What is bitcoin? (What is bitcoin?)

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What is bitcoin? (What is bitcoin?)

Friends, in today’s digital world, a very big economy is digital currency. In which there is also a bitcoin, so the question in the mind of many people is that what is bitcoin in hindi ? So let’s know what is bitcoin after all ?

Bitcoin is a decentralized digital currency— also known as a cryptocurrency. We can buy, sell and exchange it directly without any intermediary like banks. Bitcoin is one of the most well-known digital currencies today.

Bitcoin is a form of electronic payment system that is based on cryptographic evidence rather than trust. By design, the supply of bitcoin is limited to 21 million coins, of which 18.77 million have already been minted.

Bitcoin was created with a distributed digital record in mind called a blockchain. Blockchain is a type of public ledger synonymous with a digital system for recording transactions and related data in multiple locations at the same time. Blockchain consists of block-like entities that contain data about each transaction. This includes the date, time, price, buyer, seller and an identification code for each exchange.

Bitcoin to bitcoin transactions are done by digitally exchanging anonymous, heavily integrated hash codes over a peer-to-peer (P2P) network. The P2P network monitors and verifies the transfer of bitcoins between users. Each user’s bitcoins are stored in a program called a digital wallet, which holds each address the user sends and receives bitcoins, as well as a private key known only to the user.

Who owns bitcoin ?

Friends, looking at today’s growing digital currency market, the question must also come to your mind that who is the owner of bitcoin ? So let us tell you the complete information about its owner, after today the question will not arise in your mind that who is the owner of bitcoin ?

Bitcoin was introduced in 2009 by an individual or group named Satoshi Nakamoto. Even though the name Satoshi Nakamoto is often used as a synonym for bitcoin, the actual person with the name has never been found.

crypto currency nameBitcoin
Developerसातोशी नाकामोतो (Satoshi Nakamoto)
Nationality of Satoshi NakamotoJapanese
date of release9 January 2009 ( 9 January 2009)

What is the purpose of bitcoin? (What is the purpose of Bitcoin)

Bitcoin was meant to be a way to create a digital version of cash, which could be passed from person to person without having to pay through a financial institution or other middleman (who may charge fees for this type of payment and slow down processing times). can) can be given.

History of Bitcoin / Bitcoin Price History

Bitcoin has increased dramatically in value since its inception, but the history of bitcoin is full of volatility, so let us tell you the bitcoin price history 
• In 2009, the blockchain was launched. Bitcoin had no monetary value in 2009. The first block in the blockchain was nicknamed the Genesis Block.
• The first economic transaction of bitcoin took place on 22 May 2010.
• The value of bitcoin was $1 in April 2011 and increased to $32 by June 2011.
• In 2013, bitcoin was traded at $13.40, rising to $220 by April, but by mid-April, the value had dropped to $70.
• From 25 March to 17 December 2017, the price of bitcoin increased from $975.70 to $20,089.
• Price crossed $10,000 in June 2019 (before falling to $7,112.73 by December).
• In November 2020, bitcoin was traded at $18,353.
• By March 2021, the bitcoin price reached a new high of over $60,000. Continued interest in the cryptocurrency drove its price up and it took less than a month for Bitcoin to surpass its previous January 2021 price record of $40,000. Bitcoin reached a peak of over $64,000 on April 14, 2021. However, over the summer, the price saw a 50% drop, reaching $32,000.
• On November 5, 2021, bitcoin again reached an all-time high of $68,521.

Advantages of Bitcoin

Friends, in today’s digital currency world, who does not want us to earn money and we also earn money by investing in bitcoin , that is why today we are going to tell you the advantages of bitcoin in this post –

No Third Party

Seizures The advantage of bitcoin is that since there are many redundant copies of the transaction database, no one can seize bitcoins. This means that governments cannot hoard anyone’s money and thus users of bitcoin have complete freedom to do whatever they want with their money.

No Tax

Advantages of Bitcoin There is no way for a third party to intercept bitcoin transactions. In this way tax can be avoided.

Bitcoins Can’t Be Stolen
Advantages of Bitcoin: No one can steal bitcoins unless they have physical access to the user’s computer and send the bitcoins to their account. Blockchain is technology that requires physical access, which makes it very difficult to steal.

No Tracking
Unless users publicly publicize their wallet address, no one can trace transactions with them. No one except the wallet owners will know how many bitcoins they have. Even if the wallet address is propagated a new wallet address can be easily generated.

Disadvantages of Bitcoin

Friends, this question is also echoing in your mind that what are the disadvantages of bitcoin, so let us tell you what are the disadvantages of bitcoin (Disadvantages of bitcoin) –

Digital Wallet lost could damage Bitcoin (Disadvantages of Bitcoin) are automatically if in a huge loss it is a hard drive crashes or corrupted by a virus data and corrupted wallet file, then Bitcoin mandatory have been “lost”. Nothing can be done to recover it. It can bankrupt a wealthy bitcoin investor in a matter of seconds, with no recovery at all.

Bitcoin has not been widely adopted by the

loss of Bitcoin (Disadvantages of Bitcoin) Bitcoin’s on one’s problems are still only accepted by a very small group of online merchants. This makes it impossible to rely solely on bitcoin as a currency. There is also a possibility that governments may force merchants not to use bitcoin to ensure that users’ transactions can be tracked.

No ratings do not guarantee
damage Bitcoin (Disadvantages of Bitcoin) Since Bitcoin’s on the biggest problem that there is no central authority to control, so no one can give guarantee of the lowest rated.

If a large group of merchants decide to “dump” bitcoin and leave the system, its valuation will be greatly reduced, which will greatly harm users who have invested large amounts in bitcoin.

“The decentralized nature of bitcoin is both a curse and a blessing”

Who owns bitcoin ?

Bitcoin is the first digital currency which was started by Satoshi Nakamoto, that is why everyone considers Satoshi Nakamoto to be the owner of bitcoin.

Is bitcoin legal in India?

Yes, bitcoin is not legal in India but it is not illegal in India either.

Which country’s currency is bitcoin?

It is not the currency of any one country, but it was originated in Japan.

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