Every day the world is getting smarter and smarter. People around the world found new and innovative ways to make their lives smoother and error-free. To not disturb the processes and dealings between the individuals and business houses, automation and digitization became their key ‘mantra.’ Bitcoin comes on the surface in 2009 to give a new face to digital money. It is a digital currency type that can be used worldwide to boost trade between individuals and business houses. It is also known as unofficial currency because of a lack of legal involvement. Some countries accepted this form of Cryptocurrency, some have banned it, and some are still debating how to regulate the process.
Journey of Bitcoin
Those were the days when people usually exchange goods and services with other goods and services. That was called The Barter System. It was a limited form of trade. Time changed, and paper money came into existence. It expands the boundaries of business, post which many forms of tangible money evolved. People started using various types such as banknotes, checks, credit cards, debit cards, etc. for a smooth transaction.
To business houses and individuals, efficiency, speed, and break free process become the vital norm. Every business depends on other companies. No one can work in isolation. The more the dependence, the more the money involved between them. With this purpose, from time to time, many forms of currency transactions were introduced. PayPal, RTGS, EFT are also some examples.
Just like that, Bitcoin was introduced as a form of Cryptocurrency, or one can say that digital asset. It is a new wave that is free from central authorities. That’s why the future of Bitcoin is still in debate.
Bitcoin and The plus point
- Lower fees. In between the transaction, there is no bank and clearing house involved.
- No limit to transactions. How many transactions one wants to take place in a day with how many people there is no limit for that.
- Can keep in a digital wallet. One can observe the Bitcoin in the digital wallet and trade with individuals and businesses who want to accept Bitcoin or sell it at a cryptocurrency exchange.
- around the world. It can be used in international transactions for those who are ready to exchange in Bitcoin.
- Safe to use. Bitcoin is made up of private coins which are written inside them. It became worthless without the codes, which are not easy to convert.
Bitcoin drawbacks
- Taxation. Though it does not involve any bank interference or any central authorities, it is still a currency transaction. That is why it is subject to taxation.
- Online hacking. The process of digitization is still not free from hacking. Anyone can be subject to online hacking.
- Limited. It cannot be used at shopping and any other form of payment. It can take only users who can accept Bitcoin, which is still limited. Not every individual and businesses take this mode of payment.
- The wallet can be lost. One can forget the information regarding the wallet or lost the drives in which the data is stored.
Bitcoin and where to buy
- One can buy the Bitcoin at an online exchange stop using the money.
- People can also obtain from other people who are ready to pay you in Bitcoin.
- A person can also earn from the verification process that is called Bitcoin Mining.
Best ways to cash out the Bitcoin
Bitcoin represents money in digital form that is made to behave as a medium of exchange. It is a non-refundable process. Once taken place, a person cannot revert. The process usually takes ten to ninety minutes involved, depends on the series of confirmation messages involved. The lesser the confirmation, the lesser the transaction fees. The more the proof, the more the fees charged. The Bitcoin value equation depends on the exchange market. It also passes through the process of high and low. When the market is down, it is best to retain the Bitcoin. The value of Bitcoin is relatively high. For example, right now, the amount of Bitcoin is one Bitcoin is equal to 7, 78,400.05 INR.
Cashout is the process of converting a digital asset into cash. The ways of cashout are also important to consider. Because when a person needs money, the information regarding it is necessary. Let’s see the best way how to cash out the Bitcoins. They are:
- Sell at cryptocurrency exchange: cryptocurrency exchange allows an individual to trade the digital currency into another form of digital assets and bank account. Coinbase and Kraken are some exchange houses that support the exchange of Bitcoin. It is the easiest, safest, and trusted place to exchange, but the down point is time taking process. It usually takes place in four to six days. The individuals also need to pay for the exchange service charge.
- As a payment: Every business has its flow that works with other consecutive flow. The dependence of one company on another hinders the process of cash flows. For smooth sailing, business houses deal with various types of modes of payment. Bitcoin is helpful too. Payment can be done through Bitcoin, saved the situation of cash.
- Person-to-person transaction: when the person needs cash, he/she can ask for money in exchange for Bitcoins. It is a type of private transaction between the individuals without the individual of the third party. Escrow services support this type of transaction through cash deposits, PayPal, bank transfer, etc.
- Loan: Loan is also another way to short out the situation. An individual can use Bitcoin as collateral security as it contains a digital value. Bitcoin is the fastest and emerging mode. The requirement of a 3rd party is obsolete at the time of the transaction.
- Bitcoin ATMs. To use this form of cashout, an individual needs to have an existing account of Bitcoin—a commercial place where a person sells the Bitcoins, the Bitcoin debit card. There are not many Bitcoin or cryptocurrency atm where an individual can buy and sell the Bitcoin. A bi-directional atm supports both the purchase and sale of Bitcoin.
- Bitcoin Debit Card: These Bitcoin debit cards are not linked with bank accounts. It also charges high transaction fees. Like other bank cards, an individual can also put it in the wallet and swipe it to support the Bitcoin currency. Not every place endorses these types of currency, but it is still a good option to cash out the Bitcoin.
Summary
It has been only ten years since Bitcoin’s introduction. The journey of Bitcoin needs to pass through a long way. From every country to make it legal to link it with a bank account, Bitcoin is a long way to go. To use the Bitcoin value to buy the actual things is also the main issue. To increase the wide use of Bitcoin, business houses need to understand Bitcoin’s process and risk.
Bitcoin is a new form of Cryptocurrency which can help the business houses in an efficient and speedy workflow. It also supports liquidity. The future of Bitcoin is still unknown, but as people are looking for more options and less involvement of central authorities, Bitcoin can become a good trading option.
