What is bitcoin? How to earn bitcoin? What is the value of Bitcoin, who discovered Bitcoin, and how transactions are done with Bitcoin? You will give information about this today through this blog.
Bitcoin is a currency of the Internet. This currency is quite different from other currencies such as pond, rupee, dollar and is used for transactions on the Internet in many countries. However, very few people in India still know about this currency. And still, our country’s government has not given it official approval, yet the people of this country continue to transact through this currency. So let’s know what Bitcoin is?
What is bitcoin?
Bitcoin is a virtual currency of the internet created in 2009 by an unknown person using the name Satoshi Nakamoto. As told that Bitcoin is a digital currency type, we can neither keep it in our pocket nor deposit it in any bank. Bitcoin transactions can be done only through the internet, and an online wallet is required to deposit bitcoins only.
Bitcoin is an open-source currency that any person can use; this currency is like a point that we can convert according to our country’s currency.Bitcoin is a virtual currency of the internet created in 2009 by an unknown person using the name Satoshi Nakamoto. As told that Bitcoin is a digital currency type, we can neither keep it in our pocket nor deposit it in any bank.
Bitcoin transactions can be done only through the internet, and an online wallet is required to deposit bitcoins only. Bitcoin is an open-source currency that any person can use; this currency is like a point that we can convert according to our country’s currency.
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How much is a bitcoin price:
The price of bitcoin depends on its demand. Currently, a bitcoin’s price is 47,131 US Dollar, i.e., 3435636.99 Indian Rupee, i.e., around Three Million Four Hundred Thirty-Five Thousand Six Hundred Thirty-Six. (as of date- 08/02/2021)
How is the price of bitcoin determined?
As already mentioned, bitcoin is an open-source currency; that is, no one officially owns this currency, so the pricing of bitcoin depends on its demand and supply. When the demand for bitcoins increases, the prices also increase, and when the demand falls, so does the price. Although the Bitcoin market is relatively small, it does not require much money to move the market price up or down.
Is Bitcoin legal
The validity of bitcoin depends on where you are located. Bitcoin was legalized as a formal payment method in Japan this year and maybe formally validated in India. However, it operates somewhat in a gray zone in most countries with no official Bitcoin restrictions or approval.
How to earn bitcoin
There are many ways to earn bitcoin, some of which I am telling you. By following which, you can know how to earn Bitcoin?
1. You can earn Bitcoin by buying Bitcoin
The first way is that you can buy it directly. And for this, you have to give the entire amount together. Bitcoin is also a full currency such that the rupee is 100 paise for 1 rupee. Similarly, there are 10 crore Satoshi in 1 bitcoin. You can buy as many Satoshi or bitcoins. For this, you have to pay the current price of bitcoin.
2. Earn Free Bitcoin by completing tasks on websites
There is also some website that makes you do some tasks and, in return, gives you some Satoshi. These tasks include watching advertisements, watching or liking a video, or visiting a website. In return for which you get a small unit of bitcoin, Satoshi, which you can transfer to your bitcoin wallet whenever you want.
3. Earned by mining bitcoins
There is another way to earn bitcoin, which is called bitcoin mining. Bitcoin mining is a process by which new bitcoins are generated. Bitcoin mining will require some things like a computer with a high-speed processer, electricity, and internet.
Now know how to do mining? Whenever a user conducts an online transaction using bitcoin on the internet, payment has to be verified; this process is called Bitcoin mining. In return for which we get some commission, which is part of the transaction, we get some satoshi or bitcoins. For this, we need an excellent quality computer with a high-speed processer. This type of computer is also costly.
What are the advantages of Bitcoin?
- There are many benefits of bitcoin, such as some people sell it when the bitcoin rate increases, and they earn a lot of money in return. However, it is expected that according to the way the trend of bitcoin is increasing, according to this, by 2022, the price of one bitcoin can reach 50 lakh rupees.
- Its most significant advantage is the freedom of payment – just as it is an independent currency and does not come under the jurisdiction of any bank. Therefore it is possible to send and receive any amount of money instantly anywhere in the world. There is no bank holiday or limit on this. On Bitcoin, users have complete control over their money.
- There is currently no fee for transacting with Bitcoin, and even if there is a fee for a product, or service, in a tiny percentage. Transactions with Bitcoin cost a much lower fee than other Paypal or Credit Card.
What is the disadvantage of bitcoin?
- Many people are still unaware of Bitcoin. And those people do not accept transactions with bitcoins.
- Bitcoin is still not fully developed, yet new tools and services are being worked on to make Bitcoin more secure and easier for the common people.
- Another disadvantage Bitcoin has is its price volatility.
Bitcoin is a cryptocurrency that is decentralized and allows users to transact semi-anonymously. Unlike other currencies, which have an unlimited supply, bitcoin is finite, and mining is an intensive process. Because no authority or institution governs the currency, it is an attractive option for those who want to avoid banks and ensure that anyone brings the currency.
As bitcoin continues to go mainstream, cryptocurrency will be accepted by more merchants as time progresses.