50 Best Home-Based Business

Technology

What is Bitcoin

What is Bitcoin

Bitcoin

We know that humans enter the era of the twenty-first century. There were lots of change in our culture and marketing also. As you can see before the twentieth century, we were not aware of the mobile phones and digital world. As far as the twentieth century is now at its peak. We have lots of things to make our life easier. You have also heard the word Virtual, Means which we can’t touch and see.
Its direct impact on every country’s economy. Developed countries rapidly began to take advantage of the virtual world. Now developing countries started entering this age with a slow move.

After the ban on November 8, 2016, this tradition caught up in India. Which is why today you see the payment tool like Paytm in the hands of the vegetable person. It is a form of Digital Currency.

Similarly, in 2009 a new currency was introduced which is called bitcoin. Within a few years, bitcoin has become the world’s most valued currency. Bitcoin has priced at Rs. 6 rupees, and today while writing this article a bitcoin is worth more than Rs. 6, 00,000. Let’s give detailed information about bitcoin.

What is Bitcoin

Different countries have different currencies. Just like India’s Rupee and Dollar of America, so Bitcoin is also a type of money, but this currency is different from other currency because Bitcoin is a Digital Currency or Cryptocurrency which based on open-source software. We can’t see or touch it; it kept in digital mode, i.e., in the digital wallet. This currency based on computer networking only. In other words, bitcoin currency traded through the computer network.

You can use this currency for online purchases and other transactions. The unique thing about this currency is that Bitcoin is not an open source technology or independent money and there is no control over any person, organization or country, and so forth. It means there is no owner of this currency. Apart from this the person who invented Bitcoin, that person also not fully aware of anyone. This digital currency is operating automatically without any controlling institution.

How Bitcoin Works

If we have to send money to another person, we will have to send it through the bank, and the Reserve Bank of India and the Indian government control the currency of Rupee. However, bitcoin is a decentralized currency that no bank or government controls. Bitcoin Technology is a technology based on “Peer to Peer Network,” due to which you can transact without any bank or authority directly to any person.

Just as there is a bank account, there are digital bitcoin wallet for transactions in Bitcoin and the way the bank account number is the Wallet address of bitcoin 27 To 24 alphanumeric character, using which we send bitcoin to any person or receive. All transactions in the Bitcoin system are encrypted, so this is a safe system.

Also Read,

What is SEO- https://indiatechmoney.com/what-is-seo/

What is Virtual Reality- https://indiatechmoney.com/what-is-virtual-reality/

Benefits and disadvantage of working online- https://indiatechmoney.com/benefits-and-disadvantages-of-working-online/

Bitcoin Blok chain and Mining

If we use Physical Currency, then we follow the bank’s payment process, then we can do the transaction of currency, where the amount of money sent to the person’s account, the statement of use or the amount has been available in his report. In the same way, all transactions made with Bitcoin recorded in a public digital account called Bitcoin blockchain.

All types of bitcoin transactions recorded in Public Blockchain and the process of keeping this block chain updated and safe is called bitcoin mining. The trained and experienced people of software fields, called bitcoin miners, keep this block chain updated and secure, in return for which they have some bitcoin. In this way, bitcoin technology works automatically without any controlling authority.

The number of total bitcoin created in the world is already fixed and will not become bitcoin more. People who are currently using bitcoin around the world do different types of transactions, and some new bitcoins created which blockchain people get updates and bitcoin miners.

Who invented Bitcoin

Bitcoin invented by Satoshi Nakamoto, which is a software engineer on the date January 3, 2009. Apart from this, no one has even a strong knowledge of Bitcoin’s real inventor “Satoshi Nakamoto.” The purpose of making bitcoin, in the beginning, was not to change it as a “currency” as but it was to prove that the transaction of money is also possible without any bank or third party. However, later it took the form of “digital currency.”

Importance and Use of Bitcoin

Bitcoin is the fastest, safe and cheap way to make any transaction. You will shock that most of its usage is send money from one person to another one. Generally, we know that if we throw money from one country to another country, it takes time and apart from this its charge according to the there services and also there are rules and regulations from different-different nations. However, in the other way, you will be happy if you have Bitcoin because bitcoin can be sent quickly to any person sitting in any of the worlds and its fees charges also decidedly less and your all transactions are encrypted by there security, so this is the best method to send the currency from one to another country.

Apart from this, its use has been growing continuously in other areas such as online shopping.

How Price of Bitcoin Changes

Today bitcoin used for different purposes and no person can buy or sell bitcoin online. Like other currency, the price of Bitcoin also fluctuates. The numbers of total bitcoin in the world are predetermined, and hence there is no control over any organization, so there is a lot of ups and downs in the price of bitcoin. Like any other market, Bitcoin’s market also based on demand-supply, and due to this bitcoin prices are less. There are lots of bitcoins in an exchange where bitcoin trade made.

Why is Bitcoin’s Price rising so fast

The use of bitcoin has already increased much. Due to its unique properties, many people consider Bitcoin and other cryptosycans as future currencies, so they are investing fast in it. Apart from this, the number of total bitcoin in the world is predetermined and will not be able to become bitcoin, hence its value has increased a lot.

However, along with this “currency” is considered to be a very risky currency because it wholly based on the internet and no institution controls this currency. Apart from this, governments of most countries have not accepted this posture. Therefore, it can fall as fast as possible.

Due to not being controlled by any organization, this currency has started to use in any improper activities. More recently Wanna Cry hackers had sought thousands of computer data in “bitcoin” so that no one could catch them.

Is buying the Bitcoin legal in India

In India, Bitcoin Currency has not received government recognition. RBI had earlier warned about bitcoin and another cryptocurrency that it is not an authorized payment method and no approval has been giving in this regard. However, RBI has not explicitly banned bitcoin or digital currency. Many companies are doing the business of the bitcoin exchange.

More recently, the Government of India has asked people’s opinions on the Virtual Currency on the MYGOV website, whether the currency like Bitcoin should be banned, obscured or regulated. In addition to this, there was news related to the Cryptocurrency Regulations that the Government of India can take stern steps on Cryptocurrency.

How to Buy Bitcoin in India

There are many exchange companies for buying and selling Bitcoin online in India, out of which Zebpay, Unocoin, and Coinsecure are prominent. Zebpay has made provision for immediate transfer by linking bank account through Android and iPhone app. You first need to sign up and update your KYC information and documents such as PAN card.

After verification of account, you can transfer money from your bank account to Zebpay’s report, which will show you in Zebpay’s Rupee Wallet. It gives you permission to buy and sell Bitcoin and transfer your money back to your bank account.

I hope now you know everything about our topic what is Bitcoin. If you like this post, then share it with your friends. If you have a suggestion of any type, then comment below and tell us in the comment below which knowledge you love the most.

Also Read,

What is SEO- https://indiatechmoney.com/what-is-seo/

What is Virtual Reality- https://indiatechmoney.com/what-is-virtual-reality/

Benefits and disadvantage of working online- https://indiatechmoney.com/benefits-and-disadvantages-of-working-online/

[ninja_form id=3]
Show your love
  • 1
    Share
About author

Hello Guys, My name is Sandeep Gautam. I am the founder of Indiatechmoney. I have done my masters from IIT Roorkee. My interest is in Business, technology, and blogging. I want to give the best information about the business, technology and blogging through this blog.
Related posts
Technology

Do you know about India's Top 10 E-Commerce website

Technology

Top 100 Technology Facts

Technology

Air Hostess jobs 2019

Technology

White Smoke From Exhaust: Know Everything

 

Subscribe for  latest updates on your email

Leave a Reply

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