BITCOIN: Understand the world of a new type of currency that is altering other currencies.What is a Bitcoin and how does it work? Is Bitcoin safe and legal? How does Bitcoin make money? What is bit coin used for? Who gets the money when you buy Bitcoin? How many Bitcoins are left?[ EDU Science ]

 BITCOIN: Understand the world of a new type of currency that is altering other currencies.

• What is Bitcoin and how does it work?
• Is Bitcoin safe and legal?
• How does Bitcoin make money?
• What is bitcoin used for?
• Who gets the money when you buy Bitcoin?
• How many Bitcoins are left?

These are many questions that used to roam around our minds when we think about the term BITCOIN right?

Bitcoin (₿) is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began to use in 2009 when its implementation was released as open-source software.

 

Bitcoin is a decentralized digital currency, without a central bank or single administrator that can be sent from user to user on the peer-to-peer Bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography

 

They can be exchanged for other currencies, products, and services, but the real-world value of the coins is extremely volatile. Research produced by the University of Cambridge estimated that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using Bitcoin.

 

The domain name "bitcoin.org" was registered on 18 August 2008. On 31 October 2008, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list. Nakamoto implemented the bitcoin software as open-source code. Nakamoto's identity remains unknown.

 

Thus we may conclude that Bitcoin is a type of currency that does not exist in the real world as a hardcopy but as software, these currencies can be used to purchase many things such as products and services online.

You may check here what is the value of 1Bitcoin in Rupees= 1Bitcoin=33,06,452.81 Indian Rupee