What is Bitcoin cryptocurrency?


What is Cryptocurrency?

Cryptocurrency is virtual currency, that is, it does not have any physical existence. It is a currency made on a computer algorithm, it is present only on the internet. It cannot be controlled by any authority, it is also not affected by demonetization. There are many crypto currency in the world like -Bitcoin, RED coin, SIA coin, Ethereum, Ripple (XRP) and Monero. It is very popular in the world due to the huge profit in it.

What is bitcoin?

Bitcoin is an English word 'Crypto', which means secret. Bitcoin runs on the basis of the rules of cryptography . Cryptography means the art of solving coding language. Save bitcoin in bitcoin wallet. We use it to do a secure online transaction. It comes in 0 and 1 series.
It has been adopted by big companies as an exchange like – Microsoft, Tesla etc. It was created in 2008 by Satoshi Nakamoto but in 2009 it was launched as open source software. Its smallest unit is Satoshi, 1 Bitcoin = 10,00,00,000 Satoshi. Satoshi Nakamoto is called the founder of Bitcoin.

How is Bitcoin Produced?

It is not so easy to produce Bitcoin, it takes a lot of hard work. It is an electronic currency that came from the mining method, due to which its price increases. Miner solves mathematical and cryptographic problems. On solving this problem, the miner is recorded as a Bitcoin block. Mining process is lengthy. These are made in limited numbers, so the demand for this is increasing due to this.

Uses of Bitcoin

Bitcoin is used in different online transactions. It works on P2P network. Nowadays online developers, NGOs use it for online transactions. Online payment Like we do transaction in the bank, we can find out who is paid. But the record of Bitcoin is not in the public ledger. It cannot be tracked when the exchange is being done between two individuals. Its record can be seen only twice, once when someone has made a purchase and the second time when someone is selling.

How to trade in Bitcoin?

Bitcoin is saved in the digital wallet. Its price is not the same everywhere. Its price is unstable, it depends on the activities of the world. There is no fixed time for crypto trading, its price fluctuates.

Bitcoin has its own exchange

Trading in Bitcoin was started in 2011. For this, the user has to create an account first. After email confirmation and account verification, you have to choose the trading method. There is a bitcoin trading cart for trading, it contains the history of the price of bitcoin. 

Is it Safe to Invest in Bitcoin

In 2013 RBI press release does not have official permission, but it does have some risks. If you forget your password you will lose your money forever. Sometimes the price of bitcoin falls by 40 to 50 percent in a single day without any warning.

Rate of Bitcoin

Currently, the value of 1 Bitcoin is Rs 40,86,380 in India. There is no control over its authority, so its prices keep on increasing and decreasing according to the market.

Benefits of Bitcoin

  1. Bitcoin can be sent anywhere and to anyone around the world.
  2. Bitcoin's account is not blocked, like sometimes our bank accounts are blocked.
  3. It can be used in international transactions and there are transaction fees in it.
  4. There is no role of middleman in this, due to which transactions are done in less cost.
  5. It has not been given statutory recognition in any country, so it can be used without any extra cost.

Disadvantages of Bitcoin

Some of the disadvantages of Bitcoin are as follows:

  1. The biggest disadvantage of bitcoin is if your data gets hacked and cannot be recovered or if you forget the password then you lose all your bitcoins.
  2. There is no control of any authority, due to which it can be used to buy illegal things.

How to buy bitcoin?

You can use 2 websites to buy Bitcoin. Let us know how to buy bitcoin.

  • Unocoin- There is no extra fee to buy Bitcoin on this website. You can integrate this with Business Uno Point. If there were any fluctuations in Bitcoin, you can send or keep it immediately, it does not take any charge box. You can also auto sell it.
  • Zebpay- You can still do DTH stop with the help of Bitcoin, from this you can also buy voucher of Amazon, Make my trip.

What is Bitcoin Miner?

There is a limit to publishing currency notes in all countries, in the same way there are limits on making bitcoin. Limitations are that Bitcoin cannot come more than 21 million (2 crore 10 lakh) in the market. At present it is close to 13 Million (1 Crore 30 Lakh) in the market. The new bitcoins come through mining.
Suppose you want to send bitcoin to someone, then we verify the process of sending that and those who verify are called miners. Those who have high power computers. Verify the bitcoin transaction from these computers.

Action of Indian Government on Cryptocurrency

The Indian government is going to bring a bill regarding cryptocurrency in the winter session of the Parliament. In which there is a preparation to ban all private cryptocurrencies with some exceptions. This bill named 'The Cryptocurrency and Regulation of Official Digital Currency Bill 2021' is set to be presented in the coming Parliament session.

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