WHAT IS BITCOIN?

WHAT IS BITCOIN

Here in this article we will try to cover each and every information in detail about Bitcoin like what is Bitcoin, how does it work and one Bitcoin is equal to how much Rupee. So be with us read the complete article carefully we will try to answer you’re your doubts here.

So basically Bitcoin is a type of digital currency or cryptocurrency. Now many people will ask what is cryptocurrency so it is a kind of digital currency or digital asset which we can use to buy anything or any services electronically. It works on Peer to Peer electronic system. We use it through Internet. Now back to Bitcoin so it is a form of electronic cash. Hence it is digital currency so it does not have any type of central bank or any authority to control it. It is type of open source system.

Bitcoin was initially released in January 2009. The founder of Bitcoin was Satoshi Nakamoto. Bitcoin is also known as virtual currency. Safety wise Bitcoin is very good, when the transactions are made it goes through 16 character encrypted address. This address can’t be accessed by anyone only it can be accessed by the owner of the address to which the transaction has been made. We can use Bitcoin anytime anywhere like to do any type of transactions or online payments. It works on Peer to Peer network it means users are not directly connected to each other by any bank or credit card. You can do transactions directly to each other. Bitcoin offers faster transactions. Peoples f each and every field are using Bitcoin for daily transactions.

Like when using other currencies and doing transactions then we must have to follow the basic processes and then after the payment has made. Each and every details of that transactions are available in our account like when we does transactions and to whom etc. but on Bitcoin this all does not happen because nobody controls Bitcoin so when we do transactions using Bitcoin it is stored or recorded on one public ledger record which is known as Bitcoin “blockchain”. All the details of the transactions stores only here so the blockchain is the only prove of transactions occurred or not. At current if we talk about the value of one Bitcoin so till the date 1 Bitcoin is equal to 4,68,436.98 Indian Rupee. This value is not permanent this may change time to time like sometimes it may increase or sometimes it may decrease because no one has control on it so its value will depend on the demand and according to it changes may occur to value.

We can store bitcoin only electronically so for this we need a wallet and a wallet which is used known as Bitcoin wallet. There are many types of Bitcoin wallets and they are desktop wallet, mobile wallet and web based wallet. You can use anyone wallet from this. Firstly you have to create account on it and this wallet will give you unique id as your address. This address is essential because when you earn Bitcoin you will store it to wallet and when you want to sell or buy Bitcoin so address is much needed. When you earn form Bitcoin so you can also transfer that money directly to your bank account from the Bitcoin wallet easily. Transaction fee of Bitcoin is very much low as compared to credit and debit card. You can send Bitcoin anytime anywhere in the world. Bitcoin’s account never be blocked. Bitcoin is very beneficial for the long term investment. No authority or government monitor on the process of the Bitcoin transaction.

So here we have provided all the detailed information about Bitcoin hope you like the article.

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