First of all let me say that Bitcoin has been made completely illegal in our country. There are several reasons for this. However, in almost all countries of the world, its transactions have been legalized.
The name Bitcoin is known to almost everyone. Especially those who work online must know. The rate at which Bitcoin has risen since 2019 has made it possible for almost everyone to get an idea.
Today I will try to tell you what bitcoin is.
What is Bitcoin?
Bitcoin is a cryptocurrency. It is a completely online based transaction. In fact, it has no products. Transactions are made entirely through peer-to-peer transactions.
Bitcoin was created in 2008 by a man named Satoshi. The PayPal or Pioneer MasterCards we use are transacted in accordance with certain rules and regulations. This requires a credit or debit card that can be withdrawn from certain banks or booths.
Bitcoin transactions are completely different. It is very easy to transact from one end of the earth to the other without any control. It does not get stuck in any kind of barrier or rule. There is no limit to usage.
When this data is transmitted, the transactions are automatically recorded in a blockchain, which acts like a general bank ledger. It usually keeps a record of all transactions made by Bitcoin. However, Bitcoin has a definite limit.
There are up to 21 million bitcoins available worldwide. It is not possible to make more than this. The most surprising thing is that blockchain is spread all over the world, but it is not controlled by any company or third party.
It works on its own in a completely automatic way. Anyone can be part of the blockchain.