What Is Bitcoin? , BitCoin Cryptocurrency Explained

What Is Bitcoin In Blockchain

To Understand BITCOIN, First Understand This, Then It Will Be Very Easy To Understand.

In Very Old Times, Transactions Were Done Through The Barter System, That Is, Things Were Given in Exchange For Taking Things.

Then Came The Very Old Age. Transactions in This Were Done Through Gold And Silver Coins.

Then Came The Old Times And Things Got A Little Advanced… Now The Transactions Were Done Through Aluminum Coins And Paper Notes.

After This Came The Modern Era, In Which Tools Like Online Wallets And UPI Were Used For Transactions.

Now Many Of You Will Feel That We Are Living In The Modern Era… But It Is Not So!

Also Read – Cryptos: Bitcoin at $16711, Ethereum Down 10.5% In One Week

At Present, The Era In Which We Are Living Is Not Just Modern But The Era Of ULTRA PRO MAX MODERN TECHNOLOGY and Here Transactions Are Being Done Through Cryptographic Technology, Which Is Being Called CryptoCurrency .

Bitcoin Is Also A Type Of Cryptocurrency That Is The “backbone” Of New-age Transactions. Let’s Meet Bitcoin, A Little More Closely.

Also Read – RBI Digital Rupee: Country’s First Digital Currency launch on November 1, Know RBI’s New Plan

1. What is bitcoin?

Bitcoin Is A Virtual Currency Based On Blockchain Technology And Which Is Not Controlled By Any Government.

Firstly, We Are Calling Bitcoin As Virtual Currency Because We Cannot Keep It In Our Hands Like Coins And Notes.

Second We Are Saying That It Works On Blockchain Technology… What Does That Mean? This Means That The Technology It Works On Stores Data In The Form Of Blocks… This Is A Big Topic In Itself So Go Here To Know More About It .

Thirdly, We Are Saying That No Government (neither of india, nor of Pakistan nor of America) Has Any Kind Of Control Over This Virtual Currency. That Is, Bitcoin Is An Independent Authority In Itself.

Also Read – Cyprocurrency: Rs. Cryptocurrency Theft Worth 24 Thousand Crores: The Work Of The Hackers There: The Biggest Hacking In History!

Why The Name Bitcoin?

In Computer Language, Bit Means Very Small Storage Unit… And We All Know That Coin Means Money.

So In This Way We Can Understand That Bitcoin Is Such A Currency Which Can Be Stored Even In Very Less Storage In The Computer. That’s Why Bitcoin Is Given Such A Name.

2. How Does Bitcoin Work?

Bitcoin Works On A Much More Modern Technology Called “ BlockChain ”.

Blockchain Technology Is Based On Cryptography, So It Is Considered Very Secure. This Is Also One Of The Reasons Why Bitcoin Has Become So Popular.

In Blockchain Technology, Many Blocks Are Made To Keep Information Related To Bitcoin, in Which A Lot Of Information About Bitcoin (Such As Who Had This Bitcoin Earlier, Where It Was Made, On How Many Days, Where This Bitcoin Was Transferred) Is Stored. Is.

These Blocks Are In Large Numbers, And Are Interconnected With Each Other. This Is The Reason Why The Technology On Which Bitcoin Works Is Called BLOCKCHAIN.

Whenever There Is A Transaction Of Bitcoin, A New Block Is Automatically Created For It And All The Necessary Information Related To That Transaction Is Stored In That Block. A Bitcoin Can Have Thousands Of Such Transactions, Due To Which The Number Of Blocks In It Becomes Very High And A Chain Of Blocks is Formed, Which Is Why The Technology On Which Bitcoin Works Is Called Blockchain.

Non-fungible Tokens (NFTs) And Other Cryptocurrencies Also Work On Blockchain Technology.

3. History of Bitcoin

According To Wikipedia, Bitcoin Was Launched on January 3, 2009, by a Person Or A Group Named Shatoshi Nakamoto, Although It Is Not Yet Known Who This Person Or People Were.

Shatoshi Nakamoto’s representation

It Is The First Currency Of Its Kind Which Is Based On Blockchain Technology And Based On Cryptography.

The Most Important Thing About Bitcoin is That Its Supply Is Limited, That Is, More Than 21 Million Bitcoins Can Never Be Made In The World, It Has Already Been Decided By Shatoshi Nakamoto, The Group That Created it.

The Tremendous Jump In Popularity Of Bitcoin Came After 2018 When Its Price Crossed 50 Lakh. Although She Could Not Last Long.

