Bitcoin is a type of digital currency, which is movable and created based on the laws of cryptography. Cryptography means the art of solving the language of coding. Bitcoin is a digital currency, it is stored in a bitcoin wallet, it is a cryptocurrency that does not exist in reality. We use this to do a secure online transaction. It comes in 0 and 1 series and can be saved on the computer.
It has been adopted by big companies like – Microsoft, Tesla, etc. have adopted it in the form of exchange. It was created by Satoshi Nakamoto in 2008 but was launched as open-source software in 2009. Its smallest unit is Satoshi. 1 Bitcoin = 10,00,00,000 Satoshi. Satoshi Nakamoto is called the founder of Bitcoin.
How Bitcoin is produced?
As we have told you earlier, it is a digital currency, it does not exist in reality. But it is not so easy to produce it, it takes a lot of effort, due to it being an electronic currency that came from the mining method, its price increases. Miner solves mathematical and cryptographic problems, on solving this problem, records the miner as a bitcoin block. The mining process is quite lengthy. These are made in limited numbers, so the demand for this is increasing.
Use of bitcoin
Bitcoin is used in different online transactions, it works on the P2P network. Nowadays, online developers, NGOs use it for online transactions, so its prevalence is increasing. Like we do transactions in the bank by making online payments, we can find out who has paid, but the record of bitcoin is in the public ledger which is known as bitcoin blockchain.
How to trade in bitcoin
Bitcoins are saved in a digital wallet. Its price remains the same everywhere. Its price is volatile, it depends on the activities of the world. There is no fixed time for trading bitcoin, its price fluctuates.
Bitcoin also has its own exchange
You can trade in Bitcoin, it was started in 2011. You have to create an account first. After email confirmation and account verification, you have to choose Trading Method. Bitcoin is a bitcoin trading cart for trading. It contains the history of the price of bitcoin. Changes in bitcoin are unpredictable.
It is safe to invest in Bitcoin
It is a virtual currency. It depends on the fluctuations of the market. In 2013, RBI did not have official permission in the press release, there are risks in this. If you forget your password you will lose your money forever. Many times the price of bitcoin fell 40 to 50 percent in a single day without any warning.
You should know what bitcoin is and its value, let us know what is the value of 1 bitcoin in India. Today’s value of 1 bitcoin is Rs 25,56,140. There is no control over its authority, so its prices keep on increasing and decreasing according to the market.
Benefits of Bitcoin
- You can send bitcoins to anyone and anywhere in the world.
- Bitcoin account is not blocked like sometimes our bank accounts are blocked.
- It can be used for international transactions and there is a transaction fee.
- There is no role of the middle man in this, due to which transactions are done at less cost.
- It is not given statutory recognition in any country, so it can be used without any extra cost.
Disadvantages of Bitcoin
The biggest disadvantage of bitcoin is that if your data is hacked and cannot be recovered or if you forget the password then you lose all your bitcoin.
There is no control of any authority, due to which it can be used to buy illegal things.