What is bitcoin and which country’s currency is it?

A currency that is being adopted at a very fast pace around the world, but there are many questions in the minds of many people, that is why through today’s article, we will tell what is bitcoin and which country’s currency is it?

Bitcoin is a cryptocurrency also known as electronic cash. It is a kind of virtual or digital currency. We can neither see nor touch this currency because it is not in physical form (notes or coins). Who doesn’t want to be rich? Everyone wants to earn and accumulate good money. Many people are such that they want to become a rich man by doing a little work.

In ways to earn money online, we often hear about the currency bitcoin, but very few people know about it. Many such questions arise which are related to this. If you want to know the answer to such questions then you are at the right place. Because in today’s post I will answer all these questions to you. I will also give you information related to how to earn this currency here. Apart from this, you will know how to buy and sell it.

What is Bitcoin?

You must know about the share market. This runs the whole economy, no matter what country it is, where people earn money by investing money. As the world is becoming digital, people have also started working online.

Nowadays there are many ways to earn money from the internet, one of which is investing in bitcoin. You may have heard the name of this currency and even if you have not heard it, then here I will share every information related to it with you.

The currencies I use like Rupee, Dollar, Yen, all these currencies are also in physical form. This digital currency is just the reverse of the regular currency. We cannot keep this by storing it in our home or wallet. There are online digital wallets to store it.

It is a decentralized currency which means that it has no owner. Neither it is controlled by any government or any authority. It has no administrator. It is open source, anyone can use it. You can convert this currency to the currency of your country.

This currency was invented by Satoshi Nakamoto in 2009. It has strengthened its hold in the whole world in a very short time. Its popularity is increasing day by day.

Companies like Dell, Expedia, Paypal and Microsoft also accept this currency in every part of the world.

How does Bitcoin work?

Using this currency, we can make online payment for any kind of service online. As I have already said, it is now used by big companies in every part of the world. So now let’s understand how it works after all.

Bitcoin is based on a peer-to-peer network, and it works on this basis. This means that one user can send this digital currency directly to another user. There is no need for any medium in between. If you still do not understand, then I will give you a simple example for this.

You often do mobile recharge and online transactions. So in this, either you must be using a bank account or using a mobile payment gateway. But you can send the currency directly to your friend without using any mediator. It is being used as global payment all over the world.

It is becoming popular day by day among the people. To buy any service online, now its payment option has also been enabled everywhere. That is, when you go to make online payment, you will see credit card, debit card, wallet, paytm in the payment option, in the same way there is an option of BTC in many places.

It is open source, then how is its transaction history known?

For this it uses “Blockchain Technology”. Blockchain stores a record of every data exchange. Each record is stored as a “ledger” and each transaction is stored as blocks inside the ledger.

What is a Bitcoin wallet?

You know about BTC, which is a digital currency. Which we can store and keep online only. The online location you use to store it is called Bitcoin Wallet. This wallet is a kind of software program. Every bitcoin address stored in a person’s wallet has a private key (secret number).

An account has to be created to use this wallet. On creating an account, a unique ID is given which defines the address of the wallet. Where we can send and receive it. Now using this wallet you can buy goods and services by paying in the form of BTC.

Along with this, you can also transfer your money to your bank account by selling it. There are mainly 4 types of wallets: Desktop, Mobile, Web and Hardware.

What is Satoshi?

The smallest part of this currency is called Satoshi. It is named after Satoshi Nakamoto, why he invented this currency. 10 crore satoshi = 1 BTC. We call bitcoin itself BTC in short form. In this way you must have understood how many Satoshi are in 1BTC. At the same time, it has also been understood that satoshi is the smallest unit of this currency.

How to earn Bitcoin?

There are many ways to earn it but you can use whatever you like according to your convenience. Here I am telling you 4 methods by which you can earn this currency.

By accepting as payment:

The best and easiest way to earn bitcoin from my point of view is to accept it as payment. If you are selling or giving service to someone and he has BTC, then tell him that he should pay you only BTC.

In this way BTC will continue to be stored in your wallet and its value will also increase. Along with this, you can also use it to pay or you can earn money by selling it.

By completing the online task of the website:

There are many such websites online that pay you free BTC after completing the task. Often such websites give you BTC in small amounts just for visiting.

