Bitcoin Profits

Bitcoin is a crypto currency. It can also be called a digital currency as it has no physical form. It is not issued by the central bank of any country. It was created by an unknown person, Satoshi Nakamoto. It has supply limit of 21 million, called coins. The bitcoin can be created by a process called mining or bitcoins can be bought using digital wallets. Since bitcoins are not issued by any country, the crypto currency has been often criticized for its use in illegitimate and illegal transactions. Those who own it can exchange it for other crypto currencies using their online digital wallets or buy goods and pay for services using bitcoins. There is no track record of that and the use of bitcoin cannot be traced. It is also one of the most expensive crypto currencies. Its price has rallied to above $19,000. Many investors sold their properties and bought bitcoins but since December 2018, the price of bitcoin has remained stagnant and failed to move higher and slumped to as low as $3000. So many investors lost a lot of money. Some governments has even banned the use of bitcoins, for example, in 2013, the Chinese government banned its use and prohibited all financial institutions using bitcoins. However, still there are many countries where bitcoins are still being bought and sold illegally. It has also been criticized for being hacked from exchanges.

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