull market, that supersedes the previous one.

Past halving event dates

  • The first halving was on November 28th, 2012.
  • The second halving took place after the production of 420000 blocks in the network on July 9th, 2016.
  • The third and most recent halving took place on May 11th, 2020.
  • The next bitcoin halving date is expected to be in the year 2024.

The price-performance of bitcoins in past halving event dates

After the first bitcoin halving in November 2012, the price went from $ 12 to $ 1150 in a span of one year. The second halving event was on July 9th, 2016. On this day, there was a sudden drop in price, but it shot back to its original price in no time.

By December 2017, the price had gone from a mere $ 640 to $ 20 000. The event that’s fresh in our minds- the bitcoin halving 2020 date was May 11th, 2020, when the price was close to $ 8500, which did not change much in the first few months. Today, the price per bitcoin has surged up to $ 56,585.

Bitcoin has emerged as a safer and relatively more predictable investment which is why more and more people have gained interest in the same. In the past, despite a fall in the past, bitcoin has risen to new heights through the halving process. The next bitcoin halving date is predicted to be in 2024.

FAQs

1. Will bitcoin halving increase the price?

Judging from the past data, we can say that after an initial fall in price, bitcoin halving results in a drastic increase in price after a period of 3–8 months.

2. What date is the next bitcoin halving?

The next bitcoin halving date is predicted to be in 2024.

Unocoin is India’s first and the most secure bitcoin trading app. This exchange app was founded in 2013. You can buy and sell bitcoin instantly using the Instant Buy and Sell feature. Not just this, you can also buy ETH and Sell ETH in no time. With more than eighty-seven coins listed on this best cryptocurrency exchange in India, you can also accept bitcoin from your friends from any location. You can also know which cryptocurrency works best for you with the price ticker and notifications. The most popular cryptocurrencies like Bitcoin (BTC), Ether (ETH), USDT (Tether), BNB, Ripple (XRP), Cardano (ADA), Solana (SOL), Binance USD (BUSD), Dogecoin (DOGE), Polkadot (DOT) and other popular altcoins can be traded on the go. The new Android and iOS applications make Unocoin the best cryptocurrency app. With the unique feature of the Systematic Buying Plan, you can buy and sell bitcoin and Ether periodically. What more? You can start your crypto journey using SBP for as little as INR 10. With another exciting feature called Crypto Basket, you can diversify your crypto portfolio based on market capitalisation (Market Cap) or Volume. These two excellent features make Unocoin the best cryptocurrency platform.

Love Crypto Coins. Love Unocoin.

Please find the list of authentic Unocoin accounts for all your queries below:

Disclaimer:

Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).

Don’t buy bitcoin, Buy Satoshi

Yes, you heard that right. You don’t need to buy (a) bitcoin, instead, you can buy Satoshis. At the time of writing this article, the price of bitcoin was at $58,706.27 which is equivalent to INR 43,50,962.37. This is a huge amount for most people. By looking at that price most of the people will back off, thinking that it’s expensive and unaffordable — they are right. After all, why put that much money into so-called digital money and risk losing it. Some people think they are now too late to the party, they should have bought it 10 years ago. Well if you think the same, you are mistaken and I will tell you why.

Bitcoin by design can have only 21 million coins and more than 18 million coins are already in circulation. Today there are more than 7.8 billion people on this planet and every single person cannot own a bitcoin. To mine all the 21 million bitcoins it will go till 2140 and by then the world population is estimated to be more than 10 billion. Also, how many people own bitcoin today is still not known. Surprisingly, there are already 200 million bitcoin wallets. Looking at those numbers and statistics, you might be thinking ‘the train has already left’, you are too late and you should have bought one years ago when the price was only 10,000 INR, 20,000 INR or so.

But here is the catch. Bitcoin is divisible to eight decimal places — it represents a value of 10 to the power of 8, which means you can buy and own as little as 0.00000001 bitcoin. The smallest unit of bitcoin with a value of 0.00000001 BTC is called Satoshi (SATS).

Why should you buy Satoshi?

Here is why you should buy Satoshi. These are the actual words from Satoshi Nakamoto on February 6th, 2010.

