What is bitcoin? : Bitcoin is a virtual currency. It is such a currency that no one can see it, it is found in virtual form. It is kept secure in electronic form. Its trend has increased tremendously in the last few years. You can buy it like any other currency like Dollar, Rupee, Krona, Dinar etc. Let us know in detail in this blog what is Bitcoin.
What is bitcoin?
Before knowing what bitcoin is, know that bitcoin is an English word ‘Crypto’, which means secret. Bitcoin works based on the laws of cryptography. Cryptography means the art of solving coding language. Save bitcoins in bitcoin wallet. This is what we use 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 by Satoshi Nakamoto in 2008 but was launched as open source software in 2009. Its smallest unit is Satoshi, 1 Bitcoin = 100 million satoshis. Satoshi Nakamoto is called the founder of bitcoin.
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 Just like we do transactions in the bank, we can find out who has paid. But bitcoin is not recorded in the public ledger. It cannot be tracked when an exchange is taking place between two persons. Its record can be seen only twice, once when someone has bought it and the second time when someone is selling it.
How to do business in Bitcoin?
Bitcoin is stored in a digital wallet. Its price is not the same everywhere. Its price is volatile, 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 first create an account. After email confirmation and account verification, you have to select the trading method. There is a bitcoin trading cart for trading, it contains the records of the price of bitcoins.
Currently the price of 1 bitcoin in India is INR 32.81 Lakh. There is no control over its authority, so its prices keep on increasing and decreasing almost daily according to the market.
What is a bitcoin wallet?
We can only store bitcoin electronically and to keep it a bitcoin wallet is required. There are many types like desktop wallet, mobile wallet, online/web-based wallet, hardware wallet, using one of these wallets we have to create an account in it. This wallet gives us a unique ID in the form of an address, as if you have earned Bitcoin from somewhere and you have to store it in your account, then you will need that address there and with the help of that you can transfer Bitcoin to your account. Can keep in wallet.
What is a bitcoin miner?
There is a limit on printing currency currency notes in all countries, in the same way there are limits on making Bitcoin. Limitations are that bitcoins cannot exceed 21 million (2.10 crores) in the market. At present, it is close to 13 million (1.30 crores) 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. These computers verify bitcoin transactions.