Money double in just 35 days.
That too in a legal way.
No illegal work, no gambling speculation.
Neither needs any skill nor any hard work.
So is there any magic going to happen?
Yes, it is just like magic.
I am talking about Bitcoin.
It’s not a joke I mean it.
k here from where you can also check yourself.
On 10 December 2020, a Bitcoin rate was 18,035 dollars (Rs 13,16,544)
And on 14 January 2021, that is
I am giving you the link here from where you can also check it yourself.
On 10 December 2020, rate of one Bitcoin was $18,035 (Rs 13,16,544)
And on 14 January 2021, that is, 35 days later, its rate is $36,790 (Rs 26,85,648)
You would think that it is a matter of millions, then it is a game of the rich people. No bitcoin can also be taken in a fraction.
You can even start with an investment of only Rs 100. So whether you are in the low salary range or a student getting pocket money, you can play this game.
Do you want me to tell you from where you can take this bitcoin?
So I would like to say sorry to you. I will not tell you anything like that, because I have not come to market anyone.
I will tell you some facts so that you will be able to know about
What is Bitcoin after all?
Who operates it?
How does it get so much return?
What is its legal status in India?
Is there any risk involved? If so, how much?
After knowing all this, you will be able to take your own decision whether you should invest in Bitcoin or not?
And if want to invest, when and how much.
Bitcoin is a digital currency, which does not have any physical form. You can buy it online, transfer it and if you want, you can also sell it back.
It is a decentralized currency, that is, it has neither control nor any guarantee of any government or any organization.
It is being told that on 31 Oct 2008, a person named ‘Satoshi Nakamoto’ published the cryptocurrency theory and shared a link to it by preparing an algorithm of bitcoin. In Algorithm, some tough mathematical calculations are to be solved to generate Bitcoin. This process is called Bitcoin Mining.
Now no one knows who was this ‘Satoshi Nakamoto’ and where he is now a days. It is like a mystery that someone’s invention becomes so popular and no one knows about him. Anyways.
The first bitcoin was generated in January 2009 but at that time its value was zero, yet just for fun some people continued to generate it and increase their balance. Like we collect points in a game.
As its popularity increased, it started being used to buy goods. The first transaction that was done with Bitcoin was a payment of 10000 bitcoin for 2 Pizza. If we find the valuation in today’s date, then it is twenty-three and a half billion rupees.
Yes, today the rate of 1 bitcoin is 23,50,000 and it fluctuates every 2 minutes. Now you will ask how this rate is increasing so much.
So it is being told that the principle of ‘Demand & Supply’ is working in it. The total bitcoin that can be generated from the system are 21 million. Of these, the one that has been generated so far is 18 million. But if we use some logic, then it will be understood that to increase its acceptability, a hype is being created in it.
Who can be the one who wants to create this hype?
Probably you know that the internet we know, it is only 10%, and the remaining 90% belongs to Dark Net, where all the illegal work and illegal transactions take place. We will not even be able to access this Dark Net. All the Intelligence agencies of the world have not yet understood about it.
If all these illegal transactions are done in Bitcoin, then it is impossible to track them. It is out of that grip of any government or law enforcement agency.
All of the world’s underworld, drug cartel, terrorism transactions are being done in Bitcoin. But until this currency is not in common operation, then their purpose will not solve.
What does the common man wants? If someone shows the way to become a millionaire overnight, then who will not follow that path?
It is also being told that many banks of US are also investing in Bitcoin, so they must be investing only after proper understanding. Brother, when you are seeing good returns and if you do not see any other source to give a return to the customers, then we have already seen this in Scam 1992 where thinking and understanding goes.
Now on the lines of bitcoin, many more cryptocurrencies have arrived in market. Around 2000 currencies are being denominated. In India, Tether and Ethereum are named after Bitcoin in other popular virtual currencies.
But friends, what so ever it may be, the returns are coming very well and people are just having fun ……. ‘The five fingers in ghee and the head in a pan’. When I read this saying in childhood, I could not understand the meaning, but it is apparent today.
Indian Government also wants to bring some regulation for cryptocurrency, but no result has come yet.
Legal Status
In 2016 and 2017, cryptocurrency, especially Bitcoin, rose a lot and at the same time frauds increased. When the complaints started increasing, the government also had to consider and then on 6 April 2018, RBI in a notification ordered all regulated banks and financial institutions not to entertain any transaction related to Cryptocurrency and to freeze accounts of companies associated with trading of Cryptocurrency.
The investors got a big shock. At that time the bitcoin market in India was 12.9 billion dollars. So where were they going to sit silently. The matter went to the Supreme Court.