“Eventually, at most only 21 million coins for 6.8 billion people in the world if it gets huge. But don’t worry, there are another 6 decimal places that aren’t shown, for a total of 8 decimal places internally. It shows 1.00 but internally it’s 1.00000000. If there’s massive deflation in the future, the software could show more decimal places.

If it gets tiresome working with small numbers, we could change where the display shows the decimal point. The same amount of money, just different conventions for where the “,”’s and “.”’s go. e.g. moving the decimal place 3 places would mean if you had 1.00000 before, now it shows it as 1,000.00.”

A Satoshi (SATS), named after Satoshi Nakamoto, its mysterious creator, represents the smallest unit of Bitcoin. One bitcoin is 100000000 Satoshi, for example 0.001 BTC = 100,000 sat and 0.00000100 BTC = 100 sat. When you buy 0.0001 BTC you could say you bought 10,000 Satoshi. As of today, your 1783 Satoshi are worth around USD 1.000. Who knows, maybe in 20 or 50 years 1 Satoshi will be equal to $1 since bitcoin is unpredictable.

On May 22nd, 2010, a programmer named Laszlo Hanyecz paid 10,000 bitcoin for just two papa john’s pizzas which were worth around $25. If he had saved that 10,000 bitcoin today it would be worth more than $551,250,768.82. So maybe if you save that INR 1000 from your KFC and invest that money in Satoshi, you will thank yourself after 20 years. Well if you are still alive!

The rise of bitcoin is still going strong. Many investment experts predict that bitcoin will reach more than $100,000 in the current market circle, which is achievable considering the 2017 bull run. With about 75–80% growth from the current price, BTC will easily reach $100,000. More interestingly, now even the large corporations see the future of bitcoin and want to have bitcoin in their balance sheet, companies like MicroStrategy, Tesla, Square have already bought bitcoin with their reserve cash.

It’s only a matter of time more and more corporations, banks, and even the government will start accumulating bitcoin that may take the price to even a million per coin. For the last 10 years, bitcoin stands the test of time and has potentially become the best store of value to hedge against economic inflation.

Concluding, the best time to buy bitcoin was 10 years ago, the second-best time to buy is now, and buying Satoshi today is like buying bitcoin in 2010. Remember again, bitcoin is limited, it is one of the scarce digital assets in the world and once supply is exhausted, it is exhausted forever. For sure in the next ten years, most of us won’t be dealing in bitcoin, a bitcoin would be to deal with large national or international projects. So owning a part of it (Satoshi) will be smart for you. Ready to skip that KFC or a bottle of beer for some Satoshi? Well, make the right choice.

https://www.unocoin.com/in

Unocoin is India’s first and the most secure bitcoin trading app. This exchange app was founded in 2013. You can buy and sell bitcoin instantly using the Instant Buy and Sell feature. Not just this, you can also buy ETH and Sell ETH in no time. With more than eighty-seven coins listed on this best cryptocurrency exchange in India, you can also accept bitcoin from your friends from any location. You can also know which cryptocurrency works best for you with the price ticker and notifications. The most popular cryptocurrencies like Bitcoin (BTC), Ether (ETH), USDT (Tether), BNB, Ripple (XRP), Cardano (ADA), Solana (SOL), Binance USD (BUSD), Dogecoin (DOGE), Polkadot (DOT) and other popular altcoins can be traded on the go. The new Android and iOS applications make Unocoin the best cryptocurrency app. With the unique feature of the Systematic Buying Plan, you can buy and sell bitcoin and Ether periodically. What more? You can start your crypto journey using SBP for as little as INR 10. With another exciting feature called Crypto Basket, you can diversify your crypto portfolio based on market capitalisation (Market Cap) or Volume. These two excellent features make Unocoin the best cryptocurrency platform.

Love Crypto Coins. Love Unocoin.

Please find the list of authentic Unocoin accounts for all your queries below:

Disclaimer:

Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).

Is India about to miss the bus in leveraging cryptocurrency?

The advanced currency has opened up avenues for international transactions and democratised the currency.

Despite the uncertainty over the future of cryptocurrency in India, as the nation awaits the unveiling of the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, in Parliament, the appetite for blockchain technology and cryptocurrency, in particular, among Indians appears to be fascinating.

