What is Bitcoin?

What is Bitcoin? Bitcoin is a digital currency that acts completely free of charge, that is, no bank or government has control over it. A currency that is completely virtual. You can also understand the online version of the cache.

Since Bitcoin is decentralized digital cash, a peer-to-peer computer network is used to complete all its transactions, i.e. all purchases here are made by confirmed users. At the same time, there is no bank or government here at all.

Nowadays, it has become possible to earn money with the help of internet. There are so many ways in which we can earn money from the internet sitting at home. One of those ways is Bitcoin, because of which we can make a lot of money.

Some of you may have heard about Bitcoin and those who do not know anything about Bitcoin will find out through this article today. Yes, today I am going to tell you about what Bitcoin is.


What is Bitcoin?


Bitcoin is a decentralized currency, which means it is not tied to a specific country or currency. It is a currency built on top of blockchain technology, which means that transactions made with Bitcoin are publicly and chronologically stored on the blockchain. This means that one can see all the transactions made so far.

what is bitcoin

Bitcoin was introduced in 2009 by an individual or group under the name Satoshi Nakamoto. Bitcoin meant a way of creating a digital version of cash, where payments could be made from one person to another without having to pay through a financial institution or other middlemen who could charge for this type of payment and slow down the processing time.

Anyone can use Bitcoin like we all use the internet and it has no owner, just like bitcoin.


Why is Bitcoin Used?


We can use Bitcoin to make online payments or to make any kind of transaction. Bitcoin works on a peer-to-peer network basis, which means that people can easily transact with each other without directly through a bank, credit card or a company.

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

As we make online transactions using the rest of the currencies, then we have to follow the payment process of the banks, only then we are able to make the payment and the account of every transaction we have made is present in our bank account so that it can be found out where and how much money has been spent, But no one owns Bitcoin, so the transactions with it are recorded in a public ledger (account) which is called bitcoin “blockchain“.

All the transactions made with Bitcoin there are details stored and the same blockchain is proof that the transaction has taken place or not.


Bitcoin Today’s Rate


The value of Bitcoin today is about $37,001, which means that the value of a Bitcoin is 27,71,379. Its value is more or less because there is no authority to control it, so its value varies according to its demand.


What is Bitcoin Wallet?


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

bitcoin

This wallet gives us a unique ID as an address, such as suppose 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 keep bitcoin in your wallet.

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


How to Earn Bitcoin?


Bitcoin can be earned in three ways. Here is the complete information on How we Created a Bitcoin Account.

  1. The first way is that if you have money, you can buy a bitcoin directly for $999. It’s also not that if you have to buy a bitcoin, you have to pay $999 in all.

Just like in our India, there is 100 paise in 1 rupee, in the same way, 1 bitcoin has 10 crore satoshi, then you can buy the smallest amount of bitcoin satoshi and deposit 1 or more bitcoin slowly. When you have bitcoin and its price increases, then you can make more money by selling it.

2. The second way is that if you are selling something to someone online and if that buyer has bitcoin, then you take bitcoin in exchange for money from him, in such a way that you will also sell them the goods and you will also get bitcoin which will be stored in your bitcoin wallet.

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

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

Those who verify these are called miners and those miners have high-performance computers and GPUs and they verify the transactions through it. They verify whether the transactions are correct or not or if there is any manipulation in it.

In return for this verification, they get some bitcoins as a reward and in this way, new bitcoins come into the market.

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

Just like in every country, there is a limit to printing the currency in a year that you can print only so many notes in a year, so there are some limitations with bitcoin in the same way that more than 21 million bitcoins cannot come into the market. That is, the limit of bitcoin is only 21 million, more bitcoins will never be found.

Talking about now, about 13 million bitcoins have come into the market and the new bitcoins that are there will now come through mining.


Bitcoin’s Benefits


Now let’s know what are the benefits of Bitcoin:-

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

Disadvantages of Bitcoin


Now let’s know what the disadvantages of Bitcoin are:-

  • There is no authority, bank or government to control bitcoin here, so due to this, there are a lot of fluctuations in the price of bitcoin, then it becomes a little risky.
  • If your account is ever hacked, you will lose all your bitcoins and it can’t even be brought back.

How to buy Bitcoin?


You can buy bitcoin as soon as gold, that too in Indian currency. So let’s know that there are websites in India from which we can Buy Bitcoin very easily, that too in our own currency.

bitcoin

Here on these websites, you can easily see their mezuda price, that too in real-time. If you need information on how to buy Bitcoin in the past, read here.

  1. Wazirx
  2. Unocoin
  3. Zebpay

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