Despite having the name Coin , neither it can be touched nor it has any physical existence.
Yes you are right !! That coin is Bitcoin.
Bitcoin is a digital money or we can say virtual money.
Let's try to understand , What digital money means -
For example , when we transfer money from one account to another with the help of upi or any online payment methods. This money is called digital money , when money is in the digital form.
Similarly , Bitcoin is a digital money. Unlike your money in the bank , Bitcoin does not have any physical form.
Bitcoins can be exchanged with the currency of any of the countries. Bitcoins are also known as cryptocurrency.
Crypto currency 😴 what does it mean ?
Crypto currency has two parts - first one , crypto and second , Currency.
We all know what currency means. If you don't know , no worry . I am here to explain you everything !!
Currency simply means money . Every country has their own currency and that has some values. For example , The currency of US is Dollar. The currency of India is Rupees. The currency of China is Yuan.
The value of Dollar depends on gold reserves in US. The values of all other currencies depends on the value of Dollar.
Now , crypto is associated with cryptography. Bitcoin is transferred from one account to another in the form of highly secured hash code. That is why it is called cryptocurrency.
When a person sends Bitcoin from one account to other , it follows a new type of technology called blockchain technology.
This blockchain technology makes Bitcoin highly secured and safe.
Blockchain means a chain of blocks in which each blocks contain information - 1. Data 2. Previous hash 3. Time stamp
This makes a chain. Whenever a Bitcoin is transferred , at first it verified at a computer node ( also called Bitcoin miner ) then only the transaction is processed.
Bitcoin miner has Bitcoin mining software with very high level processor. It checks whether the person A has enough Bitcoins or not to transfer into person B account. After verification , the transaction is processed.
Bitcoin miner gets some Bitcoin as a reward also , called proof of work.
If you are interested and want to know more about Bitcoin mining , kindly comment below.
History of Bitcoin
Bitcoin was invented in 2008. The real inventor of Bitcoin is still unknown , no one knows whether it is one person or a group of people.
But , the pdf report on internet about Bitcoin confirms that the inventor of Bitcoin was Satoshi Nakamoto.
There can be maximum 21 million Bitcoins in the world.
Neither any country , government , organization or person has authority over Bitcoins. The prices of Bitcoin fluctuates on the Demand and supply of the market.
When people start buying Bitcoins , which increases the demand of bitcoins in the market and the price of Bitcoin rises.
Similarly , when people start selling Bitcoins , which increases the supply of Bitcoins in the market and the price of Bitcoin decreases.
Hence , the community or the Bitcoin investors decides the price of the Bitcoin.
Bitcoins are completely legal in India. Due to the slow transaction process in local market , it is not used at every places. Still many big companies like PayPal , Xbox , Burger King , Pizza Hut accepts Bitcoin payments.
Bitcoin payments are very beneficial and efficient method for the overseas or international payments.
Is Bitcoin legal in India ?
Reserve Bank of India banned the cryptocurrencies in India due to rise in security and money laundering issues. But , later Supreme Court calls this ban on Cryptocurrency as unconstitutional. Supreme court confirms that cryptocurrency is completely legal in India.
Now , Bitcoin is completely legal and Bitcoin trade is also allowed in India.
According to a graph of Coindesk , after monetization in India people started to invest heavily in Cryptocurrencies.
In 2020 , when Cryptocurrency was declared legal by the supreme court , people started to invest at 2x speed in Cryptocurrencies.
If you want to invest in Cryptocurrencies , there are a lot of apps and websites are available on the internet. But if you are a beginner , must check this post completely. I will also share my favourite app.
Binance is one of the world's biggest crypto trading app. Binance Company has their own Binance Academy , where anyone can learn about Blockchain and Cryptocurrency.
This Mumbai based crypto exchange company was started in March 2018. Then , RBI bans cryptocurrency in India. Many companies shut down but this WazirX survived and became India's one of the best crypto exchange company.
But in November 2020 , Binance purchased the WazirX Company. Still , WazirX is a good platform to invest on Cryptocurrencies.
Both are international trading platform. The HQ of both the apps is located in US.
Apart from All these many other apps are available on the playstore app.
4. Zebpay App
6. Uncoin App
8. CoinDCX App
From my own personal experience , I invest on CoinSwitch Kuber App due to certain reasons. The features and user interface of this app is very simple and easy to understand. Everyone can understand it very easily. They do not charges any withdrawal or deposit fees to invest in Cryptocurrencies.
If you want to invest in CoinSwitch Kuber App , you can Click on the Link Below
You will receive 50 rupees Bitcoin as a gift. And you can also withdraw this 50 rupees.
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