What is Bitcoin, All You Need To Know About This Cryptocurrency - MyGadgets

 Bitcoin

Bitcoin is a virtual currency, virtual means it has no physical form like any other currency. It is a currency that you can neither see nor touch. It is only an electronically store. If someone has bitcoin, he can buy goods just like a common currency.

Bitcoin is currently becoming very popular in the world. It was invented in 2008 by an engineer named Satoshi Nakamoto and was released as open-source software in 2009. At present, people are doing business by buying bitcoin at a lower price and selling it at high prices.

Payments by common debit/credit card charge about two to three percent of transaction, but bitcoin does not have anything like that. It is also becoming popular because there is no additional charge in its transactions. Moreover, it is safe and fast which is encouraging people to accept Bitcoin.

Today, there are hundreds of thousands of website companies that are accepting Bitcoin. You can also pay for plane tickets, hotel rooms, electronics, cars, coffee, and anything else. Every year, the world moves from $1 to $1 million.

Pricing

The value of Bitcoin depends on many things. Two of the most important things are supply and demand. Bitcoin is found in limited numbers. Only 210,00,000 Bitcoins can be mined. In such a case, if there is less demand than the supply, the price of Bitcoin decreases, and when reversed, its value increases. The highest ever price of bitcoin goes up to 47,30,035 Indian Rupees.

Caution

A press release on virtual currencies like Bitcoin was issued by the Reserve Bank of India on 24th December 2013. It said that no official permission has been granted to the transaction of these currencies and there is a risk at many levels in its transactions. The recent stay imposed by RBI on Bitcoin has been lifted by the Supreme Court. [8] On February 1, 2017, and December 5, 2017, the Reserve Bank again issued a caution about it