What is bitcoin

what is bitcoin, Bitcoin is a digital currency that works completely freely, that is, there is no control of any bank or government over it. A currency that is completely virtual. You can also understand this as the online version of cash.

Since bitcoin is a decentralized digital cash This is why peer-to-peer computer network is used to complete all its transactions, that is, all purchases here are done by confirmed users. On the other hand, there is absolutely no intervention of any bank or government here.

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 because of 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 know through this article. Yes, today I am going to tell you about what is bitcoin.

What is bitcoin

bitcoin Is a decentralized currency, meaning it is not tied to any 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 anyone can see all the transactions that have been done so far.

what is bitcoin

Bitcoin was created in 2009 by an individual or group Satoshi Nakamoto was introduced by name. Bitcoin was meant to be a way of creating a digital version of cash where payments could be made from person to person without going through a financial institution or other middleman who might charge fees for such payments and Can slow down processing time.

Anyone can use bitcoin, just like we all use the internet and there is no owner of it, just like that bitcoin is also there.

Why is bitcoin used?

use of bitcoin We online payment To do 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 to be 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.

As we do online transactions using other currencies, 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 done by us is present in our bank account so that it can be traced. Where and how much money has been spent.

But there is no owner of bitcoin, so the transactions done with it are recorded in a public ledger (account) which is called bitcoin “blockchain”.

There, all the transactions done with bitcoin are stored as details and the same blockchain is the proof whether the transaction has happened or not.

bitcoin rate today

The value of bitcoin today is approximately is $15,456 Means the value of one bitcoin Rs. 10,65,000 Is. Its value keeps increasing or decreasing because there is no authority to control it, so its value keeps changing according to its demand.

What is bitcoin wallet?

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

This wallet gives us unique id in the form of address like 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 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, whatever money you get in exchange for the bitcoin you sell, you also get it in your bank account. transfer bitcoin wallet Can be done through

how to earn bitcoin

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

1. The first way is that if you have money then you can buy a bitcoin directly. $999 Can buy by paying. It is not even that if you want to buy a bitcoin, then you will have to pay the entire $ 999, if you want the smallest unit of bitcoin.SatoshiCan also buy.

Just like in our India there are 100 paise in 1 rupee, in the same way there are 10 crores in 1 bitcoin. Satoshi If you want the smallest amount of bitcoin Satoshi You can gradually deposit 1 or more bitcoins by purchasing them. When bitcoin is available with you and its price will increase, then you can earn more money by selling it.

2. The second way is that if you are selling any goods to someone online and if bitcoin is available with that buyer, then take bitcoin from him in exchange for money, in such a situation you will sell those goods to him and you will also get bitcoin. Will go which will be stored in your bitcoin wallet.

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

3. 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 making online payments and when someone pays with bitcoin, that transaction is verified.

Those who verify them are called miners and those miners have high performance computer And there is GPU and they verify transactions through it. They verify whether the transactions are correct or not or whether any manipulation has been done in it.

Instead of this verification, they get some bitcoins as a reward and in this way new bitcoins come in 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 every country has a limit to print currency in a year that you can print only so many notes in a year, in the same way there are some limits with bitcoin too. 21 million Can’t come in more than bitcoin market. Means the limit of bitcoin is just 21 million More bitcoin than that will never be found.

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

How to trade in bitcoin?

Bitcoin is saved in a digital wallet. Its price does not remain the same everywhere. Its price is volatile, it depends on the activities around the world. There is no fixed time for crypto trading, its price keeps on fluctuating.

What is a bitcoin miner?

In all countries there is a limit to print currency currency notes, in the same way there are limitations on making bitcoins. The limitations are that bitcoins cannot enter the market more than 21 million (2.10 crores). Currently it is close to 13 million (1.30 crore) in the market. The new bitcoins come through mining.

Suppose you have to send bitcoin to someone, then verify that sending process and the verifiers are called miners. Those who have high power computers. Verify bitcoin transactions from these computers.

benefits of bitcoin

Now let us know what are the benefits of bitcoin.

  • Here your transaction fee is very less compared to paying with credit card and debit card.
  • You can send bitcoin anywhere and anytime in the world without any hassle.
  • There is no account block of bitcoin here, 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 the 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.
  • There is no government or authority in the transaction process of Bitcoin that does not keep an eye on you, so there are many people who use it to do wrong things, so it is beneficial for them.

disadvantages of bitcoin

Now let us know what are the disadvantages of bitcoin.

  • There is no authority, bank or government to control bitcoin here, so due to this there are lot of fluctuations in the price of bitcoin, then it becomes a bit risky.
  • 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 from which websites are there in India from where we can easily buy Bitcoin, that too in our own currency.

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

1. Wazirx

2. Unicoin

3. Zebpay

Which country’s currency is bitcoin?

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

Is bitcoin legal in india or not?

Yes, bitcoin is legal in India.

How to buy crypto currency in India?

crypto currency in india Wazirx Platform Can buy through

What did you learn today?

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

It has always been our endeavor to provide all the important information related to bitcoin and other crypto currency. We will continue to provide you more such information about Bitcoin. If you know anything else then do share with us.

Leave a Reply