What Is Bitcoin & How Its Work, Price, App, Investment, Advantages And Disadvantages

Telegram Group (Join Now) Join Now

What is bitcoin & how its work? Bitcoin price updates. When did it start and how can we earn money from bitcoin? How to buy Bitcoin? What are its advantages and disadvantages? Now today’s in this article we are going to tell you everything related to bitcoin like the Bitcoin market cap. Bitcoin price prediction. Bitcoin Live price update. Greed and fear index. Bitcoin is a digital currency like INR (Rupees) of India and USD (Dollar) is the currency of the USA. It is known as Cryptocurrency.

Earlier its value was very less, but now it has become very famous in the market, and today bitcoin is used in almost every country. Those who had believed in this have earned lakhs from it today. If you want to earn online income, part-time home-based work, and online money then this can be the best option for you. Let us know about bitcoin in detail.

What Is Cryptocurrency ?

Cryptocurrency is a digital currency created by a technology similar to cryptography and using a distributed ledger system, which works by blockchain. Through this technology, the developers aimed to create such a currency, which is secure, private, traceable and decentralized for a longer period of time.

Also Read : What Is Cryptocurrency & How Does Its Work?

What is bitcoin?

Bitcoin is a digital currency, just like the rest of the world’s currency (Dollar, Pound, Rupay, etc.) We can neither see nor touch it, that is, it has no physical form. We can store it in a digital wallet and keep it.

It was invented by Santoshi Nakamoto in 2009. We can use it to make international payments and in today’s time many people are doing business of buying bitcoin at low price and selling it when the price increases.

It is not that you have to take at least one bitcoin to keep bitcoin. You can also take bitcoins in Satoshi. Just as 100 paise makes a rupee, in the same way a bitcoin is made by mixing 10 Crore Satoshi.

What is Satoshi?

Just as there are 100 paise in 1 rupee, similarly there are 100,000,000 satoshi in 1 bitcoin. Whatever you earn from this, you will get it only in Satoshi. You can understand it better with this example.

1 Satoshi0.00000001 ₿
10 Satoshi0.00000010 ₿
100 Satoshi0.00000100 ₿
1,000 Satoshi0.00001000 ₿
10,000 Satoshi0.00010000 ₿
1,00,000 Satoshi0.00100000 ₿
10,00,000 Satoshi0.01000000 ₿
1,00,00,000 Satoshi0.10000000 ₿
10,00,00,000 Satoshi1.00000000 ₿

What is Bitcoin Wallet?

We cannot touch Bitcoin because it is a Digital & Electronic Currency, nor can we keep it in our bank. So to keep bitcoin there is a wallet which we call Bitcoin Wallet. We can keep any of our digital currency in Bitcoin Wallet.

With the help of Bitcoin Wallet, we can send bitcoin to any person from our wallet and do bitcoin transactions. There are many types of Bitcoin Wallet, Desktop Wallet, Mobile Wallet, Online Wallet, Web Wallet, Hardware Wallet, you can keep your Bitcoin in any of these Wallet.

What is Bitcoin App?

Bitcoin is a financial app that stores bitcoin and keeps it in the wallet, with the help of which you can send money from one person to another. If you want, with the help of this, you can also convert Bitcoin into the currency of your country, such as from Bitcoin to Rs.

Also Read : What is blockchain and how does it work?

What is Bitcoin Trading?

In today’s time, the use of bitcoin is increasing at a rapid rate, and due to increasing at this speed, people also trade on bitcoin. Just as trading is done on the currency of other countries, in the same way trading can be done on bitcoin.

But if seen, the government does not allow trading on bitcoin because it is not a stable currency and its value also keeps on increasing and decreasing like the stock market.

According to some sources, the Indian government has neither supported nor imposed any restrictions on the trading of bitcoin. That’s why people trade on Bitcoin in India too.

How does bitcoin work?

On bitcoin, we have to create our account first, after the account is created, this account gives us our bitcoin address. This bitcoin address helps us in our transactions. If seen, it works like a mail. If you want, you can also join your friends on this and do the work of letting them take bitcoins.

