Bitcoin

What is Bitcoin ?

Different countries have different currencies. Just like India's Rupee Rupee and Dollar of America, so Bitcoin is also a type of currency but this currency is slightly different from other currency. Bitcoin is a Digital Currency or Cryptocurrency which is based on open-source software. We can not see or touch it, it is only kept in digital mode i.e. in digital wallet. This currency is based on computer networking only. In other words, if bitcoin currency is traded through fixed computer network, then say.

You can use this currency for online purchases and other transactions. The most special thing of this currency is that Bitcoin is not an open source technology or independent currency and there is no control over any person, organization or country etc. This means that there is no owner of this currency. And even then the person who invented Bitcoin, that person is also not fully aware of anyone. This digital currency is operating automatically without any controlling institution.

How Bitcoin Works ?

If we have to send money to another person, we will have to send it through the bank and the Reserve Bank of India and the Indian government control the currency of Rupee. But bitcoin is a decentralized currency that no bank or government controls. Bitcoin Technology is a technology based on "Peer to Peer Network", due to which you can transact without any bank or authority directly to any person.

Just as there is a bank account, there are digital bitcoin wallet for transactions in Bitcoin and the way the bank account number is the Wallet address of bitcoin 27 To 24 alphanumeric character, using which we send bitcoin to any person Or receive. All transactions in the Bitcoin system are encrypted, so this is a safe system.

Blockchain & Mining

If we use Physical Currency, then we follow the bank's payment process, then we can do the transaction of currency, where the amount of money sent to the person's account, the statment of us or the transaction Has been available in his account. In the same way all transactions made with Bitcoin are recorded in a public digital account called Bitcoin blockchain. All types of bitcoin transactions are recorded in Public Blockchain and the process of keeping this blockchain updated and safe is called bitcoin mining. The trained and experienced people of software fields, called bitcoin miners, keep this blockchain updated and secure, in return for which they have some bitcoin. In this way bitcoin technology works automatically without any controling authority.

The number of total bitcoin created in the world is already fixed and will not become bitcoin more. People who are currently bitecoin around the world do different types of transactions and some new bitcoins are created which blockchain people get updates and bitcoin miners.

Who invented Bitcoin?

Bitcoin was invented by Satoshi Nakamamoto, a programmer (software engineer) on January 3, 2009. However, no one has even a strong knowledge of Bitcoin's real inventor "Satoshi Nakamoto". The purpose of making bitcoin in the beginning was not to change it as a "currency" as but it was to prove that the transaction of money is also possible without any bank or third party. But later it took the form of a "digital currency".

Importance & use of Bitcoin

Bitcoin is the fastest, safe and cheap way to make any type of transaction. Most of its usage is used to send money from one country to another. Generally it takes a lot of time to send money from any country to another country and banks charge fees up to 10%. Apart from this, there are many rules and regulations from different countries. But in a second you can send bitcoin to any person sitting in any of the world in the world and its fees are also minor. All transactions are encrypted so this is a safe way.

Apart from this, its use has been growing continuously in other areas such as online shopping.
How Price of Bitcoin changes
Today bitcoin is being used for different purposes and no person can buy or sell bitcoin online. Like other currency, the price of Bitcoin also fluctuates. The numbers of total bitcoin in the world are predetermined and hence there is no control over any organization, so there is a lot of ups and downs in the price of bitcoin. Like any other market, Bitcoin's market is also based on demand-supply, and due to this bitcoin prices are less. There are lots of bitcoins in exchange where bitcoin trade is done.