What is Bitcoin?
We all need money to buy stuff and we get money if we sell any stuff. Money is a medium of exchange.
We know that there are different kinds of money like we have coins, paper money and plastic money. The value of exchange or money changes from country to country like 1 Dollar is equal to 64 rupees.
But we are not here to talk about money. We are here to talk about Bitcoin. So,
What is Bitcoin?
Bitcoin is also a currency like any other currency in the world. It can be used as a medium for exchange as well.
Now you will question, if its that simple then why are we talking about it. We are talking about it because 1 Bitcoin = 19000 Dollars and is rising.
So, lets come back to the answer of what is Bitcoin. Bitcoin is a Crypto currency. Now,
What is crypto currency?
Crypto currency is a digital currency which is in a binary format (i.e 0 and 1). It uses cryptography for security and verification of the transaction made.
There is no particular process for distribution of Bitcoin’s (Decentralization) and is under no government’s control.
Bitcoin was introduced in 2009. Today there are lot of places online where you can use Bitcoin’s to buy stuff.
So no how to get a Bitcoin. You can get bitcoine’s by mining. Now,
What is mining?
Mining is the process of verifying the transactions made by Bitcoin. Now, mining can be done with a computer using its processing power. The transactions done by Bitcoin need to be verified and stored in a public ledger, where the summary for all the transaction is present, is called Blockchain. And to make the Blockchain complete and uptodate.
There are subunits for Bitcoin. They are millibitcoin, microbitcoin and satoshi.
100000000 Satoshi = 1 Bitcoin
There are websites from where you can get satoshi’s by watching ads and doing surveys.
But, if you don’t want to do mining or go on websites and watch ads for Bitcoin then there is another way you can get Bitcoin and that is in exchange of the currency you use in your daily life. You can buy Bitcoin’s. You can do Bitcoin trading also.
Now, the question comes, if we get Bitcoin then where to store it. As we know that it does not exist physically and is in virtual form. And that is why we have virtual wallet for storing this virtual currency.
There are online wallets available like Blockchain. And there are software wallet also likeElectrum.
Today, Bitcoin is being used in more place and more & more people are starting to use it for purchasing things and many merchants are now accepting Bitcoin’s. But, Bitcoin is still not that safe.
Bitcoin is a virtual currency. It is a decentralize currency. If you want Bitcoin you can get it by mining. You can even get it in exchange with of the regular currency. There are online wallets available for you to store or you can say save your bitcoin’s. But it is not safe yet. If something goes wrong like if your wallet gets hacked or any other thing happens and you lost your Bitcoin then you cannot recover them.