What is Bitcoin | bitcoin price | detail about bitcoin | is bitcoin illegal | mining

What is Bitcoin | mining | is bitcoin illegal | what is the price of bitcoin | is bitcoin safe for investing

Bitcoin is a virtual currency. It started in the year 2009, which has now gradually become so popular that the price of one bitcoin has reached the equivalent of lakhs of rupees. It is also called cryptocurrency, as it uses cryptography for payment. That is, now this currency can also be called future currency.

How does the transaction:

For the transaction of bitcoin, the consumer has to send a message of payment through digital means connected to the private key (key), which is verified through a worldwide decentralized network.

Payment through this is unlike payment made through debit or credit card. Bitcoin is a virtual currency, used only for online transactions. Due to huge fluctuations in the value of bitcoin, the question often arises as to whether it is capable of acting as a currency…

Since it is not supported by any central bank, it is exchanged in private. It is generated through a process called 'mining', which requires a special type of software. This requires better processor and uninterrupted power supply, which is difficult in our country. 

Is Bitcoin Safe

This cryptocurrency is highly volatile and therefore very risky. For example, the value of bitcoin rose to $ 42,000 in January, and then fell to $ 30,000, then rose again to $ 40,000 over the course of a week.

For bitcoin you have an app through which you transact. Suppose if your file was deleted from the server or the password is wrong, then understand that you lost your money forever. Recently there were reports that some people lost millions of bitcoins because they did not have a password, they forgot it.

10 years in jail for buying and selling cryptocurrencies in India

The ban on cryptocurrency and the drafts of the Official Digital Currency Bill, 2019, proposed that those buying and selling cryptocurrencies in the country would get a 10-year prison sentence. According to the draft, all those people will come who will create cryptocurrency, sell it, keep cryptocurrency, send it to someone or do some kind of deal in cryptocurrency. Those convicted in all these cases received jail terms of up to 10 years. But now the Supreme Court has lifted this ban.