Bitcoin, invented by a secretive internet user, Satoshi Nakamoto, is a digital currency that can be transferred and used to make payments anonymously without fees.The virtual currency transactions are recorded by a ledger known as the blockchain which is run by so-called ’miners’. The cryptocurrency has been around for eight years and its price was skyrocketing until the end of the year 2017. But then came 2018 along with the frequent warnings from the Government and concerned ministries; which kicked down Bitcoin price to a mere low level.
How To Keep Wallets Safe To Store Bitcoins
If you are the proud owner of cryptocurrencies, then make sure that the wallets you are using for storing them are safe enough to keep all frauds and wallet stealing of cryptocurrencies at bay! The aforementioned statement lay emphasis on the fact that in contemporary times, the cryptocurrency theft has risen at a fast-paced and the hackers are stealing them even from the respective wallets in which they are kept. Coinbase is a platform where you can buy, trade and exchange cryptocurrencies along with storing them safely. Coinbase has two-factor authentication along with more secure storage known as ‘Vault’. Both these factors make Coinbase one of the best and safest places to store your Bitcoins.
Impacts On Bitcoin Price and other Cryptocurrencies
Cryptocurrencies already continued to plunge after the speech of finance minister Arun Jaitley, as he ignored to consider cryptocurrencies as a legal tender money as the virtual currencies (VCs) including Bitcoin don’t have any intrinsic value and are not backed by any kind of assets.The government would take all measures to eliminate their use as part of the payment system. Though the speech really made an effect on it as prices of cryptocurrencies are impacted all around the world.
Bitcoin is omnipresent today! What was just 6 cents in value in 2010 has now reached the dizzying height of $7,400 at present. Not only considering India but US, UK, and South Korea was closely monitoring cryptocurrencies trading platforms.The fluctuations in the market have been seen all over the world. People are also confused and worried about this decision.Unocoin, Zebpay, Coinsecure are dealing with many of the queries whether to sell their currencies or not.
Warning Issued By Ministry Of Finance Against Investing In Bitcoin
Ministry of Finance has issued yet another warning against investing in bitcoin and cryptocurrencies. Earlier, RBI has issued 3 warnings. For the first time, however, the government has called it a ‘Ponzi scheme’. “Consumers need to be alert and extremely cautious as to avoid getting trapped in such Ponzi schemes,” says the statement. The government has finally decided to regulate Bitcoins and other cryptocurrencies.
Cryptocurrencies Which Could Experience Continued Volatility
Bitcoin, Ripple and other cryptocurrencies could experience continued volatility as the technology behind the new asset class enter its “adolescent phase” towards maturity, Ripple CEO Brad Garlinghouse claimed. Ripple and other cryptocurrencies such as Ethereum experienced a meteoric increase towards the tail-end of 2017.
Reason Why Volatility In Cryptocurrency Market Likely To Continue
Ripple CEO Brad Garlinghouse warned volatility in the cryptocurrency market is likely to continue as the new assets class enters a new development stage. He said: “I think despite the volatility I think we will continue to see a lot of bullish behavior. The volatility will certainly continue. “We are in the adolescent stage of developing a new asset class.” In 2018 a number of countries have introduced new rules for using the original cryptocurrency which is believed to have affected its market performance.
Conclusion
The chances of legalization crypto-currencies are increasing. But still, it can’t confidently say that the Bitcoin price and other crypto-currencies can get stabilized anytime soon. However, some countries are not just looking to regulate, some are looking to ban or completely eliminate the use of cryptocurrency or related funding channels existing in their marketplace.
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