What is Bitcoin, How Does it Work?

What is bitcoin, how it works, where is it kept? Taking all these will be many questions in your mind? Due to the Internet, everyone’s life has become easier today. From getting all kinds of information to shopping, booking tickets, etc., we can 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 how we can make a lot of money is Bitcoin.

What is bitcoin, how it works, where is it kept? Taking all these will be many questions in your mind? Due to the Internet, everyone’s life has become easier today. From getting all kinds of information to shopping, booking tickets, etc., we can 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 how we can make a lot of money is Bitcoin.

What is Bitcoin – What is Bitcoin

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 was invented by Satoshi Nakamoto in 2009 and had been growing in popularity ever since. Bitcoin is a decentralized currency, which means that there is no bank or authority, or government to control it; that is, no one owns it.

Anyone can use Bitcoin just like we all use the internet, and it does not have any owner; in the same way, Bitcoin is also.

Why is bitcoin used?

We can use bitcoin to make online payments or to do any transaction. Bitcoin works on peer-to-peer network-based, which means that people can easily transact directly without any bank, credit card, or company.

Bitcoin is considered to be the fastest and efficient to use in transactions. Nowadays, many people are adopting Bitcoin like online developers, entrepreneurs, non-profit organizations, etc. And because of this, bitcoin is being used for global payment all over the world.

Just like we do online transactions using the remaining currencies, we have to follow the payment process of the banks only then we can make the payment, and the account of every transaction made in us remains in our bank account so that it can be ascertained. Where and how much money has been spent, but there is no Bitcoin owner, so transactions with it are recorded in a public ledger (account) which is called ” blockchain. ”

There all the transactions done with bitcoin remain in the details store, and the same blockchain is the proof of whether the transaction has taken place or not.

Bitcoin today’s rate

The value of bitcoin today is about $ 11,855, which means the value of a bitcoin is 8,85,000. Its value keeps decreasing or increasing as there is no authority to control it. Hence its value varies according to its demand.

What is a bitcoin wallet?

We can only store bitcoin electronically, and it requires a bitcoin wallet to keep it. There are many Bitcoin wallets, such as desktop wallets, mobile wallets, online / web-based wallets, hardware wallets. We have to create an account in it using one of these wallets.

This wallet gives us a unique id in the form of an address, as if you have earned bitcoin from somewhere and you have to store it in your account, then you will need that address there, and with the help of that, you can make bitcoin in your Can be stored in the wallet.

Apart from this, if you want to buy or sell bitcoin, you need a bitcoin wallet, and after that, you can get all the money you get in exchange for the bitcoin you sell through your transfer bitcoin wallet in your bank account as well.

 How to earn bitcoins

There are three ways we can earn Bitcoin –

1. The first way is that if you have 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; if you want, you can also buy the smallest unit of bitcoin, ” satoshi. “

Just like we have 100 paise for 1 rupee in India, in the same way, there are 10 crores 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.

2. The second way is 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 sell them that stuff, and you also get bitcoin. That will be stored in your bitcoin wallet.

If you want later, you can also profit by selling that bitcoin to another person for a higher price.

3. 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 making online payments, 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 GPUs, and through them, they verify the transactions. They verify whether the transactions are true or not, and there is no fraud in that. In exchange for this verification, they get some bitcoins as a reward, and in this way, new bitcoins come into the market.

Anyone can do this, for this a computer with a high-speed processor is needed, which is not in everyone’s budget to buy.

Just like every country has a limit to print currency in a year that you can print only so many notes in a year, in the same way with bitcoin, there are some limitations that more than 21 million bitcoin cannot come in the market. That is, the bitcoin limit is just 21 million bitcoin more than that will never be found.

About 13 million bitcoins have arrived in the market, and the new bitcoins that are there will now come through mining.

What are the benefits of using Bitcoin?

1. Here, your transaction fee is very less than paying with a credit card and debit card.

2. You can send Bitcoin anywhere and anytime in the world without any hassle.

3. Here, the account of bitcoin is not blocked as if sometimes, for some reason, the bank blocks our credit or debit card, then that problem does not happen here.

4. If you want to invest in bitcoin for the long term, then you can get a lot of benefit from it because it has been seen in the record that the price of bitcoin is going to increase, then, later on, you may get a lot of benefits meet.

5. In the transaction process of Bitcoin, if no government or authority does not keep an eye on you, then many people use it for doing wrong things, so it is beneficial for them.

What are the disadvantages of using Bitcoin?

1. There is no authority, bank, or government to control bitcoin here, so due to this, there is a lot of fluctuation in the price of bitcoin, then it becomes a bit risky.

2. If your account gets hacked at any time, you will lose all your bitcoins, and it cannot be brought back; no one will be able to help you in this.

How to buy bitcoin?

You can buy bitcoin just like gold, and you can buy it in Indian currency. So let us know that there are websites from such cones in India where we can buy Bitcoin very easily, too, in our own currency.

Here on these websites, you can easily see their current price in real-time also. If you want information about how to buy bitcoin in bed, then read here.

1. Unocoin
2. Zebpay

1. Unocoin

Unocoin is an amicable website that anyone can use. With this, you can buy and sell bitcoin very easily. Unocoin has many such features that make it different from others.

Features:
1. Zero% fees – Unocoin does not charge customers any fees for accepting bitcoins as a payment method

2. Simple Integration – You can integrate your business with Unocoin very easily.

3. 0% Volatility Risk – If there is some fluctuation in the price of Bitcoin, you can keep Bitcoin or even sell it immediately.

4. No Chargebacks – If you are using Unocoin, you do not have to pay any chargeback.

5. OTC Trading (Over counter)

6. Auto Sell Bitcoin

7. Netki – You can create your own Bitcoin address that anyone can read.

8. 2 step Authentication for greater security

How to buy

If you want to buy Bitcoin, then you can buy it by visiting Unocoin ‘s website.

Note: If you want the Referral Code, then use “U124684545” so that you can easily get bitcoin of Rs.200 / -.

2. ZebPay

Zebpay is a very user-friendly website from which you can easily buy bitcoin. Zebpay has access to many vendors so that it provides more convenience.

Features:
1. With the help of Bitcoin, you can also fill the top up in your mobile and DTH.

2. You can buy vouchers from Amazon, Flipkart, and MakeMyTrip, which can save you up to 10%.

3. the Fastest way you can buy Bitcoin.

4. It is also very secure.

5. Lowest price in the market.

6. You can also buy from mobile by using the app.

How to buy

If you want to buy Bitcoin, you can buy it by going to Zebpay’s Android Application.

Note: If you want the Referral Code, then use “REF77839482” so that you can easily get bitcoin of Rs.100 / -.

This was the information related to bitcoin, and I hope you have understood what bitcoin is ( how it is bitcoin), how it can be found, and its advantages and disadvantages. If you know anything else about Bitcoin, then do share it with us.

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