What is Bitcoin? Important things to know about Bitcoin
In today’s article, we will know that what is Bitcoin. In today’s era, bitcoin is most popular cryptocurrency in the world.
Bitcoin is a kind of digital currency and you can only shop online from that. It’s a free currency and there is no boss in it like there is no owner of the internet.
What is Bitcoin?
Bitcoin is the world’s first decentralized currency. With the help of which we can easily make international payments. This is an open source software that was invented by Satoshi Nakamoto in 2009.
If we talk about bitcoin current rate, then 1 Bitcoin = 927878.72 is Indian Rupee (14480.00 US Dollar).
You can easily transact bitcoin currency without bank, credit card or any other company easily. So we can say that it works on Peer To Peer Network Base.
You need Bitcoin Wallet to store bitcoin currency and there are plenty of Bitcoin wallet (Unocoin, Bitxoxo, Zebpay, Coinbase) available on the internet where you can store bitcoin by creating an account.
If you buy and sell Bitcoin, you will need a Bitcoin Wallet to store or transfer it.
How to buy Bitcoin
There are many ways to buy bitcoin:
- You can buy bitcoin from your local currency.
- By selling something you can take a bitcoin instead of that.
- Apart from this, you can earn Bitcoin using website or application.
What are the advantages of Bitcoin
- There is no credit fee for bitcoin transactions.
- You can sell or buy bitcoin anywhere in the world.
- You can get good profit by making long-term investments in it because bitcoin value is increasing.
What is Cons of Bitcoin
- There is no authority, bank or any government, which makes fluctuate in BTC value.
- If your Bitcoin account gets hacked, then you can not take back your gain bitcoin and Government will not help you in any way.
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