A currency that is being adopted very fast all over the world, but many people have many questions about it, that is why through this article today we will tell what is bitcoin and what is it. from which country? is the currency?
Bitcoin is a cryptocurrency also known as electronic cash. It is a kind of virtual or digital currency. We can neither see nor touch this currency as it is not in physical form (notes or coins).
Who doesn’t want to be rich? Everyone wants to be able to earn and accumulate good money. There are many people who want to become rich men by doing little work.
We often hear about bitcoin, a currency, when it comes to ways to make money online, but very few people know about it. Many such questions arise which are related to this.
If you want to know the answer to such questions then you are in the right place. Because in today’s post I will answer all these questions for you.
I will also give you information related to how to earn this currency here. Plus you’ll learn to buy and sell it.
What is Bitcoin
You must have known about the stock market. This runs the whole economy, no matter what country it is, where people earn money by investing money. As the world is becoming digital, people have also started working online.
Nowadays there are many ways to earn money from the internet, one of which is investing in bitcoin. You may have heard the name of this currency and even if you have not heard it, then here I will share with you every information related to it.
We use currency like Rupee, Dollar, and Yen, all these currencies are also in physical form. This digital currency is the exact opposite of regular currency.
We cannot store it in our homes or wallet. There are online digital wallets to store it.
It is a decentralized currency which means it has no owner. Neither it is controlled by any government or any authority. It has no administrator.
It is open source, anyone can use it. You can convert this currency to the currency of your country.
This currency was invented by Satoshi Nakamoto in 2009. It has strengthened its hold all over the world in a very short span of time. Its popularity is increasing day by day.
Companies like Dell, Expedia Paypal and Microsoft also accept this currency in every part of the world.
Also Read:- Top 10 Best Cryptocurrency To Invest In 2022
How does Bitcoin work
Using this currency we can make an online payment for any type of service online.
As I have already told you now it is used by big companies in every part of the world. So let us now understand how it works.
Bitcoin is based on a peer-to-peer network, and it works on this basis. This means that this digital currency can be sent directly by one user to another.
No medium is needed in between. If you still don’t understand, let me give you a simple example of this.
You often do mobile recharge and online transactions. So in this either you will be using a bank account or you will be using a mobile payment gateway.
But you can send currency directly to your friend without any middleman.
It is being used as a form of global payment all over the world.
It is becoming popular day by day among the people. To buy any service online, now its payment option has also been enabled everywhere.
That is, when you go to make an online payment, you will see a credit card, debit card, wallet, and Paytm in the payment option, similarly, there is an option of BTC in many places. It is open source, so how is its transaction history known?
For this, it uses “Blockchain Technology”. Blockchain stores a record of every data exchange.
Each record is stored as a “ledger” and each transaction is stored as a block inside the ledger.
What is Bitcoin Wallet
You already know about BTC that it is a digital currency. Which we can store online. The online location you use to store it is called a bitcoin wallet.
This wallet is a kind of software program. Every bitcoin address stored in a person’s wallet has a private key (secret number)
An account has to be created to use this wallet. On creating an account, a unique ID is given which defines the address of the wallet.
Where we can send and receive it. Now using this wallet you can buy goods and services by paying as BTC. Along with this, you can also transfer your money to your bank account by selling it. There are mainly 4 types of wallets Desktop, Mobile, Web and Hardware.
What is Satoshi
The smallest part of this currency is called Satoshi. It is named after Satoshi Nakamoto, who invented this currency. 10 crore satoshi = 1 BTC.
We simply call bitcoin BTC. In this way, you must have understood how many satoshis are in 1BTC. At the same time, it has also been understood that Satoshi is the smallest unit of this currency.
How to earn bitcoin?
There are many ways to earn it but you can use whatever you want at your convenience. Here I am telling you 4 ways by which you can earn this currency.
By accepting payment: From my point of view, the best and easiest way to earn bitcoin is to accept it as payment. If you are selling or providing a service to someone and they have BTC, ask them to give you only BTC.