On 4 March 2020, the Apex Court quashed this order of the RBI in one of its ruling, stating that neither the RBI nor the Government of India will take responsibility for any matters of trading a But no one can be stopped from doing it. This is a Fundamental Right. Article19 (1) (g) of the Constitution gives this right to the citizens.
Since then there is a boom in this business.
So if you want to understand in nutshell, the legal status of Bitcoin or any cryptocurrency in I 1. 1. Is Bitcoin or Cryptocurrency illegal? No, it is not illegal at the moment, you can buy it comfortably, sell it, conduct a transaction.
2. Can we approach to government agencies in case of any type of fraud? No, because cryptocurrency is not regulated by the government, so at the moment the government will not be in a position to help you.
3. Are cryptocurrency companies and exchanges licensed from government? No
4. Will income from cryptocurrency be considered legal? Yes, you just have to pay income tax according to your income slab on this income.
Risk Factors
Whenever you make an investment, you check many factors, in which the main two factors are- Returns and Security.
Choice can be your own. Someone likes good returns, no matter how much risk has to be taken.
While others are security concerned. Whether the returns are low or even zero, it will work.
We understand here the risks
The risk of cryptocurrency is not just that it is completely digital money. You have nothing in physical form. Neither cash nor receipt
Let’s see the risk involved apart from this,
Not Backed by Any Law or Government
Cryptocurrency, which is placed in your digital wallet or any transaction done through it, will not be protected by any kind of law or by the government.
For example, there are regulations to back your bank deposits or other investments, credit card / debit card. Your transactions done with UPI are secured. But there is no such protection in the case of Cryptocurrency.
If the company with which you are keeping Cryptocurrency wallet, should it run away, go bankrupt or someone hack your wallet, then ……… ‘Kaam Tamaam, Jai Siya Ram’
Frequent Fluctuations in Value
It is difficult to apply any speculations to the frequency with which the cryptocurrency value fluctuates.
There are no known factors that influence them. At night, the value of your wallet is in millions and if you wake up in the morning, it can be in thousands.
All night long you dream ‘My Bitcoin is a Hitcoin’
And as soon as you woke up in morning, you get the message ‘Your Bitcoin is now a Shit Coin’
No one can Guarantee you Returns
If someone tries to convince you that there will be guaranteed returns in Cryptocurrency, then it should be understood that one wants to befool you.
No matter how much evidence someone has shown that I have received so many returns, or how big a celebrity endorse, there is no guarantee of future returns.
All Cryptocurrencies or Promoting Companies are not same
If you are planning to invest in Cryptocurrency, then after doing full research, decide only which currency should be taken or which company is right to deal with.
They will show you positive features only. Negatives you will have to find out.
Search Online. Search by writing words like ‘Reviews’, ‘Scam’, ‘Complaint’ along with the company name.
Tricky people will explain to you that the growth will be less in the currency whose value has already gone high. The growth will be more in the new project.
So in this case, definitely evaluate the risk factor.
Frauds and Scams
Whenever a new scheme comes, towards which people have a lot of eagerness or is being created, then there is bound to be a big scope for frauds.
There are many types of frauds going on in the cryptocurrency market which you must know about.
Fake Crypto Exchanges – Many such Apps and exchanges have been activated which collect money from people and keep showing fake wallet balance. They disappear as soon as they get a chance.
Ponzi Schemes – There are many such schemes in the market in which members are being registered in MLM pattern. With the money collected from new members, they will reward old members and keep on collecting money by influencing new references. The wallet balance of Cryptocurrency will be shown in the name of product,
Fake Cryptocurrencies – There is no regulation in our country yet for the generation, trading or holding of cryptocurrency. So anyone who wants, can start their own new cryptocurrency. You can also launch your Cryptocurrency by thinking of a good name. There are about 2000 types of Cryptocurrency in the market. Now, it is not known, which one will last for how many days and which will, disappear when
Pump-And-Dump Scams – This is exactly what is done in the share market or in the real estate market. Some people form a group and create fake price increases by trading with each other. And by showing figures to new people, influence them to make a big investment.
Malware Scams – Fraudsters would like to get your Crypto Wallet password in some way. For this, they will get the malware downloaded in your device. You will be sent breathtaking messages which will contain a link. As soon as you click on that link, malware will be downloaded into your device and hackers work will become easy.
Friends, you can understand that services like net banking, credit card, online shopping, ATM which are within the scope of government regulations and are law protected, they are so much prone to frauds that the slightest hastiness can result to an accident. So Cryptocurrency is like a red ocean. I hope that this information will definitely help you in making a decision, whether you want to invest in Bitcoin or not.
Thank You