Even if the broad consensus goes in favour of banning private cryptocurrency India, perhaps it won’t prevent users from dealing in it. The reasons for the recognition to cryptos and the massive investor response to this asset class are manifold: failed government policies, disillusionment with the banking system and unfair distribution of IT returns.

So why is crypto gaining popularity in India in recent years? One of the key factors is traditional Indian reverence for gold to save, and with increasing tech-savviness, crypto is emerging as a kind of digital gold. The advanced currency has opened up avenues for international transactions and democratised the currency.

Crypto is Probably the Best Solution for Many Things Going Wrong in the Nation
Even the world’s richest man, Elon Musk, has added #bitcoin to his Twitter bio and tweeted — “In retrospect, it was inevitable.”

There is huge potential that India can gain when bitcoin and blockchain go mainstream, and it is not restricted within the strict regulatory ambit. How can the country gain by championing decentralised cryptocurrencies? It can help safeguard national security, deter financial frauds, strengthen monetary policy, attract international capital, accelerate technological development and drive the nation towards becoming a global power.

Moreover, as blocks run on a peer-to-peer network, it helps keep corruption in check by tracking the flow of funds and transactions. Political arrogance and sales without invoices in our country are one of the biggest vices. This leads to creation of black money and a huge loss of revenue to the exchequer. The automated blockchain-based token system can be a great solution for these challenges the nation has been facing.

Further, India is one of the biggest inward remitters from many foreign nations, and there is expected to be a massive boom in remote work and remittances going forward. A significant amount of such transactions is lost in transfer, and currency conversion fee. Cryptocurrencies, however, save money and substantial time for both the remitter and the receiver, as it is conducted entirely on the Internet, runs on a mechanism that involves very less transaction fees and is almost instantaneous.

Crypto is the Financial Internet: Is it Wise to Distance from this Development?
Blockchains are about transferring value, as it enables a financial Internet that is digitizing commodities, currencies, stocks, real estate, bonds and every imaginable type of financial instrument. If we do not move in pace with the innovation, it would prevent all of that advancements and growth from happening in India. It is like banning the Internet or smartphones when they were launched. Can you imagine your life without the Internet and smartphones today?

Crypto can also reignite the entrepreneurial wave in India’s startup ecosystem and create job opportunities across different levels, from blockchain developers to designers, project managers, business analysts, promoters and marketers. Its greater adoption will also attract institutional investors to the promising world of cryptocurrencies. Furthermore, with crypto by her side, the country can bank the massive unbanked population. This is because cryptocurrency runs on a decentralised grid.

Summing Up!
According to Coindesk, the total value of all cryptocurrencies is over $1.5 trillion and it is growing at a rapid pace from a total market capitalisation of just above $760 billion in late 2017. While crypto has the potential to strengthen the economy, national security, technology, currency & foreign policy, India has the talent to pull this off. A move by the country in favour of cryptos would attract global attention and support from the world’s financiers and technologists can put the country on the forefront of the rapidly evolving industry.

This article appeared first on Economic Times on 19 Feb 2021 through the link https://economictimes.indiatimes.com/markets/stocks/news/is-india-about-to-miss-the-bus-in-leveraging-cryptocurrency/articleshow/81107495.cms

Bitcoin vs Ethereum: 5 differences between the two cryptocurrencies

In the last decade, cryptocurrency has seen many ups and downs. But, since these ups have outnumbered the downs, it has proven to be a great investment opportunity for all the investors who are looking to trade in cryptocurrency. However, figuring out which digital currency to invest in from the hundreds that are present today is one daunting task. In this article, you will learn some of the key points on how to gauge Bitcoin vs Ethereum based on their purpose, price history, transaction fees, block size, and demand & supply.

Bitcoin and Ethereum currently are the two well-known names in the cryptocurrency market. If someone were to seek the advice of an expert about which cryptocurrency to invest in, these two names would surely come up first in the discussion.

Bitcoin vs Ethereum: 5 differences between the two cryptocurrencies

The best way to understand why these cryptocurrencies have become as popular as they have is by thinking of someone who spent less than a hundred rupees on a Bitcoin a decade ago and simply kept it for all these years. You will understand how that person is now a multi-millionaire just because of that meagre investment he/she did ten years ago. To say that the Bitcoin price has gone up is an understatement.