In this way, BTC will continue to accumulate in your wallet and its value will also increase. Also, you can use it to make payments or you can also earn money by selling it.
By completing the online task of the website: There are many websites online that give you free BTC after completing the task. Often such websites give you a small amount of BTC just for visiting.
Earn bitcoin by mining:Â Bitcoin mining is a process in which new bitcoins are generated. High-performance computers are used for mining.
It adds bitcoin transactions to the blockchain. Blockchain means a public ledger where all bitcoin transactions are stored.
Along with this, it also searches for new blocks. A block is a file that contains the latest transaction records. When your computer discovers a new block, you are given some BTC.
Buy and sell BTC: However, the value of this currency is not fixed. But the current price is Rs 516864.89. Is. You can find out by going to Google and finding the current price as follows:
Note: To know the current price, type 1 BTC=inr in Google
How to buy bitcoin?
Buying and selling bitcoin is not a difficult task. If you have ever done any online transaction or online payment, then you can buy it very easily.
You can use the website and mobile app to buy and sell this currency in India.
There are 2 very popular companies to buy and sell this currency in India.
- Zebpay.com
- Unocoin.com
You can easily buy and sell BTC from both these companies. Here I will tell you how to buy it. For this, you have to create an account and then you can buy it by following the steps.
Create new account
You can create a new account by going to any of the above. This registration process is also the same as the regular registration process. Sign up for an account by entering your mobile number.
Upload document for KYC
After this, you will have to upload your documents for KYC. For this, you have to select which document you want to upload for KYC.
Submit after uploading aadhar card, pan card or any other document. You will get a verification mail that your account has been activated.
Add bank details
Once the account is activated, you can add your bank account details to make payments. so that you can buy it anytime. For this you have to deposit money from your bank in this account, only then you will be able to buy BTC.
Buy and sellÂ
In this new account, you can buy BTC anytime as soon as you deposit money from your bank account. After loading money you can convert it to BTC. And then you can buy it with Buy Bitcoin.
How and where to sell bitcoins?
If you want to sell yours which you bought earlier, you don’t need to go anywhere else for it.
You can sell it very easily from the website from where you have bought it. There you will find the option of Sell bitcoin so that you can sell it. ,
You can withdraw it after selling it and deposit it in your bank account. Your money will be sent to your account within 2-3 days
So in this way you can easily sell your purchased BTC anytime.
Benefits of using bitcoin
- Credit and debit cards are subject to mutual transaction fees.
- You can use it anywhere and anytime around the world.
- It is a long-term investment.
- There is no government authority on this, so many people take advantage of it.
- It is not a trackable currency.
Disadvantages of using bitcoin
- When you make a transaction, it is an irreversible process that no one can reverse.
- This currency is not controlled by any government. Its price keeps on increasing, so it is also risky in a way.
- The bad guys want to somehow access any BTC account, so there is also the risk of stealing all the currency. Once stolen, there is no one to take responsibility for it.
Future of bitcoin
If we talk about India, even today people know a lot of work in the stock market. So the news of bitcoin has spread to some extent through the news and the internet.
The recent surge in the price of bitcoin has inspired a lot of people to learn about it. The Indian government does not want the trend of cryptocurrencies to increase here.
Because of bitcoin and other currencies, many things happen that the government does not want and that is why the number of people trading on bitcoin in India is estimated to be around 20 million.
Which country’s currency is bitcoin?
The person who created bitcoin is a resident of Japan but primarily this currency does not belong to any one country because it is a digital currency as well as it is a decentralized currency that is not controlled by any country in the world. That is, any person can buy and sell this currency.
Who owns bitcoin?
Satoshi Nakamoto is the owner of bitcoin.
Conclusion
Investing in bitcoin is one such way to earn money which is not very popular in India right now but if everyone comes to know about it in future then everyone will start taking interest in it to earn money.
In this post, you also learned how to earn bitcoin and how to invest in it. You have also come to know about its advantages and disadvantages.