Bitcoin value

Today, the price of bitcoin is many times more than 2 years ago, in 2019 the price of 1 bitcoin was around 3 lakhs but today in 2022 it is more than 34 lakhs, The price of bitcoin varies from day to day, which cannot be told how much the price of bitcoin will be on which day.

To send or receive bitcoin, you are given a bitcoin address, which has at least 27 to 30 characters, you can see here bitcoin address, you will get it from your website where you have your bitcoin wallet.

Example: 30uAbMganupShBVTewXjr5MnDwf2hb

Is Bitcoin Legal in India?

Bitcoin is not legal in India, but the government has not even banned it, but the government has instructed people that if you are investing in bitcoin, then the risk of investing in it will also be yours.

Because the Government of India does not have any control over this currency. If you invest in this currency and if you suffer any loss due to the decrease in the value of this currency, then the Government of India will not be responsible for it.

What is the Future of Bitcoin?

In today’s time, the Internet has taken an expansion form and for this reason, the number of people using the Internet in today’s time is increasing day by day, due to this reason people have started shopping online the most.

Because bitcoin is a digital currency that can be used for online shopping or bill payments, it can be speculated that’s why this digital currency is popular among people.

Given its popularity, people believe that after some time bitcoin will become one of the most used digital currencies in the whole world.

How to earn money from Bitcoin?

To earn money from bitcoins, you can buy them in currency and sell them in more currency when its price increases because the price of bitcoins keeps on changing every time it increases or decreases.

Some of the websites for buying and selling bitcoins are some Android apps from which you can send and buy bitcoins.

Zebpay Bitcoin Wallet: This is for those people who are in India, here you can buy and sell your bitcoins.
Freebitco.in: If you want to earn bitcoin for free, then you can earn bitcoin from this website, here you have to play daily games and it gives bitcoin to the member who wins.
Moonbit.in
earthbitcoin
Icebitcoin
BTC-central.com
Luckybit.in
Many others…

If you have money then you can buy bitcoin by paying money and when the price of bitcoin increases you can sell it bitcoin address you will get in this application. If you have any goods that you want to sell and someone wants to take it in front of him, he has bitcoin, then you can take bitcoin in exchange for that item and sell it when the price rises. On the Internet, you will find many such sites on which you can earn money from bitcoin.

Also Read : Types of Cryptocurrency

Advantages and disadvantages of working on bitcoin

Just as a coin has two sides, in the same way, bitcoin also has advantages and disadvantages. Let’s discuss the advantages and disadvantages of bitcoin one by one.

Benefits of using Bitcoin

  • Bitcoin transaction fees are much lower than credit cards and debit cards.
  • You can keep your translation private
  • Your bitcoin account is never blocked.
  • Sometimes the bank locks our account, but this does not happen at all.
  • We can keep our details confidential by buying anything online with bitcoin.
  • Due to some websites in the market, we can earn bitcoin for free.
  • We can send bitcoin to our bank account.

Disadvantages of Bitcoin

  • Since there is no government of bitcoin, the price of it fluctuates occasionally.
  • Due to the increase in the use of bitcoin. It has no government, due to which you can also lose due to fluctuations in the price.
  • You can never get your bitcoins back if your account gets hacked because no one can help you with it.

Last me Note : Please read disclaimer before taking any action.

FAQ of Bitcoin :

What is bitcoin?

Bitcoin is a digital currency, just like the rest of the world’s currency (Dollar, Pound, Rupay, etc.) We can neither see nor touch it, that is, it has no physical form. We can store it in a digital wallet and keep it.

How does bitcoin work?

On bitcoin, we have to create our account first, after the account is created, this account gives us our bitcoin address. This bitcoin address helps us in our transactions.

How to earn money from Bitcoin?

To earn money from bitcoins, you can buy them in currency and sell them in more currency when its price increases because the price of bitcoins keeps on changing every time it increases or decreases.

Is Bitcoin Legal in India?

Bitcoin is not legal in India, but the government has not even banned it, but the government has instructed people that if you are investing in bitcoin, then the risk of investing in it will also be yours.

6 thoughts on “What Is Bitcoin & How Its Work, Price, App, Investment, Advantages And Disadvantages”

Leave a Comment