 What Is Today’s Rate?

Today’s (25 Dec 2022) Rate Of Bitcoin is Equal to Rs 13,90,115 and 16,828 USD.

4. What is Bitcoin Mining?

Whenever We Do Online Transaction of Rupee or Dollar or any other Government Currency, It Is Controlled By The Bank Or Any Other Authority. Means Your Bank Can See Where, When And To Whom How Much money You Have Sent Or Received.

However, In The Case Of Bitcoin, The Bank Or Any Other Authority Does Not Control it.

To Verify Bitcoin Transactions, Many Complex Mathematical Problems Have To Be Solved, Which Require Very High-power Computers And Consume Large Amounts Of Electricity.

There Are Many People Who Do The Work Of Verifying The Transactions Of Bitcoins, Their Work Is Called BitCoin Mining And Such People Are Called BitCoin Miners .

Bitcoin Miners Get Bitcoins In Exchange For Mining, This Is A Kind Of Result Of The Work Done By them.

Total Number of BitCoins

Let Us Tell You That The Government of India Can Print As Much Money as it wants. But This Is Not The Case With Bitcoin.

Bitcoin Exists Only In A Limited Number, Which is 21 Million i.e. Two Crore Ten Lakhs. Of These, 18.5 Million Bitcoins Are In Circulation In The Market And Mining Is Being Done To Bring The Remaining 2.5 Million Bitcoins Into The Market.

Nowadays A Huge Amount Of People Are Earning Money By Mining Bitcoins. You Can Do This Too, Although For This You Are Going To Need A Lot Of Electricity And High-power Computer Systems.

5. How To Do Bitcoin Mining Online?

If You Want, You Can Mine bitcoin at Home Through Your Pc, Although there Is Doubt Whether It Will Be Able To Make A Significant Amount Of Income Or Not-

I. Choose The Hardware (Mining Hardware)

Your Mining Ability Depends A Lot On Your Computer’s Hardware (Called Rig In Mining Parlance), So Keep Your Hardware Looking great. the graphics card and RAM Matter The Most.

II. Choose Mining Software

After Choosing The Hardware For Mining, It Is Time To Choose The Software, Whose Job Is To Connect You To The Bitcoin Blockchain. Nice HASH MINER Can Help You In This .

III. Finding Mining Pool

It is Difficult For A Single Person to Mine A Significant Amount Of Bitcoin, So Many Individuals Combine Each Other’s Work And Then Get Profits. All This Is Possible Because Of The Mining Pool. That’s Why Choose It Well.

IV. Start Bitcoin Mining

Now Connect Your Hardware To The Power Supply, Connect It To The Blockchain With The Help Of The Software, And Start Mining.

6. How to buy BitCoins

The Process Of Buying Bitcoin Is Quite Easy. For This You Have To Follow These Steps-

1. Creating Digital Bitcoin Account

Just As A Bank Account Is Needed For a Bank Transaction, In The Same Way A Digital Account Is Needed for a bitcoin transaction. open it With The Help Of An App (Like Wazirx)

2. Get 2FA code

As Soon As You Create An Account, You Get A Code Called 2fA. You Have To Keep This Code In Mind Because This Is Your Authentication Code And Password.

3. Start Buying Bitcoin

This Way You Can Start Buying Bitcoin Now.

7. Benefits of BitCoin

Out Of The Many Advantages Of Bitcoin, Some Of The Main Advantages Are As Follows-

I. Bitcoin Works On Blockchain Technology And it is Very, Very, Very Secure.

II. No Authority Controls The Blockchain.

III. Bitcoin And Other Cryptocurrencies Have Low Transaction Fees Compared To Things Like Credit Cards Or Debit Cards.

IV. Bitcoin Is Global Money, You Can Transfer it From Any Part Of The World To Any Other Part.

8. Disadvantages of BitCoin

Even The Best Things Have Some Drawbacks, Bitcoin Also Has Them, Which Are-

I. You Have Mistakenly Transferred Money To The Wrong Account In The Bank. You Can Solve The Problem By Requesting The Bank. Bitcoin Crypto Does Not Give You Any Second Chance.

II. There Are A Lot Of Illegal Transactions Through Bitcoin, As It Cannot Be Controlled.

9. Future of Bitcoin in India

The Future Of Bitcoin In India Is Bright. In The Finance Budget 2022, The Government Has Announced To Impose a Tax Of 30% On The Earnings From Cryptocurrency.

This Is A Kind Of Green Signal From the Government Of India To Bitcoin And Other Cryptocurrencies.

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