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KNOW ABOUT BITCOIN

KNOW ABOUT BITCOIN

Hey guys, today I will be sharing some information about BITCOINS. Here I will tell you what bitcoin is, how it was invented, how it works and what is the value of one bitcoin according to Indian rupees.


So to start with, let me tell what basically a bitcoin is. Bitcoin is a digital currency or you can say it is a form of cryptocurrency. Bitcoin is an innovative payment network and a new kind of money. Bitcoins use peer-to-peer technology to operate with no central authority or banks.

Bitcoins are operated by a decentralized authority. It has no central power. It promises lower transaction fees than the traditional online payment mechanism.

HISTORY OF BITCOINS

The domain name” Bitcoin.org”  was registered on 18th August 2008. It follows the ideas set out in a whitepaper by a mysterious person named SATOSHI NAKAMOTO. The person or group of persons who created this technology is still mysterious.

Bitcoin is a digital asset designed to work in peer to peer transactions as a currency. According to the Economist in January 2015, bitcoins have three qualities useful for a currency that is a store of value, a medium of exchange, and a unit of account. Bitcoins are hard to earn, limited in supply, and easy to verify. According to some Economist, bitcoins functions best as a medium of exchange. Some say that they are more a source of payment than a currency.

HOW DOES BITCOIN WORK?

Bitcoins are like an online version of cash. You can use it to buy products and services. Each bitcoin is basically a computer file which is stored in a digital wallet app on a smartphone or a computer. People can send bitcoins to your digital wallet and you can also send bitcoins to other people’s wallets. There are no physical bitcoins, only the balances are kept on a public ledger so that everyone has transparent access to them. Every single transaction related to bitcoins is recorded in a public list called BLOCKCHAINS.

This is done to trace the history of bitcoins to avoid the misuse of bitcoins and to prevent people from sending those bitcoins which they do not own by themselves.

HOW BITCOINS ARE CREATED OR MINING OF BITCOINS

People compete to mine bitcoins using computers to solve the complex math puzzle. These computers are made to work out incredibly difficult sums and then they are rewarded with a bitcoin. The mining of bitcoins requires very powerful computers. People set up these types of computers to get bitcoins.

You can buy bitcoins using real money or you can sell things and let the people pay you with bitcoin.

BITCOIN WALLET

Bitcoins are stored in a digital wallet that either exists in the cloud or on a user’s computer. The wallet is a kind of virtual bank account that allows the user to send or receive bitcoins, pay for good and to save the money. Unlike bank accounts, they are not insured by FDIC.

VALUE OF BITCOIN IN INDIA

1 Bitcoin equals to 7,19,871.89 Indian Rupees

FUTURE OF BITCOIN

The future of bitcoins is uncertain. No one knows what will happen to bitcoins in the future. Whether it will become a success or a failure, it is totally uncertain. It is mostly unregulated, but some countries like China, Japan, Australia, etc. have begun to weigh regulations on them. The government is also concerned about the taxation and lack of control over the currency. According to some experts, as the world is becoming more and more digitalized, bitcoins can hold great value in the future.

 

 


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