What is Bitcoin and how does it work ?

🔹What is Bitcoin and how does it work ?

  You may have a lot of questions about what bitcoin is and how it works. Now-a-days, internet has made all the tasks easy, from searching any information to buying it, booking tickets etc…
 The Internet has made tasks very easy.

Now it has become very easy to earn money due to internet. There are many ways that we can make money from home. One of them is bitcoin.

    With Bitcoin you can earn money sitting at home. Some of you may have heard about bitcoin and some of you may not know anything about bitcoin. So today I am going to tell you what bitcoin is.

  🔹What is bitcoin?

    Bitcoin is a virtual currency. Like other currencies like Dollar, Rupee, Euro etc… Bitcoin is a digital currency.

    This currency is very different from other currencies. Because bitcoins you cannot see or touch. We can store bitcoins only in a digital wallet.

    Bitcoin was invented in 2009 by Satoshi Nakamoto. Since then, its popularity has grown and is steadily increasing.

    Bitcoin is a decentralized currency, meaning that there is no bank or government to regulate it.

    Anyone can use bitcoin because everyone uses the internet and no one owns it. There is also bitcoin.

   🔹How do you use bitcoin?

    You can use bitcoin to make online payments or any type of online transaction.

    Bitcoin operates on a peer-to-peer network based basis. This means that people make direct payments with each other without a bank or credit card.

    Bitcoin is considered to be the fastest and efficient in transactions. A lot of people are using bitcoin a lot today.

     Online developers, entrepreneurs, non-profit organizations etc… use bitcoin for global payments.

    Like when you pay online using other currencies, your payments occur when you have to follow the bank's payment process.

   And when your payment is in your bank account.  So you know where and how much money has been spent.

    But since there is no owner of Bitcoin, all Bitcoin transactions in the public account are saved. Bitcoin is called "blockchain".

   Here all transactions done with the help of bitcoin are saved.

  🔹How much does bitcoin cost?

   The price of bitcoin is like every currency.
 As such the value of US $ 1 is 76.00 Indian Rupees. Also the price of 1 bitcoin is 65,000 Indian rupees.

     The price goes up and down, as there is no owner to control it. Hence the price varies according to the demand.

  🔹What is a bitcoin wallet?

    We can only store bitcoins electronically, they use a bitcoin wallet to store it.

    There are many types of Bitcoin wallets such as mobile wallet, desktop wallet, online web wallet.

    This wallet gives you a unique ID, with the help of which you can store a unique ID i.e. your account number in a bitcoin account.

    If you want to buy or sell bitcoins, you need a bitcoin wallet. When you sell bitcoins, you can transfer money to your bank account with the help of bitcoin wallet.

   🔹 How are bitcoins earned?

    There are three ways to earn bitcoins-

    1) If you have money, you can buy it for $ 999.

     You can also buy a small unit of bitcoin from Satoshi. Just as there is 100 paise in 1 rupee in India, similarly there is 10 crores of satis in 1 bitcoin.

    You can deposit bitcoins by purchasing a small amount of bitcoins.

    When you are bitcoin and when its price rises you can earn money by selling bitcoin.

    2) Another way is if you are selling content in an online corner and the person has bitcoin, then you can buy bitcoin without storing money from that person and store it in your bitcoin wallet.
 And you can make money by selling it to another person at a higher price.

    3) The third method is of bitcoin mining.

    For this you need a high speed processor computer, its hardware should be good.
 Bitcoin is only used for online payment. And when we pay with bitcoin, that transaction is verified.

 Those verifying them are called minors.

    Minors consist of a computer with a high-speed processor. And they verify the transaction. In return they are given Bitcoin.

    Anyone can do it, but it requires a computer with a high-speed processor. And hi
    Not everyone can buy a speed processor because it is a very expensive computer.


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   🔹What are the benefits of bitcoin?

    🔸Your bitcoin transaction fee here is much less than other transaction fees.

   🔸 You can sell bitcoins anywhere in the world without any hassle.

   🔸 Your bitcoin account is never blocked like a bank account is blocked.

    🔸 If you invest in bitcoin for some time, you get more profit.

    🔸The government does not monitor bitcoin transactions.

    🔹What are the disadvantages of bitcoin?

  🔸  There is no government or bank to control bitcoin hence the price of bitcoin decreases.

  🔸  If your bitcoin wallet gets hacked sometime, you can lose all your bitcoins.

    So guys, please tell us in the comment box how you liked this information. If you liked this post, then do share it with your friends on Facebook and WhatsApp.

    Thank you !!!!!