What is Bitcoin? And How Does It Works .

Bitcoin is a digital currency which works completely free, that is, no bank or government has control over it. A currency which is completely virtual. You can also consider it as an online version of cash.

Since Bitcoin is a decentralized digital cash, peer-to-peer computer network is used to complete all its transactions, that is, all purchases here are made by confirmed users. There is no interference of any bank or government here at all.

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 stored publicly and chronologically on the blockchain.

Bitcoin was introduced in 2009 by an individual or group named Satoshi Nakamoto. Bitcoin was meant to be a way to create a digital version of cash where payments could be made from one person to another without going through a financial institution or other middleman who might charge fees for these types of payments and Can slow down the process time.

Anyone can use Bitcoin, just as we all use the internet and it has no owner, similarly Bitcoin too.

bitcoin today rate :

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

How to earn bitcoin :

 If you have money then you can buy one bitcoin directly by paying $999. It is not that if you want to buy a bitcoin then you will have to pay the entire $999. If you want, you can also buy the smallest unit of bitcoin “satoshi”.

Just like in our India there are 100 paise in 1 rupee, similarly there are 10 crore satoshi in 1 bitcoin, so if you want, you can gradually accumulate 1 or more bitcoins by purchasing the smallest amount of satoshi of bitcoin. When you have bitcoin and its price increases, then you can earn more money by selling it.

Just like in every country there is a limit on printing currency in a year that you can print only so many notes in a year, similarly there are some limits with bitcoin also that not more than 21 million bitcoins can come into the market. That means the limit of bitcoin is only 21 million and bitcoins more than that will never be found.

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

How to trade in Bitcoin?

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

Benefits of Bitcoin :

  • Here your transaction fee is much less than paying through credit card and debit card.
  • You can send Bitcoin anywhere in the world and anytime without any hassle.
  • Here bitcoin account is not blocked like sometimes due to some reason the bank blocks our credit or debit card, so that problem does not happen here.
  • If you want to invest in bitcoin for long term, then you can get a lot of benefit from it because it has been seen in the records that the price of bitcoin is increasing, so in future you may get a lot of benefit from it.
  • There is no government or authority that keeps an eye on you in the transaction process of Bitcoin, 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, so due to this, there are a lot of fluctuations in the price of bitcoin, so it becomes a bit risky.
  • If your account ever gets hacked then you will lose all your bitcoins and it cannot be brought back and no one will be able to help you in this.

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