Bitcoin were the very first cryptocurrencies that were simply meant to be units of exchange, with fluctuating values, backed by a network of computers, forming a decentralized power instead of a centralised authority. It is rather similar to regular monetary currency at its core, but still really different!

However, with increased technological advancements taking place with each passing day, the newer cryptocurrencies like Ether came with more complex designs like the Ethereum blockchain. Ethereum blockchain is a software platform — an operating system that runs on the blockchain, with Smart contracts. Ether is used by Ethereum not only as a digital currency like Bitcoin but also to run applications and monetize work inside Ethereum.

About Unocoin

Founded in 2013 as India’s first company to deal with cryptocurrency, and more specifically the Bitcoin, Unocoin is a major Indian Crypto Assets Trading and Blockchain Company to become a global player in the arena of crypto assets. It offers an all-inclusive buying, selling, and storing platform with a dedicated mobile application and an informative and interactive website.

5 key differences between Bitcoin and Ethereum

With a massive surge in Bitcoin and Ethereum price and demand today, both Bitcoin and Ethereum are amongst the two highest-selling cryptocurrencies in the world. Both of them are similar in many ways; they are decentralized and take the assistance of a blockchain for its distribution. However, some points make them dissimilar from each other. Due to various similarities, people tend to get perplexed as to which cryptocurrency to choose out of these two alternatives and look for options to evaluate Bitcoin vs Ethereum investments.

To make this selection easier, it is always advised to evaluate the cryptocurrency option you are willing to consider. These vary on various important factors like price history, transaction fee, block size, demand,-supply, and overall purpose of your investment.

Difference between Bitcoin and Ethereum based on the purpose

When we talk about their purpose, the battle of Bitcoin vs Ethereum is not a very complicated one. Even though the two are similar in some respects; the overall purposes of the two have some clear distinctions as well. Bitcoin and Ether by Ethereum are essentially cryptocurrencies and serve the basic purpose of a cryptocurrency, which is to be a medium of exchange in a digital or virtual medium that is secured using cryptography.

Although either Bitcoin or Ethereum can be used as an alternative to present currency, Bitcoin is, in essence, an alternate currency. Bitcoin is essentially a digital currency, and it was designed with the intent of its actual value to be fluctuating. This fluctuation has been mostly positive since its launch in 2009, and many people have been the beneficiaries of high returns on what they initially paid for. This means Bitcoin can also serve the purpose of being an investment you can expect good returns from.

Whereas, Ethereum has a more complex design. Even though all the cryptocurrencies since Bitcoin, have been launched in a somewhat similar manner, some of them are designed to make them equipped for other functions as well. The Ether, which is operated by the Ethereum blockchain, can serve more purposes than being only a form of currency. This is because the Ethereum blockchain is a lot different and more complex than the Bitcoin blockchain.

Ethereum enables peer-to-peer transactions and is also a ledger technology. It can be used as a programming language and operating system all by itself. Meaning, it can be used to build new programs. This makes it more advanced from a technological point of view. This rapid pace of technological development and its importance in the current times makes Ether a good investment option.

Difference between Bitcoin and Ethereum based on price history

Ever since Bitcoin first came out in the year 2009, its trading and value have been unpredictable. However, because of the success already seen by Bitcoin and the other popular predecessors of Ether, when Ethereum was first launched in 2015, it achieved a stable price for the first year. It has fluctuated a lot since then but not drastically.

Opening Price:

The initial or opening Bitcoin price was 0.0008 US Dollars reaching 0.08 US Dollars by the end of the same month. Needless to say, the people who bought it then did not know that they made a very wise investment.

When Ethereum’s cryptocurrency Ether or ETH was first launched to the cryptocurrency market in the year 2015, the Ethereum price was 2.77 USD, which instantly dropped to 0.68 USD in the next three days.

The Initial Years:

After its launch, for the first few years, the performance of Bitcoin or the Bitcoin price was relatively flat. Like in 2011, when it went from 1 US Dollar in February to 30 Dollars in June to back to 2 Dollars by the end of the year. Such inconstant trends continued till the year 2013.

