This story is from February 10, 2021

The bitcoin algorithm: Onset of something fashionable

You can use these for various fashion buys.
The bitcoin algorithm: Onset of something fashionable
Ian Balina, the founder of cryptocurrency intelligence company Token Metrics, says bitcoins are the greatest investment opportunity of our generation. Major fashion businesses like Alza, House of Carver, Overstock.com, and eGifter accept bitcoins as payment, showing that virtual currency is becoming a big wave. Take Etsy – over 90+ sellers accept bitcoins; Gyft – sells gift cards against bitcoins for many retailers and restaurants globally including ViaBestBuy; Kickass-Kombat – the global online martial arts store takes bitcoins.
These are the signs of broader adoption, internationally. And not just that; created in 2008, and rising in virtual existence by 2009, bitcoins took a giant conversion during the pandemic hit by COVID-19. However, if you have been one of those early birds who got bitcoins’ best worms and are looking for merchants who accept them, then look no further.
Birth of bitcoins
It was 2008, when the recession had hit hard, creating a financial crisis. Along came geek mastermind Satoshi Nakamoto, the pseudonym regarded as the founder of bitcoin. Bitcoin was developed as a decentralised, digital currency, free from governmental oversight. This cryptocurrency was stored on a computer and sent between users across a network without the need for an institution of government intermediary. Getting kind of an identity of a new kid playing on the dark web during its first year, miners and computers involved in cryptocurrency creation traded bitcoins for fun. The very first actual bitcoin transaction occurred in Florida on May 22, 2010, when a man bought two Papa John’s pizzas worth $25 for 10,000 bitcoins which summed to $41 then. As of November 3, 2020, one bitcoin is worth around $13,688.70 - which means the bitcoin used to buy those two pizzas would now be worth nearly $137 million!!
Why buy BTC?
The lure of investing in bitcoins is a result of not only an abundance of positive sentiment around it, but it’s also well calculated and analysed with varying degrees of success. Some investors compare bitcoin to gold as a potential store of value as it increases in relative worth against gold. “Unlike flat currencies, bitcoins can’t be hyperinflated. Its blockchain is coded so that there will never be more than 21 million bitcoins in existence, and there are approximately 2.8 million left to mine,” says Steve Ehrlich, CEO and co-founder at Voyager Digital in Stamford, Connecticut. The leverage of this crypto asset should rise as demand outstrips supply, and total supply is capped. With global understanding and life turning digital with virtual shopping to communications, it's highly recommended to get your skills brushed up with this crypto asset to be a safeguard against inflation and geopolitical uncertainty.

Different sectors accepting bitcoins as payment
The existing, as well as upcoming online stores globally, have started accepting cryptocurrency in various countries starting from America, followed by Canada, then Russia, Japan, Singapore, South Africa, Malaysia, London, Hongkong, Australia, Korea, and France, to slowly gaining recognition in India. Unlike earlier, it’s now legal to buy and sell bitcoins in India. However, there are only a handful of quality hubs for this like WazirX, LocalBitcoins, Bitbns, and Purse to let you transact using UPI interfaces or IMPS. They also offer an app for Android and IOS which makes it easier to purchase from a cellphone. You can use these exchanges for many sectors like retailers, gift shops, fashion stores, restaurants, travel, home improvement, electronics, blogs and charities, services, schools, dating websites, automotive, etc.
Investing in bitcoins
Analysing the two sides of this crypto coin, we can say it definitely has benefits along with investment risks. It’s showing growth potential, but how can it be valued accurately, when all investing gets measured on a simple rule of being wise to buy low and sell high? Crypto has been known for funding illegal transactions, yet legal businesses also accept it for its speedy, low-cost money transfers. In fact, a $99 million litecoin transaction took only two and a half minutes, and cost the sender less than one-dollar fees; ergo, it’s the fastest and most popular. But the IRS (Internal Revenue Service, USA) doesn’t consider cryptos a currency. It’s making its tax enforcement a high priority, with steep penalties. Its point is that it can vanish; for instance, a computer crash without backup could destroy a stash of currency just like that. And what if users lose the private key to their wallet? Experts say that its prices are driven by emotions of FOMO, holding no stable ground.
Cryptos are volatile and lack the dividend payments of many stocks and bonds. Supply and demand may be among the major factors in its valuation. It’s fine if you wish to go slow and use bitcoins for small purchases and services, but for larger investments which you rely upon for a rosy future, consider its risk-to-reward profile, and do your homework smartly before investing.
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About the Author
Jasmine Dawda

Jasmine Dawda is a fashion expert with an experience of 20 years in the fashion industry. A former model, a sustainable entrepreneur and a designer, she has a keen eye for decoding fashion and beauty, and is making a mark in the industry by influencing many through digital social media.

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