Today's Coins Can topic is "What is Bitcoin in details"
We can only store Bitcoin in an online wallet. Bitcoin was invented by Satoshi Nakamoto in 2009 and has been growing in popularity ever since. Bitcoin is a decentralized currency, meaning there is no bank or authority or government to control it, meaning no one owns it.
Anyone can use Bitcoin as we all use the internet and have no owner, so does Bitcoin.
Why is Bitcoin used?
We can use Bitcoin to make online payments or make any kind of transaction. Bitcoin works on a peer-to-peer network basis which means people can easily transact with each other directly through any bank, credit card, or company.
Bitcoin is considered to be the fastest and most efficient to use in transactions. Many online developers, entrepreneurs, non-profit organizations, etc. are now accepting Bitcoin and for this reason, Bitcoin is being used for global payments all over the world.
As we transact online using other currencies, we need to follow the bank's payment process, then we will be able to make the payment and the account of every transaction made by us will be present in our bank account so that it can be traced. Where and how much money has been spent, but no one owns Bitcoin, so transactions with it are recorded in a public ledger (account) called Bitcoin "blockchain".
There, details of all transactions made with Bitcoin are stored and proof of whether the same blockchain transaction has taken place.
Today's rate of Bitcoin
Bitcoin is worth about, 11,855 today, which means a bitcoin is worth, 8,85,000. Its value tends to be more or less because it has no authority to control, so its value varies according to demand.
What is a Bitcoin wallet?
We can only store bitcoin electronically and we need a bitcoin wallet to hold it. There are many types of Bitcoin wallets such as desktop wallets, mobile wallets, online / web-based wallets, hardware wallets, using one of these wallets, we need to create an account in it.
This wallet gives us a unique ID in the form of an address, such as if you earned Bitcoin from somewhere and you need to save it in your account, then you will need that address there and with it, you can transfer Bitcoin to your account. You can keep it in your wallet.
In addition, if you want to buy or sell bitcoin, you need a bitcoin wallet, and after that, you can transfer the money you receive in exchange for the bitcoin you sell, to your bank account via bitcoin wallet.
How to earn bitcoin?
We can earn bitcoin in three ways. Here we have given complete information on how to create a bitcoin account.
1. The first way is if you have money, you can buy a bitcoin directly by paying 999. Not only that, if you want to buy Bitcoin, you have to pay the full $ 999, you can buy the smallest unit of Bitcoin "Satoshi" if you want.
Just as we have 100 paise for 1 rupee in India, there are 100 million satoshis in 1 bitcoin, so if you want, you can buy a small amount of bitcoin satoshi and gradually deposit 1 or more bitcoins. When you have Bitcoin and its price goes up, you can make more money by selling it.
2. Another way is that if you sell a product to someone online and if that buyer has Bitcoin, you will buy Bitcoin for money, in that case, you will sell those products to them and you will also get Bitcoin which will be stored in your Bitcoin wallet.
If you want, you can make a profit by selling that bitcoin to another person at a higher price.
3. The third way is bitcoin mining. For this, we will need a computer with high-speed processor whose hardware should also be good. We only use Bitcoin for online payments and when someone pays with Bitcoin the transaction is verified.
Those who verify them, we call them mines and those mines have high-performance computers and GPUs and they verify transactions through them. They verify that the transaction is correct or that there has been any manipulation. Instead of this verification, they get some bitcoin as a reward, and thus new bitcoin comes on the market.
Anyone can do this, they need a computer with a high-speed processor, which is not in everyone's budget to buy.
Each country has a limit of one currency per year that you can print so many notes per year, similarly, Bitcoin has some limitations and no more than 21 million bitcoins can enter the market. That is, the Bitcoin limit is only 21 million, more than that Bitcoin will never be available.
Speaking of which, about 13 million bitcoins have come into the market and new bitcoins will now come through mining.
What are the benefits of using Bitcoin?
1. Your transaction fees here are much lower than paying by credit card and debit card.
2. You can send Bitcoin anywhere in the world and anytime without any hassle.
3. There is no Bitcoin account block here, as sometimes the bank blocks our credit or debit card for some reason, then that problem does not occur here.
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5. If the Bitcoin transaction process is not monitored by any government or authority, then there are many people who use it in the wrong way, then it is beneficial for them.
What are the disadvantages of using Bitcoin?
1. There is no authority, bank, or government to control Bitcoin, so for this reason, the price of Bitcoin fluctuates a lot, then it becomes a bit risky.
2. If your account is ever hacked you will lose all your bitcoin and it will not be returned, no one will be able to help you.
How to buy bitcoin?
You can buy bitcoin like gold, also in Indian currency. So let us know that there are websites in India from where we can easily buy bitcoin, also in our own currency.
Here on these websites, you can easily see their fair price, also in real-time. If you need detailed information on how to buy Bitcoin, read here.
1. Wazirx
2. Unocoin
3. Jebpe
1. Wazirx
Wajirox is currently the most preferred and most widely used cryptocurrency exchange in India. With this, anyone can easily buy and sell cryptocurrencies. At the same time, its UI is very nice and intuitive to use. At the same time, you will see many new features in it.
Features:
1. Accessible across platforms - You can access the WazirX Trading Platform on many different platforms. Be it web, Android smartphone, Apple iOS mobile, Windows, and Mac system.
2. Cryptocurrency Range - This allows you to trade around 100+ cryptocurrencies with USDT. USDT is actually a Tether USD currency supported by 1: 1 USD.
3. Speed Transactions - Their platform is very stable and has the capability to easily handle billions of rupees in transactions.
How to buy
If you want to buy Bitcoin or any other cryptocurrency, you can do so by visiting the WizRix website.
2. Unocoin
Unocoin is a very friendly website that anyone can use. This will allow you to easily buy and sell Bitcoin. Unocoin has many features that set it apart from others.
Features:
1. Zero% Fee - Unocoin customers do not charge a fee for accepting Bitcoin as a payment method
2. Easy Merger - You can easily integrate your business with Unocoin.
3. 0% risk of volatility - If the price of Bitcoin fluctuates, you can keep Bitcoin or you can sell it immediately.
4. No chargeback - If you use Unocoin you will not have to pay back any charges.
5. OTC Trading (Counter Over)
6. Bitcoin Auto Sale
7. Netki - You can create your own bitcoin address that anyone can read
8. 2 step authentication for more security
How to buy
If you want to buy Bitcoin, you can do so by visiting Unicoin's website.
Note: If you want a referral code, be sure to use "U-124697" so that you can easily get Rs. 200 / - bitcoin.
3. ZebPay
Zebpay is a very user-friendly website from which you can easily buy bitcoin. Zebpay has access to many vendors so it offers more benefits.
Features:
1. You can also fill up top-up on your mobile and DTH with Bitcoin.
2. You can buy vouchers from Amazon, Flipkart, and MakeMyTrip so you can save up to 10%.
3. The fastest way you can buy Bitcoin.
4. It is very safe.
5. The lowest price in the market.
6. You can also buy from mobile using the app.
How to buy
If you want to buy Bitcoin, you can buy it by going to JebPay's Android application.