On the other hand, Ethereum price did not see a downfall since its inception. Moreover, in 2017, the prices of Ethereum gained an astonishing hike of 10,000 per cent, making it stand equivalent to Bitcoin and the second-biggest name in the digital currency world after Bitcoin.

Current Price:

Presently the value of Bitcoin is more than the value of Ethereum.

Difference between Bitcoin and Ethereum based on transaction fees

Just like the actual value of the digital currency fluctuates from time to time, depending on various market factors, the transaction fees of Bitcoin vs Ethereum also keeps on fluctuating. All the transactions of a cryptocurrency get lined up in a memory pool which are commonly known as mempool. The cryptocurrency miners can set these transactions aside in the blocks that are already mined.

A cryptocurrency transaction gets fulfilled right at the point it reaches the block. Since mining of cryptocurrency is an extremely important task, the miners must charge the appropriate transaction fees from the investors.

Bitcoin Transaction Fees:

In the case of Bitcoin, the miner’s levy charges or transaction fees on every transaction that takes place in the cryptocurrency’s trading. If any trader wishes that their transactions should take less turnaround time, then they can make a payment of large transaction fees to process the transaction quickly.

This process of paying larger transaction fees is known as the incentivization of miners. Hence, it becomes very evident that the speed of trans
action execution is directly proportional to the amount of the transaction fees. The more transaction fees a person pays, the quicker the transactions get validated and added in a block.

Ethereum Transaction Fees:

Ethereum trading uses an A-gas system in place of transaction fees. In simpler words, it can be inferred that the transaction fee is known as A-Gas System. A-Gas in Ethereum trading can be termed as a system that estimates the volume of computational effort needed to perform specific operations. All the self-executing contracts that operate in the Ethereum Virtual Machine (EVM) are encrypted with solidity.

Solidity is a high-level programming language for the implementation of a self-executing contract in Ethereum trading. Additionally, Ethereum is intending to shift completely to Viper (a Pythonic programming language that focuses on Ethereum Virtual Machine) for getting more solidity in the coming future. Each block of code in solidity necessitates a specific quantity of gas or (transaction fees in simpler terms) to compute the trading of Ethereum in the cryptocurrency market.

Difference between Bitcoin and Ethereum based on block size

One of the most controversial and the most tricky aspects of a cryptocurrency is the block size. It can also be inferred that this is the term that has separated the entire Bitcoin community and made Bitcoin and Bitcoin Cash different from each other.

Block Size of Bitcoin:

For protecting Bitcoin from a spam transaction, its founder initially set a limit on the block size of a Bitcoin to 1 MB. However, over time, these Bitcoin gained a lot of popularity, which demanded a lot more scalability than before. One section of the investors was in favour of increasing the block size of Bitcoin to 2 MB, while some people did not want the size of blocks of Bitcoin to increase, as they were in favour of implementing the Segregated Witness Mechanism (an implemented soft fork).

The reason why many people were not in favour of increasing the block size was simple. If the block size was increased, the transaction fees would get lowered, as more transactions would take place at a lower price. If the prices of the transaction got lowered, many Bitcoin miners would suffer a huge loss, and they might get de-incentivized, resulting in the reduction of the overall hash rate of Bitcoin.

Many traders in the Bitcoin investment community feel the use of Bitcoin should not be done regularly as they have more value than a normal daily currency. Using Bitcoin daily will mandate the increase of its block size, creating a need for hard fork in the interface.

Many members of the community feel that the process of Segregated Witness will increase the block size without the requirement of a hard fork, keeping the price of a Bitcoin intact. The most significant concern that individuals hold when it comes to the block size variation of a Bitcoin is that so many things are going to be transformed at that very time, which will create substantial disruption.

But, the investors who were in favour of the increase of block size feel that this is an unfounded concern that would disappear or dispense with time. However, this debate amongst the investors on the block size of Bitcoin resulted in the split of this cryptocurrency into two parts: Bitcoin and Bitcoin Cash. While Bitcoin activated and adopted the Segregated Witness, the Bitcoin cash increased the block size to 8 MB.

