First of all let me say that Bitcoin has been made completely illegal in our country. There are also several reasons to make it illegal. However, in almost all countries of the world, its transactions have been legalized. The name Bitcoin is known to almost everyone.
Especially those who do online based work must know. Due to the rate at which the price of Bitcoin has risen since 2019, almost everyone has been able to gain some idea about it. Today I will try to tell you what Bitcoin is, how it works and how to use it.
What is Bitcoin
Bitcoin is a cryptocurrency. It is a completely online based transaction. In fact, it has no products. Transactions are done 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 This requires a credit or debit card that can be withdrawn from certain banks or booths.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 obstacle 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.
The way Bitcoin works
Many people think that Bitcoin works like a virtual master card online. Not at all. Not controlled by your specific person or organization. Bitcoin is a completely free payment network. The main purpose of this method was to provide decentralized payment for internet usage. The exchange and recording of which takes place automatically through the blockchain.
However, a special computer called Mining Rig verifies the records and information of these transactions every day. However, at the current rate at which the use of Bitcoin is increasing, more powerful computers are needed to increase mining. Compared to 2009, its mining volume has increased almost 12 trillion times.
The main thing is that bitcoin is mined using mining using computer power. Computer owners who mine are called miners. They get bitcoin at a fixed rate because they cooperate with bitcoin. But at present there is no benefit in it. Satoshi is the smallest part of Bitcoin. It can be easily transacted through an online account. So far there are three million bitcoins left. Mining is expected to be completed by 2040. Since then, Bitcoin may not be created anew. The mining system will be closed, but transactions will continue.
The value of bitcoin
There is no specific price. Its price changes at different times. Sometimes the price goes up and sometimes the price goes down. Its price also changes with the passage of time. However, after 2018, its value has increased significantly. At present, its value in 2021 stands at more than Rs 40 lakh. Which was within 5 to 7 lakhs even a few years ago. Bitcoin is short for BTC.