Things to know About Bitcoin

The Bitcoin

                                                  

Bitcoin is a type currency, as we have Rupees, Dollars, Euro, Bitcoin is also a currency, but it is not a currency of any particular country. It was created by an individual in 2009. It is a Peer- to- Peer Electronic - Cash- System. 

Bitcoin does not have any physical existence; it is entirely a digital or virtual currency. The main feature that makes it different from other currencies (such as Rupees, Dollars, and Euro) is that it is not regulated by any country or any central bank of a country. Its value is totally independent. So no one can track your money as government hardly has any information on its value and availability in the market, the exchange of this currency also does not require any third party mediator.

Bitcoin is a digital asset designed by its inventor, Satoshi Nakamoto, to work as a currency. The other names of this currency are digital currency, digital cash, virtual currency, electronic currency, or crypto currency.

So the main question is “is a transaction with Bitcoin legal?”

 There is no as such regulation whether it is legal or not. Whereas a few countries declared it as void (Bangladesh, Bolivia, Ecuador & Kyrgyzstan), as it is not operated by any of the internationally or nationally trusted oroganisation, so a transaction with Bitcoin is not legally accepted there. Many illegal transactions are done by Bitcoin as it is not monitored by trusted institutions.

How is the Bitcoin money supply controlled and managed?

Bitcoin is actually a computer program and controlled by a very high-speed computer which regulates its value and works 24x7. The most interesting thing is that the developer coded this Bitcoin in such a way that only 21,000,000 BTC can ever be created .

So every time the demand of Bitcoin drops the value per Bitcoin is dropped and with the increase of the value of it results in an increase in its value.

How can you buy or invest in Bitcoins?

You have already learned about Bitcoin, now you may think how can you buy this amazing Bitcoin. Here is the solution

At first, you have to create a Bitcoin wallet which is as easy as creating any other online wallet. And in the next step, you have to add Bitcoins to your wallet you can do it by the following way-

You have to buy Bitcoins which can be done by either exchange or buying from the marketplace. The mode of payment can be something you would like to as various options are given here like liquid cash to online mode of payment ( cards or online banking)



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