Block Size of Ethereum:

Unlike Bitcoin, the size of blocks of the Ethereums is computed or estimated by the quantity of each of the blocks that can accumulate in themselves as Ethereum carries A-gas system in place of transaction fees. In the trading of Ethereum, one block can contain up to 6.7 million of in it. Hence it is clear that only a limited transaction can take place per block of Ethereum, which is, up to 6.7 million. It must also be noted that one transaction can consume 21,000 units of gas per block.

Difference between Bitcoin and Ethereum based on demand and supply

The basic point of distinction between Bitcoin and Ethreum is the fact that Bitcoin is simply a digital currency, while Ethereum is a technology of the ledger that is employed by organizations to create novel programs and interfaces. Both Ethereum and Bitcoin function on blockchain technology. However, it has been observed that Ethereum is far more technologically advanced than Bitcoin.

When speaking in terms of demand and supply, the significant point of distinction is that the Bitcoin supply is limited to 21,000,000 coins, creating an equilibrium between the demand and supply. This is healthy for the store value of a Bitcoin. However, this limitation does not exist in the case of Ethereum.

Ethereum is continuously getting produced, and this is the reason for lesser demand that will further slow down the supply of Ethereum shortly. This constant supply of Ethereum is the sole reason why only 60 per cent of Ethereum got mined since its inception, while on the other hand, more than 80 per cent of Bitcoin have already got mined; all due to its demand and supply management.

Yet another aspect is adding to the demand for Bitcoin in the halving event that takes place every four years. This process halves the reward value of miners, which slows down the supply chain. Halving also halves the inflation rate of the cryptocurrency while increasing demand for Bitcoin and Bitcoin price in the market.

Final overview

To cut this long story of Bitcoin vs Ethereum short, it can be summarised that both Ethereum and Bitcoin are the most important and indispensable part of the digital currency market that brings tremendous value to the cryptocurrency interface. Both hold different functionality, and it is not suitable to compare these two.

While the main objective of Bitcoin is to serve as an alternative to the standard money, Ethereum is created to become a place that will promote applications and online file-swapping (peer-to-peer) contracts through the employment of its currency system.

Hence, it can be easily concluded that both Ethereum and Bitcoin are distinct versions of a digital currency that embraces the blockchain technology (with Ethereum holding a more superior technology), driven by distinct purposes, and both are competing in the market.

FAQs

1. Will Ethereum beat Bitcoin?

Keeping in mind the present situations, it is anticipated that there is ample room for both Bitcoin and Ethereum to grow. Therefore, Ethereum taking over Bitcoin is a mystery as of now.

2. Which cryptocurrency is best to invest in at present?

Global economies are still recovering from the Covid-19, and keeping in mind the present situation; The whole crypto space is in a nascent stage. Bitcoin could be currently seen as the best one due to its longevity and stability over other cryptocurrencies. However, will any crypto with real utility value will flip bitcoin to be the better one is a question that time will answer.

Unocoin is India’s first and the most secure bitcoin trading app. This exchange app was founded in 2013. You can buy and sell bitcoin instantly using the Instant Buy and Sell feature. Not just this, you can also buy ETH and Sell ETH in no time. With more than eighty-seven coins listed on this best cryptocurrency exchange in India, you can also accept bitcoin from your friends from any location. You can also know which cryptocurrency works best for you with the price ticker
and notifications. The most popular cryptocurrencies like Bitcoin (BTC), Ether (ETH), USDT (Tether), BNB, Ripple (XRP), Cardano (ADA), Solana (SOL), Binance USD (BUSD), Dogecoin (DOGE), Polkadot (DOT) and other popular altcoins can be traded on the go. The new Android and iOS applications make Unocoin the best cryptocurrency app. With the unique feature of the Systematic Buying Plan, you can buy and sell bitcoin and Ether periodically. What more? You can start your crypto journey using SBP for as little as INR 10. With another exciting feature called Crypto Basket, you can diversify your crypto portfolio based on market capitalisation (Market Cap) or Volume. These two excellent features make Unocoin the best cryptocurrency platform.

Love Crypto Coins. Love Unocoin.

Please find the list of authentic Unocoin accounts for all your queries below:

Disclaimer:

Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).

Cryptocurrency: Is It A Safe And Reliable Form Of Investment?

