What is bitcoin?

What is bitcoin, how it works, where is it kept, there will be many questions in your mind about all this.

Today everyone’s life has become easier due to the Internet. From getting all kinds of information to shopping, booking tickets etc., we are able to do everything with the help of internet.

Nowadays it has become possible to earn money with the help of internet. There are many ways by which we can earn money from internet sitting at home.

One of those ways is Bitcoin, due to which we can earn a lot of money.

Some of you must have heard about Bitcoin and those who do not know anything about Bitcoin, today they will come to know through this article.

Yes, today I am going to tell you about what is bitcoin. Bitcoin dominance is increasing around the world.

Now the world’s famous electric company Tesla has also said that it will soon accept bitcoin as payment for its vehicles. At the same time, Uber company is also moving towards bitcoin.

What is Bitcoin

Bitcoin is a virtual currency. Just like other currencies are Rupee, Dollar etc., Bitcoin is also a digital currency.

It is completely different from other currencies because we can neither see nor touch Bitcoin like money.

What is bitcoin

We can only store Bitcoin in an online wallet. Bitcoin was invented by Satoshi Nakamoto in 2009 and since then its popularity has been increasing.

Bitcoin is a decentralized currency, which means that there is no bank or authority or government to control it, that is, no one owns it.

Anyone can use Bitcoin as we all use the internet and there is no owner of it, in the same way there is also Bitcoin.

Bitcoin is a virtual currency. It started in the year 2009, which has now gradually become so popular that the price of one bitcoin has reached millions of rupees.

It is also called cryptocurrency because it uses cryptography for payment. That is, now this currency can also be called future currency.

Why is bitcoin used?

We can use bitcoin to make online payment or to do any kind of transactions. Bitcoin works on peer to peer network based which means that people can easily transact with each other directly without any bank, credit card or through any company.

Bitcoin is considered the fastest and most efficient to use in transactions. Nowadays many people are adopting bitcoin like online developers, entrepreneurs, non-profit organizations etc. And because of this bitcoin is being used for global payment all over the world.

Like we do online transactions using other currencies, then we have to follow the payment process of banks, only then we are able to make payment and the account of every transaction done by us is present in our bank account so that it can be detected.

Where and how much money has been spent, but no one is the owner of bitcoin, so the transactions done with it are recorded in a public ledger (account) which is called bitcoin “blockchain”.

There, all the transaction details done with bitcoin are stored and the same blockchain is the proof of whether the transaction has taken place or not.

bitcoin price

The value of bitcoin depends on many things. The two most important of them are supply and demand. Bitcoin is found in limited numbers. Only 2,10,00,000 bitcoins can be mined.

In this case, if there is less demand than supply, the value of bitcoin decreases and on the contrary, its value increases. The value of bitcoin in India was the highest at 44,54,673 Indian Rupees.

What is a bitcoin wallet?

We can only store bitcoin electronically and a bitcoin wallet is needed to keep it. There are many types of bitcoin wallets such as desktop wallet, mobile wallet, online/ web-based wallet, hardware wallet, using one of these wallets, we have to create an account in it.

This wallet gives us a unique id in the form of an address, as if you have earned bitcoin from somewhere and you have to store it in your account, then you will need that address there and with the help of that, you can transfer bitcoin to your account. Can keep in wallet.

Apart from that, if you want to buy or sell bitcoin, then you need a bitcoin wallet and after that all the money you get in exchange for the bitcoin you sell, you can also get it transferred to your bank account through bitcoin wallet.

how to earn bitcoin

We can earn bitcoin in three ways. Here we have given complete information on how to create a bitcoin account.

  1. The first way is that if you have money, then you can buy a bitcoin directly by paying $ 999. It is also not that if you want to buy a bitcoin, then you have to pay the full $ 999, if you want, you can also buy the smallest unit of bitcoin “satoshi”.

Just like there are 100 paise in 1 rupee in our India, in the same way there are 100 million satoshi in 1 bitcoin, so if you want, you can gradually accumulate 1 or more bitcoin by buying the smallest amount of bitcoin satoshi. When you have bitcoin and its price will increase, then you can earn more money by selling it.

  1. Another way is that if you are selling any goods to someone online and if bitcoin is present with that buyer, then you take bitcoin in exchange for money, in this case you will also sell those goods to them and you will also get bitcoin. Which will be stored in your bitcoin wallet.

If you want, later you can also get profit by selling that bitcoin to another person at a higher price.

