Cryptocurrency

Hello Friends, Our today's Basic Gyaan is about Cryptocurrency.

You must have seen many forms of money like Indian rupee, US dollar, British pound, Japanese yen and euro of Europe. These currencies are the form of Lakshmi. Most of these currencies are made of paper which you can see with your eyes, keep in your pocket and can also feel by touching them. Whichever country you go to, you have to use the currencies of the same country. But have you heard about a currency that is not visible to anyone but still it has become the world's most expensive currency. Yes, we are talking about Bitcoin. It is a type of digital currency.

CRYPTOCURRENCY

A Cryptocurrency is a digital resource created to work as a medium of exchange that uses strong cryptography to secure money transactions.

Cryptocurrency is an web-based medium of exchange which uses cryptographical tools to develop financial transactions. Cryptocurrencies uses blockchain technology to gain transparency and immutability. It is not control by any unit.

It is not controlled by any central authority and that is the most important factor of it: the decentralized essence of the blockchain makes cryptocurrencies unaffected to the old ways of government control and interference.

Cryptocurrencies can be sent directly between two units by the use of private and public keys. These transfers can be done with minimum processing cost, allowing users to avoid the steep fees charged by traditional financial organization.

BITCOIN

If internet was a country, then Bitcoin would have been the national currency of the internet. It may be that many of you may not have heard about Bitcoin and many of those who have heard, many of them may not know how it works, what is bitcoin. So today we have decided that through this post we will analyze the world's most valuable currency.

As of today (30 November, 2017) the price of a bitcoin is close to 8 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 parents, 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.

BITCOIN is such a digital currency that you cannot see, cannot touch, it is only stored electronically. It is a coin to listen to but it is neither a coin nor a note, it is just a virtual currency.

BITCOIN WALLET

Whatever money you want to send to someone, you can transfer that money directly from your Bitcoin wallet to another person's Bitcoin wallet. By transferring money in this way, you only get about 1 rupee. 70 paise fees have to be paid, which is a very nominal amount. At this time, millions of people around the world are using Bitcoin instead of ordinary currencies. But in this financial transaction process, notes do not come in your wallet, currency does not come, but some digital codes come and these codes are the amount reached to you.

At present, the bank has to be used for the legal transaction of money in the world. Even the circulation of how many currencies will happen in a country, it is also decided by the banks and the governments there. But Bitcoin is such a system, a facility that is not controlled by any agencies, bank or government. Under Bitcoin, transactions take place directly between two people. It is a safe and superfast way of financial transactions.

How does this ECONOMY work?

You will be surprised to know that five years ago the value of one bitcoin was only five rupees and today the value of a bitcoin is close to 8 lakh rupees. Bitcoin was started on January 3, 2009 by a computer programmer named Satoshi Nakamoto. 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.

Since like we said above that there is no centralized authority to control bitcoin, all transactions run on trust. You trust bitcoin, I trust bitcoin, so we trade among ourselves. It is not that it has received any backup from any government or from any bank. Its trade is one to one. If I have to send bitcoin to you, I can transfer bitcoin directly to you without any bank permission or by asking anyone.

How is BITCOIN bought and sold?

Now the question is how bitcoin is earned and how bitcoin is spent? There are many ways to earn it. The easiest thing is to buy it yourself. For example, if the price of 1 bitcoin is 8 lakh rupees, then you buy a bitcoin from an authorized website / app, which deals with bitcoin. The bitcoin you buy will be stored online in your account. Later, its value decreases or increases, it is your risk. When its price will increase, you can earn good by selling it. In the next post, I will explain how you can earn by using Bitcoin.

Know about Current Awareness

Quick Technology Updates