About bitcoin & bitcoin mining - investment, trading, currency
Surendra parmar
3 years ago | Technology
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Introduction
Bitcoin is a cryptocurrency created in 2009 & Bitcoin is an innovative payment network and a new kind of money. you find about bitcoin mining, working, uses.
About bitcoin & bitcoin mining - investment, trading, currency
What are Bitcoins?
Making money has become very easy due to increasing technology and the Internet. In today's time, there are many ways to earn money sitting at home through the Internet, one of them is Bitcoin. Today we will discuss through this article what Bitcoin is and how it works.
What is Bitcoin, how it works, where it is kept, there will be many questions on your mind? Today's life of everyone has become easy due to the Internet. From getting all kinds of information to shopping, booking tickets, etc., we are able to do everything with the help of the internet.
Nowadays it is also possible to earn money with the help of the internet. There are many ways that we can earn money from the internet right from our home. One of the ways in which we can make a lot of money is Bitcoin.
Some of you may have heard of Bitcoin and Those who do not know anything about Bitcoin will know it today through this article. Yes, today I am going to tell you about what Bitcoin is.
So, friends, know what bitcoin is, what are its benefits and how it works, etc. in detail -
Benefits of Bitcoin-
What is bitCoin
Bitcoin is a decentralized digital currency. It is the first decentralized digital currency which means 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. Satoshi has this short name.
Bitcoin is a virtual currency. Just like other currencies are Rupee, Dollar, etc. Just like Bitcoin is also a digital currency. This is completely different from other currencies because we can neither see Bitcoin nor touch it like money.
We can store Bitcoin only in the online wallet. Bitcoin is a decentralized currency, which means that there is no bank or authority or government to control it, that is, it does not own any. Anyone can use Bitcoin like we all use the Internet and it does not have any owner, in the same way, Bitcoin is also.
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 trading by buying bitcoins at low prices and selling at high prices. There are hundreds of thousands of website companies that accept Bitcoin.
How Bitcoin Works-
This question often leads to confusion and confusion. New users are not well aware of bitcoin about how Bitcoin works and they keep collecting information about its usage. If you do not even know how bitcoin works, then let us know about it -
When we use physical currency, we follow the payment process of the bank, only then we are able to do the transaction of currency, the statement of how much money is sent to our person's account, to us or to whom Transaction is done, available in his account. In the same way, Transaction done with Bitcoin is recorded in an account called Bitcoin Block-Chain Technology.
The price of bitcoin varies from country to country. In today's date, the price of 1 bitcoin is over 9 lakhs according to the Indian rupee. At the same time, one bitcoin costs US $ 14,600 in the US. Today Bitcoin is trending very fast in the world market, it is a very fast-changing currency, which has seen great fluctuations in value.
The determination of Bitcoin's rate mainly depends on its Demand and Supply. The value of Bitcoin varies from country to country, but it has an international rate in the international market, which affects and sometimes affects the value of other countries.
How Much Does Bitcoin Cost-
The price of bitcoin keeps on decreasing continuously. The value of bitcoin today is about $ 999 which means the value of a bitcoin is 65,000. 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. Its value keeps decreasing or increasing as there is no authority to control it, hence its value varies according to its demand.
Its price varies from country to country. Since its trend is in the world market, it is priced according to its demand in every country. Today the practice of Bitcoin is very fast in the world market. This is a very variable currency. One of the biggest buys in Bitcoin's business came in 2013 when the price of one unit increased from $ 22 to $ 266. At that time the world market value of bitcoins had reached 2 billion.
How to earn Bitcoin -
There are many ways to make bitcoin or earn bitcoin, through which you can earn bitcoin and deposit it in your bitcoin wallet. Know some ways to make or earn bitcoins -
- The first way is that if you have the money, you can buy a bitcoin directly by paying $ 999. It is also not that if you have to buy a bitcoin, then you have to give the whole $ 999, you can also buy the smallest unit of bitcoin "satoshi". Just like our India has 100 paise for 1 rupee, in the same way, there are 10 crore satoshi in 1 bitcoin, so if you want to buy the smallest amount of bitcoin satoshi, you can slowly deposit 1 or more bitcoin. When bitcoin is present with you and its price will increase then you can earn more money by selling it.
- The second way is that if you are selling something to someone online and if bitcoin is present with that buyer, then you take bitcoin in exchange for money, in that case, you will also sell them that stuff and you will also get bitcoin which There will be store in your bitcoin wallet. If you want, you can also get profit by selling that bitcoin to another person later.
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The third way is bitcoin mining. For this, we will need a computer with a high-speed processor, whose hardware should also be good. We use bitcoin only for online payment and when someone pays with bitcoin, that transaction is verified. Those who verify them are called miners and those miners have high-performance computers and GPU and they verify transactions through it. They verify whether the transactions are correct or not.
- In lieu of this verification, they get some bitcoins as a reward and in this way, new bitcoins come in the market. Anyone can do this, a computer with a high-speed processor is required, which is not in everyone's budget to buy.
What is Bitcoin Mining-
Mining in common language means that mining by extracting minerals such as gold coal etc. is a physical form of bitcoin, otherwise, its mining cannot be done in the traditional way, making the mining of bitumen it's mining. Which is possible only on a computer, that is, how to make bitcoins. The way to create new bitcoins is called bitcoin mining.
Bitcoin Mining means a process in which a transaction is processed using computing power, the network is protected as well as the network is synchronized. It is a bit like a computer center but it is a de-transfer system That Minors control located around the world.
Minors are those who do the work of mining, that is, those who make bitcoin, a single person cannot control mining. Bitcoin mining's success is the bitcoin that gets rewarded on processing transactions.
Mining Bitcoin Miner requires electrical hardware or, say, a powerful computer that has fast processing. Also, bitcoin mining software is required. If the minor completes the transaction, then they get transaction fees. This transaction fee is in the form of bitcoins only.
A new transaction has to be incorporated into the block to be confirmed, with a mathematical system to solve that which is very difficult to confirm that you have to do millions of calculations per second. Only then the transaction will be confirmed. As Miners join our network, the way to find empty blocks for mining them will become even more difficult.
Mining is done only by people who have a computer with special calculations and a reasonable ability to do calculations, failing which the Miners will only spend electricity and waste their time.
Bitcoin is legal or illegal -
There have also been constant questions about whether Bitcoin digital currency is legal or illegal. In many countries it is illegal and its transaction is banned, in some countries, it is openly valid and it is transacted online. In India, this is not completely valid and questions have been constantly raised on it and the government has also refused to invest in it.
A press release was issued by RBI on 24 December 2013 regarding virtual currencies like 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. On 1 February 2017 and 5 December 2017, the Reserve Bank again issued a caution about this. Bitcoin has been declared a Ponzi scheme by many economists.
The Indian government has also warned many times about using and investing bitcoin. But this is still transacted in India and there are millions of people who have invested in bitcoin and people are also investing in it as you want. At present, nothing can be said about its future in India.
Conclusion
In this article you will find a better understanding on what is a Bitcoin & how does it work, its uses, security & what is bitcoin mining.
FAQ
1) What is a Bitcoin and how does it work?
2) What is Bitcoin used for?
3) Are Bitcoins safe?
4) What is a bitcoin and how does it work?
5) What is Bitcoin mining?