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What Is an Bitcoins And How does It Works?

What is Bitcoin, today I will tell you about it in details. The value of 1 rupee is 1 rupee. 1 dollar value 76 rupees. And the value of 1 Bitcoins is [1 Bitcoin equals (35,82,070.29 Indian Rupee). Why does it happen, What is bitcoins, What is What do you understand by bitcoins data mining, How can we make money from data mining. Why are most people investing in Bitcoins? Today I am going to tell you all about these details. Bitcoin is an innovative payment network and a new kind of money. (Bitcoin was made in 2009)

Note:- As soon as you type 1 BTC to INR/US on Google, you will see the actual price of bitcoin.
What Is an Bitcoins And How does It Works?
What Is an Bitcoins And How does It Works?

What Is Bitcoins

Friends, if I tell you in simple way, just as India's currency is in rupees, America has currency *dollars*, So, Internet Currency is bitcoins. Friends, if there was no internet today, we would have been unfamiliar with bitcoins. 

Who Made Bitcoins

Bitcoins is made by Satoshi Nakamoto. It Told - How to work "Peer-to-peer electronic cash system." How Bitcoins Work?. Bitcoins is a open source document. Here you will see all the codes of bitcoins. 

In Bitcoins, you will get all type of web coding. If you are a developer, then visit the website of bitcoin and go to the developer section. You will get full open source there. There are a lot of people in the country buyers of Bitcoins and they have started it and all those things are maintained by them.Now we know how money is made in bitcoin, how money is sent and how it works. Just like we transfer money from Paytm to one wallet to another wallet, similarly bitcoins are also a virtual form. It will neither come physically in the hands nor we can see it physically.

For Ex. Suppose, I brought a stone from the market and told you that it costs 500 rupees. But you said that it does not cost 500 rupees. But if many people (like 100 people) come and say that it is worth 500 rupees, then you also have to believe that it is worth 500 rupees. When Bitcoins was created in 2009, it had no value. because no value was written on it, neither is it gold nor silver. But in today's time people have started believing it, they have started understanding its value.


Use of Bitcoin

BTC are kept in a digital wallet as it is the currency of a digital Internet. You cannot touch or see bicoins. It is a virtual / digital currency. But this does not mean that you cannot change it in your country's currency. You can easily make it the currency of your country by sending it to your bank account.

  1. We can make money from Bitcoin.
  2. We can sell and buy bitcoins.
  3. You can use bitcoin to send money to anyone in the world or use it to retrieve.
  4. We can buy Bitcoins from our local currency.
  5. We can buy Bitcoins with the help of any website and application.

Documents Required to Purchase Bitcoins

If you want to buy and sell BTC in India, then I am sharing with you some important documents for this.
  1. Voter Id
  2. Aadhar Care
  3. Pan Card
  4. Phone Number
  5. Bank Account

Friends, Let me tell you, in Btc, if you send money to someone and he does not get money, So what will you do? - Because, No one has any control over Btc. Who is the bitcoin value creator ( What determines bitcoin's price? )BTC works on demand and supply. If you want to know more, then you will visit Bitcoins website and go to the FAQ section, then you will be able to see it.  Bitcoin can only be made up to 21 million, it has already been determined. 

What Are The Benefits of Bitcoin

  1. It costs less to exchange bitcoins.
  2. You can sell or buy bitcoins anywhere in the world. That too without any problem.
  3. You can do long term investment in it because bitcoin is increasing in the record so far.
  4. Government does not monitor you in bitcoins.
  5. Due to the absence of any government in Bitcoin, some people also use it wrongly, such as in black money or in Drugs etc. There are some advantages of bitcoin and there are some disadvantages as well.

What Are The Disadvantages of Bitcoin

  1. There is no Control Authority, Bank, or any Government in this, due to which it keeps on decreasing its price.
  2. If your Bitcoin Account gets hacked then you ca nnot take Bitcoin Baps and Government will not help you in any way.
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