What is Bitcoin ? How it is used ? is it legal???

Blog no :11

Bitcoin is most Trending topic in the world right now!!!

People are most curious to know about Bitcoin. Bitcoin actually is a Digital currency which is decentralized . Bitcoin is not any coin which can be touched bitcoin is not present in physical form like our currencies. It is digitally present in your Account. Decentralized here means that there is no system to regulate Bitcoin value .

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Who discovered it?
Inventor is Satoshi Nakamoto who is from Japan, no one knows who he is . on 18 aug 2008 domain name Bitcoin.org was registred.

Why Bitcoin was discovered?

Its main reason of discovering was the economical crisis in the world which was in 2008 .This economical crisis effected the world market very badly, and this was because of Banks . Banks made many mistakes and were not doing enough business and many banks were shut down and people were suffering due to these looss who invested in banks .So why people should suffer due to bank’s mistakes so Bitcoin came in existence .

Bitcoin value can’t be controlled by any authority or system .Bitcoin values always fluctuate it depends on number user invested in it.

Bitcoin is like asset same as your house, car and gold in which you have invested and thinking of that its value will increase in upcoming time. Bitcoin can also used for transaction if you have to pay for something you can use Bitcoin.

You can convert your currency in Bitcoin through Cyrptocurrency exchange service . Its is a platform where any currency belongs to any country can be converted in Bitcoin.

Country’s like USA , Japan ,Germany ,And Switzerland have accepeted Bitcoin fully means legal.
Country which banned Bitcoin are China , Iceland and Thailand illegal.

In India now its told BItcoin will not be legal tender but this not means its illegal it just means you cannot use Bitcoin for payment to someone within country. You can invest in it you can even trade in it.

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Widely International Payments are done through Bitcoin to avoid the transaction charges which bank charges . All the transaction are been recorded on blockchain but user information is in encrypted form .

You have only heard of Good things of Bitcoin have you heard the Disadvantage of having bitcoin?

If anyone hack’s your account and steals your Bitcoin then you would never seen it again . once its stolen no one can see who stole it.

There are miners who mines Bitcoin , Same as coal miners who mines the coal with the digger machines and get the coal. This bitcoin miners also digs Bitcoin but they take power from people’s computer and uses people computer power to mine. Mining refers to making transaction of Bitcoin fast and for that transaction miner generate Bitcoin in decimals for himself. And miners too earn .
The country which have ban Bitcoin are only those who have most no of miners China and Iceland.

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