Dealing with cryptocurrency doesn’t always have to be risky if the trader thoroughly understands the market

Over the last few years, technology has brought about a paradigm shift in the way we work, communicate, shop, and pay for our purchases. With the Government of India’s Digital India’ initiative, digital transactions or payments have become more prominent than ever. For a long time now, people have been well-acquainted with popular and trustworthy payment methods like bank transfers, credit & debit cards, or even Apple Pay. The latest arrival on the scene is ‘Cryptocurrency’, a promising and one-of-a-kind addition to the entire digital transaction experience.

What is Cryptocurrency?

Cryptocurrency is an online or virtual currency that is fully secured by cryptography and allows users to purchase goods and services. It does not depend on banks for verifying any transaction, but instead maintains a public ledger of transactions as immutable blocks on the blockchain. The word ‘cryptocurrency’ has been derived from varied encryption techniques that are extensively used to secure all transactions. The aim of this method of encryption, namely cryptography, is to offer safety and security.

The technology that powers it is called blockchain — a decentralized network that manages and records transactions by connecting multiple computers. Bitcoin is considered to be a trendsetter and the most traded cryptocurrency that has turned out to be the key driver of investor interest.

Why Cryptocurrency?

While Bitcoin and Ether have earned humongous popularity, other notable cryptocurrencies on the rise are Litecoin, Polkadot, Cardano, and many more. Today, many businesses have started opting for cryptocurrencies as a potential payment method. The recent upsurge in the value of bitcoin has demonstrated cryptocurrency to be a promising and viable investment option. This is because cryptocurrencies offer global access, individual ownership, quality speed, enhanced adaptability, security & autonomy, affordable cost of a transaction, protection from inflation & fraud.

Is Cryptocurrency a safe & reliable investment?

While it is important to remember that no investments are genuinely safe, cryptocurrencies in that regard as well have shown a certain amount of risks. But they have also proven to be a lucrative investment for many people today. Investments in cryptocurrencies are not as complex as stock investments, where numerous stocks are available to confuse us every day. The bottom line is that cryptocurrencies can be safe, but if not taken appropriate safety measures, they can be hacked as well. There are possible risks and uncertainties with investments and we can’t deem any virtual currency investment to be unsafe for that.

Buying and selling cryptocurrency does not always have to be risky if the trader thoroughly understands the market and treats his coins with care. At present, there are numerous cryptocurrency options available to us but not all options are safe. Taking a certain amount of precaution is mandatory before investing your hard-earned money into cryptocurrency. It is exceedingly essential to conduct strong background research on the creator of the coin, whether they are at all affiliated with well-known brands, whether their screening processes are rigorous or traded on safe exchanges.

There can be serious repercussions if one does not apply the best practices for coin management to prevent hackers. With the growing popularity and wide adoption of cryptocurrencies, they have come under the radar of cyber-criminals. Many notable instances have occurred over the past few years where cryptocurrency owners have lost their coins or have not able to recover them — a downside to digital or virtual currency not being backed by a central bank or Government. Therefore, a very simple solution to prevent losses due to unauthorized access is to store cryptocurrency in an offline device such as a ‘cold storage’ device.

Cold storage is a proven way to hold cryptocurrency tokens offline, thereby protecting them from theft. The most basic method of cold storage is a paper wallet or an external hard drive for storing the address and the key required to access the particular currency. What is equally important is to access the cryptocurrency and other relevant information only during the time of the trading operation and for them to be disconnected after use. This can make it convenient to use and store cryptocurrencies with minimal risks, ensuring safety and reliability.

Summing Up

Cryptocurrency is indeed a revolution to the digital transaction sector and poised to join the ranks of conventional payment methods. It is accurate to state that the future belongs to cryptocurrency and it is undoubtedly here to stay. But like every new technology, it needs to be underpinned by regulatory clarity and robust systems in place for ensuring safety and security. It can be a reliable form of investment only if we are aware of the best methods to prevent our cryptocurrencies from frauds and risks.

This article first appeared on OutlookIndia on 17 Feb 2021 through the link https://www.outlookindia.com/outlookmoney/opinions-and-blogs/cryptocurrency-is-it-a-safe-and-reliable-form-of-investment-6198