What is Bitcoin? Know the complete information about bitcoin – bitcoin is a digital currency which we can also call internet currency in everyday language. We cannot store this currency in our home or wallet because it is not any note or any coin. That’s why you can use bitcoin-only online. Bitcoin is decentralised, meaning there is no authority, government, or bank to control this currency.
It works on Peer To Peer Network Base. And bitcoin users believe that it is a currency. In this way, it has become a global currency. Satoshi Nakomoto invented Bitcoin in 2009; since then, it has become a prevalent currency.
How Much Is Bitcoin Worth
If we talk about the value of bitcoin, then in today’s date (January 2017), the price of 1 bitcoin is about 28,56,710.67 Indian currency. It is not that you have to buy only one bitcoin if you want to buy bitcoin. , The smallest unit of bitcoin is Satoshi, and 1 Bitcoin = 28,56,710.67 (Lakh) Satoshi.
Just like 1 rupee = 100 paise in Indian currency. Similarly, 100 million Satoshi make one bitcoin. That means you can break one bitcoin up to 8 decimals. You can also use 0.0001 bitcoin.
If we cannot keep it in our home or pocket wallet, where can we store bitcoin? To store it, you need a bitcoin wallet. There are many applications on the Internet. Software. And there is a Cloud-Based Wallet in which you can create an account and store bitcoin.
So how does Bitcoin Wallet work? So the first thing is that it provides you with a Uniqe Address. Suppose you have bought Bitcoin from somewhere, then you will need an address to order it. So in such a situation, you can store bitcoin by asking for it in your wallet. If you have sold bitcoin and earned some money from it, you will need a bitcoin wallet to transfer that money to the bank.
How to Buy Bitcoin
Well, there are many ways to buy bitcoin like –
- You can buy bitcoin with your local currency.
- By selling or selling any service or something, you can take bitcoin in exchange for that thing.
- Apart from this, you can earn Bitcoin with the help of any website or application.
- So the most important thing you can do is Bitcoin Miner.
What is Bitcoin Miner
Before knowing about mining, let us tell you that there is a limitation for printing notes; in the same way, there is a limitation for making bitcoins. And the limit is that not more than 21 million bitcoins can come into the market, and as of now, there are about 13 million bitcoins in the market. So there are new bitcoins; they come through mining.
What is Bitcoin Mining? Suppose you have sent some bitcoins to someone. So we verify this sending process, and those who prove are called Miners—those who have high power computers. And verify the Bitcoin transaction from these computers.
What do miners verify? When we take bitcoin from someone, then there is no manipulation or cheating in it. On confirming, they get new bitcoins as a reward. So in this way, new bitcoins come into the market. If you have a heavy computer, then you can also do mining.
What are the advantages of bitcoin?
- There are low fees for exchanging bitcoins.
- You can sell or buy bitcoin anywhere in the world. That too without any problem.
- You can invest long term in this because bitcoin is increasing in the record so far.
- In bitcoin, the government does not keep an eye on you.
So due to the absence of any government in bitcoin, some people also wrongly use it, like in black money or drugs. Bitcoin has some advantages and some disadvantages too.
What are the disadvantages of bitcoin?
- There is no Control Authority, Bank, or any Government in this, due to which its price keeps on increasing.
- If your Bitcoin account is hacked, then you cannot take back the bitcoin, and the government will not help you in any way.
Now you must have known what Bitcoin is. How and from where can we buy it. And what are the benefits of bitcoin, and what are the disadvantages of bitcoin?