bitcoin

bitcoin explained:

The word bitcoin, which is Google’s top search every year,   and what is the reason for this. And what exactly is bitcoin?

So without using any technical and complicated words, let’s understand it in simple words.   If you look all over the world.

money = value

If you look all over the world,you will get money only when you add some value or do some work in return for it In a way, money = value And from time to time money has been represented by different things.

digital cryptocurrency:

the same thing happens in the case of bitcoin.

Btc is a cryptocurrency, in the future, at what level its existence will be,

it depends on how its acceptance is, in which way people are accepting it and where are they accepting it.

Btc is a digital cryptocurrency, it has no physical value. When you buy a bitcoin,

it means you buy a specific bitcoin address through which you do the transaction on another specific bitcoin address.

Bitcoin is an automatic structure that does not require programming or coding. Its algorithm runs on autorun, but to run the algorithm,

the whole thing will turn around and it will come back to the same bank structure.

All control will go to the third party.

bitcoin miners

If bitcoin miners continue to generate bitcoins like this, then the whole thing will turn around and come back to what I explained in the potato example, Inflation rate will increase.

As bitcoin miner, how many bitcoins will get as a reward depends on how many people are mining bitcoins with computers

In 2009, you could generate 200 bitcoins in 2 to 3 days, but in today if you want to generate one bitcoin, that it will take you more than 150 years.

What is the Disadvantage of Bitcoin?

Second, there is no involvement of the government in this, so a lot of illegal activities take place in it.

The third thing is its very volatile nature, its value changes every 30 seconds.   suppose you have bought a product and you have to return it,

So its price would have changed in that time, now the shopkeeper will face the problem

that is how much money he has to give in return.

Because there is no mechanism for this thing. Because it is open-source, so it may have some mechanism made in it later on.

Most importantly than all this whether bit coin is legal in India or not?

So the answer is that bit coin is legal in India, but the government does not recognize it,

it means all the trading and purchasing you do,

all the risk will be yours,

the government is working to regulate it But none of its results have come yet.

On 5 April 2018,RBI issued a notice to all the banks

not give your services to all the entities which are dealing in cryptocurrency,

Therefore you can not withdraw your money from your bank account from a cryptocurrency exchange.

Then RBI had to remove its guidelines.

But today the price of a bitcoin is more than Rs 18,00,000, therefore the return of investment is very high because

if the return of investment is high,

So the risk is also high in it, If you invest in it and dream of becoming rich overnight,

you will surely endure a loss and if you invest smartly in it, you can earn from it.

What is Bitcoin or BTC or Digital Currency

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