Bitcoin
Is a decentralized digital currency. It is the first decentralized digital currency which means that it is not operated by any central bank. It is designed for payment based on computer networking. It is developed by an engineer named Satoshi Nakamoto. This is the pseudonym of Satoshi.
Bitcoin price
The value of bitcoin depends on many things. Two of the most important things are supply and demand. Bitcoin is found in limited numbers. Only 21000000 bitcoins can be mined. In such a situation, if there is less demand than supply, the value of bitcoin decreases and its value increases when it is reversed. The value of bitcoin in India was the highest at 44,54,673 Indian rupees.
Important facts
This is a new currency secured by encrypting for mutual payment on the mass computer network. This currency created from the numerical system is kept in the numeric purse itself. It started on 3 January 2009. It is the world's first fully open payment system. There are over 1 crore bitcoins worldwide. Bitcoin is a virtual currency, virtual means that it has no physical form like other currency, it is a digital currency. This is a currency that you can neither see nor touch. It is only stored electronically. If someone has bitcoin, he can buy goods just like the common currency.
Currently, bitcoin is becoming very popular in the world. It was invented in 2008 by an engineer named Satoshi Nakamoto and released in 2009 as open source software. Currently people are doing business by buying bitcoins at low prices and selling at high prices.
It takes about two to three percent transaction fee to pay with a common debit / credit card, but bitcoin has nothing like this. There is no extra charge in its transaction, due to this it is also becoming popular. Also it is safe and fast which is encouraging people to accept bitcoin. Like any other credit card, there is no credit limit in it nor is there any problem of moving with cash. Every transaction of the entire bitcoin network can be tracked without disclosing the buyer's identity. It is absolutely safe and super fast and it is effective anywhere in the world and it also has no limits.
Which companies / websites do you accept?
There are hundreds of thousands of website companies that accept Bitcoin. You can also pay for plane tickets, hotel rooms, electronics, cars, coffee and anything else. Every year from $ 1 to a million dollars in the world goes from there to there. Anyway, we use bank and many company to take money, all these companies take extra amount to send our money to our people and we have to trust them. Western Union, Money Gram and other companies like them need help, but to get this facility, no approval is required. Even today many people do not have banking facility, but the number of people who have cell phone with internet and cannot do business through internet. But now it can do this because of bitcoin because bitcoin is not owned by any particular government or company. There is no centralized controlling authority on bitcoin currency. Today, Bitcoin is quite famous. It gets power from thousands of people who have special computers that power the network, secure the exchange on the net and investigate transactions. This is called mining.
Bitcoin mining
Bitcoin mining means a process in which transactions are processed using computing power, the network is kept secure as well as the network is synchronized. It is a bit like a computer center, but it is a decentralized system that controls minuses located around the world. Minors are those who do the work of mining, that is, those who make bitcoins alone, a person cannot control mining. Bitcoin mining's success is the bitcoin that gets rewarded upon processing the transaction. Bitcoin Miner requires an electrical hardware for mining or, say, a powerful computer that requires fast processing, in addition, Bitcoin mining software is required. Minors get a transaction fee if they complete the transaction. This transaction fee is Bitcoin. As it happens, a new transaction has to be incorporated into the block to be confirmed. It is accompanied by a mathematical system to solve that which is very difficult to confirm which you have to confirm. Transactions will be confirmed only after millions of calculations have to be done per second. As the Miners join our network, the way to find empty blocks for mining them will become even more difficult.
In common language, mining means the extraction of minerals such as mining of gold coal etc. by digging. Since there is no physical form of bitcoin, it cannot be mined the traditional way. Its mining means creating bitcoins which is possible only on computer, that is, how to make bitcoins, how to make new bitcoins Nike is called bitcoin mining.
Mining is done only by those who have a computer with special calculations and a reasonable ability to do calculations, in the absence of which Miners will only spend electricity and waste their time.
The main objective of mining bitcoins is to secure the bitcoin node and keep the network away from tampering. Currently it has become a more valuable currency than all physical currencies.
A bitcoin address is used for bitcoin transactions. One can transact bitcoins by creating their account in the blockchain. The smallest number of bitcoins is called Satoshi. There are 100 million Satoshi in one bitcoin. That is, 0.00000001 BTC is called a Satoshi.
Warning
A press release was issued by the Reserve Bank of India on 24 December 2013 regarding virtual currencies such as bitcoin. It was said that no official permission has been given to the transactions of these currencies and there is a lot of risk in transacting it. Recently, the ban imposed by bitcoin on RBI has been lifted by the Supreme Court. On 1 February 2017 and 5 December 2017, the Reserve Bank again issued a caution about this.
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