Bitcoin is a digital currency that was created in January 2009. Bitcoin falls under the scope of cryptocurrency and is the most valuable among them. In simple words, it is a computer file that is stored in a digital wallet app on your smartphone or computer.
Bitcoin was invented by Satoshi Nakamoto in 2008 and launched in 2009. It's like an online version of cash. You can use it to buy products and services, but many countries don't accept Bitcoin and some countries have banned Bitcoin.
How Bitcoin works?
The Bitcoin that you send to someone or sent to you from someone else; When they sent to you, the address that they sent it from was registered on the bitcoin blockchain when you send that bitcoin to someone else, your wallet creates a transaction output, which is the address of the person you're sending the Bitcoin. Every single transaction is recorded in a public list called the blockchain.
Advantages of Bitcoin:
1) No intermediary required between transactions.
2) Fewer changes because there is no intermediary.
3)No geographical barrier in it.
4)It is very fast in transactions.
Disadvantages of Bitcoin:
1)Transactions are irreversible means if a wrong transaction is made you cannot ask for the money back.
2)Sender and receiver identity is hidden, it is used for a lot of illegal activities through the internet.
Bitcoin Facts You Probably Didn’t Know:
1)Bitcoin is a cryptocurrency. Cryptocurrency is a virtual currency that is not controlled by the government or anyone in any country. It uses cryptography to make it very secure and therefore difficult to copy.
2)Bitcoin is considered the world's first cryptocurrency. It was created by an unknown person or group named Satoshi Nakamoto. After its release, many people started trading.
3)Bitcoin was created in 2008 and released in 2009. In the late 1990s, the Internet organization Cyberpunk discussed the concept of cryptocurrency.
4)The creator of Bitcoin, Satoshi Nakamoto, is considered to have more than 1 million Bitcoins, whether it is a group of people or individuals, and the current value is more than $ 3B, its value will increase in the future.
5)You can know how often the entire chain uses Bitcoin, who has used Bitcoin, or how many users have been created through it, so it is almost impossible to create fake Bitcoins.
6)The good thing about Bitcoin is that it is limited. This means that only 21b bitcoins can be mined in the world, and will never exceed this amount.
7)Bitcoin was mined, but how to mine Bitcoin? It is a process of using computer programs to solve mathematical problems, in which Bitcoin is found as a reward. This is the process of Bitcoin mining. Although it was a difficult process, people do it, mining an average of 3,600 new bitcoins per day.
8)In 2013, a company called Bitmain was established. Its job is to mine Bitcoin. In 2017, the company made a profit of 2.5 billion US dollars.
9)The value of bitcoin has increased 5 lakh times in just 11 to 12 years.
10)Satoshi is the smallest unit of Bitcoin currency.
1 Satoshi Nakamoto = 0.00000001 BTC.
11)Currently, only 1/3 of all the bitcoins in the world are being used as currency to buy things, the rest of the bitcoins have been lying around since then.
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FAQ
Cryptocurrency legal or illegal in India?
Yes, Cryptocurrency is legal in India. Trading in cryptocurrencies is legal in India, but cryptocurrency is an illegal tender of money in India. It means we cannot buy products and services in India through Bitcoin. we will have to pay Indian rupees for any products. We can buy Bitcoin in India, but we cannot use it to buy products or services, it is illegal to buy in India.
What is Blockchain?
Blockchain is a combination of block & chain. Block means a database that stores a lot of information in it. Every single transaction is stored in the block and when one block fills, then it will store in another block and the process continues. All the blocks linked together are known as chains. We cannot delete the blocks and the blockchain is immutable.
Price of Bitcoin in 2009?
Bitcoin has seen a lot of action within its short timeline. In 2010, a cryptocurrency named Bitcoin was launched. The first prize happened in July 2010, when the value of a single. Bitcoin was only $0.08. In December 2017, it touched $19000 for one Bitcoin then it went down and touched almost $4000 for one Bitcoin in march 2020. Today, one bitcoin price in India is almost $56000.
$56000=42 lakhs in Indian Rupee.
Is Bitcoin secure?
It is possible that you can lose your Bitcoin wallet or Bitcoin password. If you forgot your password, you can lose your bitcoins forever. The value of Bitcoin has gone up and down over the years since it was created. Some people don't think it is safe to put real money into Bitcoin.
Should you invest in Bitcoin or not?
Cryptocurrency will perform well in the future, but which cryptocurrency will perform better that no one knows. In Bitcoin, you can buy a fraction of it. If you have surplus money you should think of it and we suggest you ask your financial advisor.
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