What is Bitcoin and how does it work and How to buy it? What is Bitcoin Miner? What are the benefits/ disadvantages of bitcoin? Know about the complete Details of bitcoin – Bitcoin is a digital cryptocurrency currency, which we can also call Internet cryptocurrency Currency in the common language. We cannot store this currency in our house or in our Wallet because it is not a note of any kind or a coin. Therefore, you can use bitcoin-only online.
It works on Peer To Peer Network Base. Bitcoin was invented by Santoshi Nakomoto in the year 2009 and since then it has become quite a popular currency.
How much does bitcoin cost?
If we talk about the value of bitcoin, then the price of 1 bitcoin in today’s date (January 2017) is about 70,000 Indian Currency. Today’s, little unit of bitcoin is Santoshi, and also 1 Bitcoin = 10,00,00,000 (crore) is Santoshi.
Just like in Indian Currency there is 1 rupee = 100 paise. In the same way, a bitcoin is made of 10 crores Santoshi. That means is you can break 1 bitcoin Currency up to 8 decimals. You can also use 0.0001 bitcoin. ये भी पढ़े – SMS भेजकर लॉक करें अपना आधार कार्ड
What is Bitcoin Wallet? (What is Bitcoin and how does it work?)
To store Bitcoin Anywhere, So you need a Bitcoin Wallet. A lot of applications on the Internet. Software. And there is a cloud-based wallet in which you can store bitcoins by creating an account.
So how does Bitcoin Wallet work? So the first thing it provides you a Uniq Address. Suppose you have to buy Bitcoin Currency from Anywhere, then you will need to require an address to order it. In such a situation, you can store bitcoins in your wallet and store them. Just like you have sold bitcoin and earned a few rupees from it, you will need a Bitcoin Wallet to transfer those rupees to the bank.
How to buy bitcoin (What is Bitcoin and how does it work)
What is Bitcoin Miner
Before knowing about the mining of Bitcoin Miner, let us know about Limitations for printing notes in every country all over the world, similarly, Limitation for making bitcoins. And Limitation is that there cannot be more than 21 million bitcoins in the market and as of now, there are about 13 million bitcoins in the market.
What is Bitcoin Mining? Suppose you have sent some bitcoins to someone. So, Verify this process of sending and those who do Verify are called Miners. Those who have High Power Computer. And Verify Bitcoin Transaction from these computers.
What do Miners Verify? On Verify, they getting new bitcoins Currency as a reward. So in this way, new bitcoins come into the market. If you have a heavy computer then you can also do mining. “What is Bitcoin and how does it work”
What are the benefits of bitcoin?
- It costs less to exchange bitcoins.
- You can sell or buy bitcoins anywhere in the world. That too without any problem.
- You can make long-term investments in it because bitcoin is increasing in the record so far.
- The government does not monitor you in bitcoins.
There are some advantages of bitcoin and there are some disadvantages as well.
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What are the disadvantages of bitcoin?
- There is no Control Authority, Bank, or any Government in this, due to which it keeps on decreasing its value.
- If your Bitcoin Account gets hacked then you cannot take Bitcoin Baps and Government will not help you in any way.
Now you must know What is Bitcoin and how does it work and How to buy it? Also What is Bitcoin Miner? What are the benefits/ disadvantages of bitcoin? How can we buy it from where else? And what do we gain from bitcoin and what can be the loss of bitcoin?