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Bitcoin is a Cryptocurrency, a form of money , a Digital Currency. It was introduced in 2009 as open-source software developed by some unknown known under named “Satoshi Nakamoto“. Satoshi The smallest unit of BTC was named after him. Since then, numerous cryptocurrencies have been created. These are frequently called altcoins, as bitcoin alternative. And all of them always remain Alternative. At current time a coin of Bitcoin is $7,160.21 where as for Ethereum it is $301.00 and for Litecoin it is $55.27. Here is a article on Why I am not Impressed by the Increasing Value of Bitcoin. This is based on what I use the bitcoin for. If you fine anything that I am writing is useless you can leave this page at any time 🙂 Have good day!
What is bitcoin for me?
Bitcoin is not a digital currency for me, it is just a regular currency. Which use the great cryptography and block-chain technology. Bitcoin is what I get paid for doing some freelancing work or by exchange with other peoples. I had never buy bitcoin to get return or to make profit from it. Neither I Mine Bitcoin. I had used it to fulfill the gap (Personal Use) between the international market and then Internal Market (Inside my Country, Where there is no way to send fund to the Outside world or [I may not yet aware of it.]) As I mention earlier I had never buy the bitcoin for making profit or getting return, it is certain that I am not Impressed by the Increasing Value of Bitcoin. Not only not impressed but I wish the bitcoin had not rise this much. The Higher the bitcoin value I am sure there will be lower no of peoples to use it.
What I use Used to use bitcoin for?
As I already mention there is no way to transfer fund from Nepal to outside world. If I need to buy domain, or hosting or some themes for blog, some ebooks and more other things, there is no way to pay, except to use cards of friends who lives in outside world. So friends are willing to pay it would be easier. What if they are not or what if there is no friend of mine out there to pay for me? Its the where Bitcoin comes to help. As I mention the list of things I need bitcoin may have been clear that I use bitcoin only for the small transactions.
How I used to buy bitcoin and when?
Its been long since there is no transaction through my bitcoin wallet. Now let assume that I want one of my web project to be on the web. so I need a domain for that. Then I will search for “domain registration with bitcoin” Check some article/ reviews and finally make my mind to buy domain form one of the site. There is[Was ,when i was there :)] a Facebook group for Money Exchange, then I will post “Bitcoin Needed $__ eSewa Available” or message to those members whose post was as “Bitcoin available” I will send NRP they send me bitcoin. Then send it to domain registrar, Oh I get my domain from my NRP. So there was no problem what the value of bitcoin is as. I always buy bitcoin as I need. The only different is some time the same value is 0.003720 and the other time 0.001150. This make certain that I am not Impressed by the Increasing Value of Bitcoin.
Transaction fees is why I am not Impressed by the Increasing Value of Bitcoin
Why I am not Impressed by the Increasing Value of Bitcoin. Value of bitcoin is increasing day by day. The value hits $7500 and is still growing.
Here is the image Which is from where $9 is sent; Some months ago and Just checking the Transaction fees today.
Today when I try to send $9, the transaction fee is $5. Ya I know it is still a little bit value in bitcoin itself. But its huge for me a transaction fee of $5. I know it is same for Higher payment it would be neglectable. But Is bitcoin only for Higher Purchase? So Be sure and never ask “Will Bitcoin replace the fiat currency?”. Is it because bitcoin is not stable yet? If so to be stable bitcoin price should be decreased,
Now let check the $ BTC and NRP (रु)
1 Usd = 103.66 NPR (Current rate) lets take 100
So as in above Image, To buy sth of NRP 900, I need to spend NRP 1423. I need extra Nrp 523. Bitcoin was better when it value was lower for me. I think there are thousands of peoples who are using bitcoin as payment process not as a investment or to get return. Should They [we :)] continue using the bitcoin.
Can anyone answer me, What is there to be Impressed by the increasing higher value of bitcoin? What is making the bitcoin value so higher? Is not its value based on the demand and supply. Many peoples are holding bitcoin so that it grows higher, is not it that the price is increasing because peoples are holding it? If so when some one want no more to hold it what will happens?
What is the future of bitcoin? After the fork Bitcoin and Bitcoin2x. Whatever, here is why I am not Impressed by the Increasing Value of Bitcoin. Thank you! Have a good Day!