Bitcoin is not a bank-funded or country-funded fund. It is actually a virtual currency. Bitcoin is a virtual currency as you know about currencies like rupee, dollar, pound, etc. and can be taken or given digitally as well. This is different from the rest because we can touch and see the notes and coins of other currencies, but Bitcoin cannot be touched. It can only be stored in a digital wallet. And you can spend it according to your usage.
You would be surprised to know that five years ago the value of one bitcoin was only five rupees. Today (22 March 2021) the price of a bitcoin is close to around 42 lakh rupees. It is a different matter that this coin is not visible to anyone because it is a kind of digital coin
- Bitcoin is the first decentralized currency in the world (ie it has no parent, no control of RBI or any other financial institution) which is created only for the digital world.
- Bitcoins can be used anytime, anywhere in the world.
- .Through bitcoins, any person can send money to any other person in the world and therefore no help from any bank or any third-party agencies is required.
It was started by a man named Elias Satoshi. But let us tell you who is a person with this name, no one knows till this day. Some people claim to be Satoshi-Naka-moto, but no one is still aware of the real parent of Bitcoin. Its popularity was also not very special, but today it is a very valuable and hard-to-find currency. Bitcoin trading is being done secretly in India too, although the government has warned about it. The Reserve Bank has also given strict instructions on bitcoin.
Bitcoin trading takes place through the digital wall. The price of bitcoin is the same at a time around the world, so its trading became famous. The price of bitcoin keeps on decreasing according to the activities of the world. It is not determined by any country but is digitally controlled. Like the stock market, there is no set time for bitcoin trading. Its price fluctuations are also very rapid.
Bitcoins are currently being used only for online payments. Bitcoin operates on a peer-to-peer network. This means that you can deliver Bitcoin directly to the person from whom you want to transact and for this you will not need any Debit / Credit card. Therefore, Bitcoin has emerged as a fast and secure way for various transactions. Many industrialists, online developers etc. are promoting Bitcoin transactions.
Another advantage of this is that there is no record of any transaction made by bitcoins as is usually available with banks and other financial institutions. Since there is no owner of Bitcoin, the entire account of it is present in a public ledger which we call blockchain. If you want to check whether your transaction has been done or not, then tell us that this record will be available in Blockchain.
You can buy bitcoins according to your wish on the websites and see their real market price.