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Investing in Cryptocurrency

Updated: Jan 17, 2021





“The future of money is Digital money”
- Bill Gates


Cryptocurrency


Cryptocurrency is considered as Highest risk/Highest returns. There are several types of cryptocurrency but majorly used is bitcoin.


Bitcoin


Bitcoin is the most popular currency among the cryptocurrency It is a virtual investment . Bitcoin is basically a digital money, Dealing with bitcoin you must remember it has a lot of risk, currency value is not predictable it can fall anytime and can also rise anytime. Bitcoin fluctuates everyday, making it unsafe investment. In my opinion someone who has a huge amount of personal disposable income should only invest in bitcoin. In India government has also increased the taxes on bitcoins it is about 30% on the gains made and till now there is no tax benefits introduced on bitcoins while in other investments there are tax benefits it's cause bitcoin is discouraged by government. Why is bitcoin so unsafe? It is because in other investment there is a third party who is bank who can regulate the money easily, and also avoid scams. For example if someone transact your money without your permission, you can file a complain and your money will get back in your account. But in case of bitcoin once it's sent there is no third party so unless that person sends you the bitcoins backs, there is no other way you can get them.





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