Friends, as the world is becoming modern, everything is getting digitalized. And in this karma, as we used to have money which was in our hand or in the bank. Now money has also started getting digitalised. And bitcoin is a part of that karma. Didn't understand what happened!! Do not worry at all, in this entire article, we will know what is this bitcoin and when was it made, how does bitcoin work, how to buy bitcoin and many other information related to bitcoin.
In the last few years, there has been such a boom of bitcoin or other cryptocurrency that in today's time everyone wants to invest money in bitcoin. And what is wrong with it. Bitcoin has shown us such a miracle by itself.
Don't be surprised, but you will be surprised to know that if you had invested Rs. 100 in bitcoin 10 years ago and kept it till now, then today your Rs 100 bitcoin would be worth more than crores. Shocked, from 100 rs, crores of rupees would have been made. I know this information has increased your eagerness to know about bitcoin, so let's know what bitcoin is and how it works.
What is bitcoin?
Bitcoin is a Cryptocurrency which you can also call Digital Currency or Virtual Currency. No one has any control over it like it is on the currency of a country. It is made on blockchain technology in which all its transactions are recorded, it is a kind of Decentralized Currency which means that no authority or government can control it.
Bitcoin was launched in 2009. In fact, who launched it has not come to the fore till now. But it is said that Satoshi Nakamoto launched bitcoin. The main objective of the launch of Bitcoin was to reduce online transaction fees and improve online transactions, which the government of any country cannot control. Cryptography is used to make bitcoin even more secure.
Bitcoin does not have any physical existence. Meaning that you cannot see it physically, nor do you have it like the currency of your country, but it is safe in your digital wallets.
Every transaction that happens in it is absolutely safe because it is made on blockchain technology. The blockchain works in a way like a Ledger book, which contains all the transaction records of Cryptocurrency. And anyone can easily see it.
Whether there is demonetisation in any country or whatever, it doesn't affect anything, yes market up and down definitely happens. But even if there is demonetisation in any country, bitcoin transactions continue there.
Even if you do not have bitcoin physically, you can still track it easily and see what is the value of your coin and you can also buy and sell it easily. So now you must have understood to some extent what is bitcoin.
What is the use of bitcoin? how does bitcoin work
Bitcoin is mainly used for online transactions. As I already told you that no one has control over bitcoin, it is a kind of Decentralized Digital Currency, so its transaction is recorded on the blockchain which can be seen by anyone. In today's time, bitcoin is used a lot for transaction because it does not have to get confused in any way.
Easily anyone's Wallet Address by which bitcoin is sent and received. Just he has to give us the receiving address to the person in front from whomever bitcoin is to be received and after that the transaction gets done easily. In this, international transaction is also done in this way. Isn't it very easy? Because if you want to do international transaction through bank, then you have to face a lot of humiliation, which takes time, but you can do bitcoin transaction within 5 minutes sitting at home.
As the craze of cryptocurrency is increasing, bigger and bigger companies are starting to accept bitcoin as a payment method, due to which the value of bitcoin is increasing.
Because bitcoin or any cryptocurrency works in the same way, the more a cryptocurrency has a use case, the more its value increases.
Read Also - What is Cryptocurrency?
What is Bitcoin Wallet?
Actually all the cryptocurrencies are there in digital wallets. Similarly, when we buy bitcoin, it is found in our wallets. Now I will also explain to you how these wallets are made.
To buy bitcoin, we need exchanges like Binance, Wazirx and many more exchanges where Cryptocurrency is Buy and Sell. When we create our account on these Exchange which is very easy to create, just like creating an account on Instagram or any app or like creating an account on Paytm.
When the account is created, the same wallet is actually created and each cryptocurrency wallet has a different address. With the help of which it can be sent or received by anyone.
And similarly there is a bitcoin wallet in which bitcoins are kept. Whenever we buy bitcoin, we get bitcoin in the same wallet and when we sell, it is sold from the same wallet. When we have to receive bitcoin from other people, then we have to give this bitcoin receiving or deposit address and send it to the same address from which you get bitcoin.
How to use bitcoin
If you have read this article from the beginning, then you must have understood to some extent that how to use bitcoin for online transactions.
At the same time, bitcoin is also used by people to invest because it is going up very fast.
As I told you in the beginning that if you had bought 100 rupees bitcoin when bitcoin was launched in 2009, then the price of your 100 rupees bitcoin would have been crore rupees today. When bitcoin was launched, its price was about 6 paise, if you had bought 100 rupees, then lakhs of 1700 bitcoins would have been easily available, which is worth around 60 crores in today's time.
That is why people also use bitcoin as an investment.
How to buy bitcoin
Buying and selling bitcoin is both very easy. For this you have to use Crypto exchanges. As soon as you create your account in Crypto exchanges, which is very easy like signing up on any other apps. After that you have to do a kiss in which you have to verify the ID card.
Once the account is created, then you add money from your bank account to the exchanges, the option of which you get to see in the exchange itself. After that you can easily buy bitcoin. For this you can use Indian Exchanges.
Wazirx - This is an Indian crypto exchange where by creating an account you can directly add money from your bank account and then easily buy bitcoin or any other cryptocurrency. If you download the Wazirx App Installation App by clicking on this link, then you will get 100 rupees free crypto.
Is it safe to invest in bitcoin?
To tell the truth, investing in bitcoin is absolutely safe, but here the risk is very high, it does not mean that bitcoin will run away, but you have to take the risk if you want to invest in bitcoin, because the crypto market fluctuates a lot and Because of which there is a lot of damage. That is why it is said that only that much money should be invested in crypto which does not matter much if lost.
Is bitcoin legal in India?
So far bitcoin is not legal or illegal in India, but the Indian government is going to impose 30% tax on bitcoin, which has increased the possibility of becoming legal.
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