Earn bitcoin by mining:

Bitcoin mining is a process in which new bitcoins are generated. High Performance Computers are used for mining. It adds bitcoin transactions to the blockchain. Blockchain means public ledger where all bitcoin transactions are stored.

Along with this, it also searches for new blocks. A block is a file that contains the most recent transaction records. When your computer discovers a new block, you are given some BTC.

Buy and Sell BTC:

If I say that the easiest way to earn money from BTC is that you buy it by investing your own money. After that leave it for some time. Its value keeps increasing in the market. When you find it profitable, then sell it at that price. This is exactly the same way as buying and selling land.

If you want, buy it in a small amount, i.e. satoshi. There are 100 million satoshi in 1 BTC. Because right now the price of this is very high, that’s why it is better that you buy satoshi only and wait for its price to increase.

Current Value of BTC:

By the way, the value of this currency is not fixed. But the current value is 516864.89 Rs. Is. You can know this by going to Google and knowing the current value in the following way

How to buy Bitcoin?

Buying and selling bitcoin is not a difficult task. If you have ever done any online transaction or online payment, then you can buy it very easily. You can use the website and mobile app to buy and sell this currency in India. 

There are 2 very popular companies that buy and sell this currency in India:

  • Zebpay.com
  • Unocoin.com

You can easily buy and sell BTC from both these companies. Here I will tell you how to buy it. For this you have to create an account and then you can buy it by following the steps.

Create a new account?

You can create a new account by going to any one of the above mentioned. This registration process is also the same as the regular registration process. Signup the account by entering your mobile number.

Upload document for KYC:

After this you will have to upload your documents for KYC. For this, you have to select which document you want to upload for KYC.

After uploading an Aadhar card, PAN card or any other document, submit it. You will get a verification mail that your account has been activated.

Enter bank details:

After the account is activated, you can add your bank account details to make payment. So that you can buy it anytime. For this, you will have to deposit money from your bank in this account, only then you will be able to buy BTC.

Buy and Sell Bitcoin:

As you deposit your money from your bank account to this new account, you can buy BTC anytime. After loading money you can convert it to BTC. And then you can buy it from Buy Bitcoin.

How and where to sell Bitcoins?

If you want to sell yours, which you have bought earlier, then you do not need to go anywhere else for this. You can sell it very easily from the website where you have bought it. There you will get the option of Sell Bitcoin from which you can sell it. ,

You can deposit it in your bank account by withdrawing after selling. Your money will be sent to your account within 2-3 days

So in this way you can easily sell your purchased BTC anytime.

Benefits of using Bitcoin:-

  • The transaction fee is very less as compared to credit and debit cards.
  • You can use it anywhere and anytime worldwide.
  • This is a long-term investment.
  • There is no government authority on this, so many people take advantage of it.
  • This is not a trackable currency.
  • Disadvantages of using bitcoin
  • When you do a transaction, it is an irreversible process that no one can reverse.
  • There is no government control on this currency. Its price keeps on increasing, so in a way it is also risky.
  • Bad people want that somehow they can access any BTC account, in such a situation there is also a risk of stealing all the currency. Once stolen, there is no one to take responsibility for it.
  • future of bitcoin
  • If we talk about India, even today people here know a lot about the share market. So the news of bitcoin has spread somewhat through the news and the internet.

Due to the recent boom in the price of bitcoin, people have got to know a lot about it. The Indian government does not want the trend of cryptocurrency to increase here.

Because of bitcoin and other currencies, many such things are done which the government does not want and this is the reason that the number of people who are trading on bitcoin in India is estimated to be around 20 million.

Which country’s currency is bitcoin?

The person who created bitcoin is from Japan. But mainly this currency does not belong to any one country because it is a digital currency and at the same time it is a decentralized currency, which is not controlled by any country in the world. Which means that any person can buy and sell this currency.

Who owns bitcoin?

The owner of bitcoin is Satoshi Nakamoto.

In short:

Investing in bitcoin is such a way to earn money which is not very popular in India right now, but if everyone becomes aware of it in future, then everyone will start taking interest in it to earn money.

In this post you also learned how to earn bitcoin and how to invest in it. You have also come to know about its advantages and disadvantages.

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