  1. The third way is bitcoin mining. For this we will need a computer with high speed processor whose hardware should also be good. We use bitcoin only for online payment and when someone pays with bitcoin, that transaction is verified.

Those who verify them, we call them miners and those miners have high performance computers and GPUs and they verify transactions through this.

They verify whether the transactions are correct or not or whether any kind of manipulation has been done in it. In exchange for this verification, they get some bitcoins as a reward and in this way new bitcoins come to the market.

Anyone can do this, for this a computer with high speed processor is required, which is not in everyone’s budget to buy.

Just like in every country there is a limit to print currency in a year that you can print just so many notes in a year, in the same way there are some limitations with bitcoin too that more than 21 million bitcoins cannot come in the market.

That is, the limit of bitcoin is just 21 million, more bitcoin will never be found than that.

Talking about now, about 13 million bitcoins have arrived in the market and the new bitcoins will now come through mining.

advantages of bitcoin

  • Here your transaction fee is very less than paying by credit card and debit card.
  • You can send Bitcoin anywhere and anytime in the world without any hassle.
  • Here the account of bitcoin is not blocked, like sometimes for some reason the bank blocks our credit or debit card, then that problem does not happen here.
  • If you want to invest in bitcoin for a long term, then you can get a lot of benefit from it because it has been seen in the record that the price of bitcoin is increasing, then you may get a lot of benefits from it going forward.
  • No government or authority in the transaction process of Bitcoin keeps an eye on you, so there are many people who also use it to do wrong things, then it is beneficial for them.

disadvantages of bitcoin

1:- Here there is no authority, bank or government to control bitcoin, so due to this, there are many fluctuations in the price of bitcoin, so it becomes a bit risky.

  1. If your account ever gets hacked then you will lose all your bitcoins and it cannot be brought back, no one will be able to help you in this.

How to buy bitcoin?

You can buy bitcoin just like gold, that too in Indian currency. So let us know that there are such websites in India from where we can buy Bitcoin very easily, that too in our own currency.

Here in these websites you can easily see their fair price that too in real time. If you need detailed information on how to buy bitcoin, read here.

1. Wazirx

2. Unocoin

3. Zebpay

Warning

A press release was issued by the Reserve Bank of India on 24 December 2013 regarding virtual currencies such as bitcoin.

It said that no official permission has been given to the transaction of these currencies and there are many levels of risk in doing this transaction.

Recently, the ban imposed by RBI on bitcoin has been lifted by the Supreme Court. On February 1, 2017 and December 5, 2017, the Reserve Bank again issued a caution regarding this.

It has also been criticized for the electricity used in mining bitcoin. It takes an estimated 300 kwh of electricity to operate one bitcoin transaction, which is equivalent to the energy used to heat water in 36,000 kettles.

bitcoin is the currency of which country

In a historic move on June 9, El Salvador became the first country in the world to pass legislation to adopt bitcoin as legal tender.

Is bitcoin legal in India or not?

Yes, bitcoin is legal in India.

What is the meaning of bitcoin?

Bitcoin is a virtual currency, virtual means that it does not have any physical form like other currency, it is a digital currency. It is a pose that you can neither see nor touch. It is stored electronically only. If someone has bitcoin then he can buy stuff like normal currency.

How does bitcoin work?

We can use bitcoin to make online payment or to do any kind of transactions. Bitcoin works on peer to peer network based which means that people can easily transact with each other directly without any bank, credit card or through any company.

In which country does bitcoin operate?

No one knows why it was made and how it was made. And which country’s currency is this, it can not even be said. But there is a country in which country has considered Bitcoin as its official currency. The name of that country is Liberland

Read More Articles

What did you learn today?

This was information related to bitcoin, I hope you have understood what bitcoin is, how it can be found and what are its advantages and disadvantages.

It is always our endeavor to provide all the information which is important related to bitcoin and other cryptocurrencies.

We will continue to provide you with more such information about Bitcoin. If you know anything else, then do share with us.

What is bitcoin , What is bitcoin , What is bitcoin , What is bitcoin , What is bitcoin , What is bitcoin , What is bitcoin , What is bitcoin , What is bitcoin , What is bitcoin , What is bitcoin , What is bitcoin , What is bitcoin , What is bitcoin , What is bitcoin , What is bitcoin , What is bitcoin , What is bitcoin

Leave a Reply

Your email address will not be published. Required fields are marked *