Bitcoin: Here is all you need to know

As the first cryptocurrency, Bitcoin is making headlines with its volatile price movements and fresh highs, most of the Indian investors are still oblivious of what exactly this digital currency is and how does it work.
 
What is cryptocurrency?
 
Cryptocurrency is a currency that can only be bought online. They are a hybrid of virtual money and complex technology. These currencies, created on the basis of blockchain technology are unregulated, uncensored and their ownership can be completely anonymous. They also facilitate instant and global transactions without charging any fee.
 
Blockchain technology is a complex new age technology made up of blocks that record and distribute digital information without being copied. It facilitates decentralised record keeping and provides data storage and computational speed benefits.
 
Where can you buy these?
 
While a cryptocurrency can be bought through many webistes and apps in India, there is a dearth of reliable platforms for such transactions. Currently, e-wallets and mobile applications including Zebpay, Coinsecure and Unocoin are the most popular and trusted platforms to buy cryptocurrencies. These platforms only trade in bitcoins, rendering the large pool of other cryptocurrencies out of reach for the Indian investors. However, Bill desk with its recently launched cryptocurrency exchange, Coinome has slightly widened the options for the Indian investors by providing Bitcoin Cash along with Bitcoin on its forum.
 
Is it a good time to buy it?
 
It is largely debated that the aggressively surging levels of bitcoin is a bubble and it may burst any time now. On the contrary, bitcoin patriots are vouching that the cryptocurrency will hit a much higher level in the years to come. While there is an uproar amongst the investors to not miss out on this gain, as it is trading at a historic US$ 10,000 level, the currency may droop on the back of acute profit-booking trend. However, in the long run, it is observed that, despite its volatile price movement, bitcoin has been successful paving its way up to intensely higher levels.