We come across many people who always want to invest online and earn huge profits. If you ever searched the most profitable way to invest, We are pretty sure that you have heard about Bitcoins.
In this article, We will get complete information on “What Is A Bitcoin?“, “How to use it?” , “Current rate of Bitcoins in India” and all the other details which you should know in the year 2020.
What Is A Bitcoin?
We’re talking digital money. We’re talking about Bitcoin.
Bitcoin is basically a form of currency in fact it’s a digital form of currency that’s not backed by any raw material like gold or silver as far as we know.
Bitcoin comes from the word bit. The “Bit” is short for binary digit, which is actually the smallest unit of data on a computer. Then it comes from the word Coin, which is currency.
Think of it as the currency of the internet. Bitcoin has been around since 2008. It was actually around the time of the financial collapse, and an anonymous programmer, or programmers, by the name of Satoshi Nakamoto released a document explaining how bitcoin, a new currency online, would be developed. There’s a lot of questions of whether or not this is the creator’s true identity
What Is A Bitcoin Wallet?
Before you can use Bitcoins, You have to create a Bitcoin Wallet. This is just a digital form of your everyday wallet. It holds your bitcoins, You can keep your wallet on your personal computer or on a website.
A Bitcoin Wallet allows you to send and receive bitcoins. You can send and receive bitcoins by using a unique Bitcoin address that’s attached to your wallet.
You can think of the Bitcoin Wallet as a kind of PayPal. But, when there’s a PayPal transaction we use an email address but unlike PayPal Bitcoin allows you to use several different addresses which increases its privacy.
How To Get Bitcoins?
There are three ways to get Bitcoins :
1. You can Receive and Ask Payment for a certain good or service that you provide.
2. Purchase Bitcoins on Exchanges. This is similar to exchanging Indian currency INR for foreign currency.
3. Bitcoin Mining, Bitcoins are created by solving complex mathematical problems. Bitcoin miners use computing power to solve these problems now once the problems are solved that Bitcoin miner is then rewarded with a certain amount of bitcoins.
What is a Bitcoin Mining Pool?
However, due to the increasing difficulty of complex mathematical problems, it is almost impossible for a single miner to solve problems on their own so in most cases Bitcoin miners decide to join in the Bitcoin Mining Pool.
Due to the rapidly increasing difficulty of the mathematical problems you would need to have a lot of money and some very expensive equipment to solve these problems on your own.
So instead of mining Bitcoin on their own, Miners join together as a group to solve these problems. The bitcoins that are generated are then divided among the group based on how much they contributed.
How Bitcoins Are Mined?
When bitcoins were mined before, All you needed was your computer’s CPU power to mine for bitcoins as difficulty increased miners began using their graphics cards known as GPUs.
Unfortunately, Both those options are now insufficient to mine for bitcoins and we need a basic hardware ASIC.
>>What Is A Bitcoin ASIC?
ASIC stands for Application Specific Integrated Circuit . These chips have one job of one job only and that’s mine for bitcoins.
You can purchase pre-built Bitcoin ASIC miners from manufacturers online.
However, Due to the high demand and low supply, there’s typically a waiting period of several months before you can even get the equipment.
Also, there are some ways to mine the Bitcoins on your own. Of course, it is not an easy task but everything is possible in today’s generation.
What Is A Bitcoin Blockchain?
Lets understand what is a Bitcoin Blockchain with an example.
Now you have a Bitcoin, You go ahead and want to use your digital currency.
You purchase a product with someone using bitcoin.
The bitcoin will carry the history that it was made by you, then given to the seller.
Now the seller turns around and buys more products with bitcoin.
Now the bitcoin carries the history that it was made by you, given to a seller, then given to a manufacturer, and on and on it goes.
But every person is just an Anonymous Number. It’s not tracking specifically that you owned it. It’s just tracking that an individual owned it.
This historical record on Bitcoin is called the Blockchain.
What Are Bitcoin Benefits & Drawbacks?
|Bitcoin Benefits||Bitcoin Drawbacks|
|1. When you buy a Bitcoin, There is no middleman, Payment fees, Transaction fees, Currency conversion fees.||1. Bitcoin fluctuates very, very highly.|
|2. Only a certain amount of bitcoin that can be mined. In fact, it is capped at 21 million bitcoins. It is expected that we will only mine all the Bitcoins in 2140.||2. A huge percentage of Bitcoin is reserved for the founder, Or founders of Bitcoin. That definitely creates another super elite.|
|3. Bitcoin also removes the double spend problem because of the blockchain.||3. As Bitcoin transactions are highly secured and can not be tracked, It is highly used in the black market.|
Price Of 1 Bitcoin Into INR
The price of 1 Bitcoin into INR is not fixed. As we all know till now Bitcoin fluctuates very, very highly.
But the Exact value of 1 Bitcoin into INR at the time this blog was written is Rs 718,769.61.
Here’s a screenshot of the proof at the time when the blog was written.
I would suggest you to kindly check the price of Bitcoin by yourself to get the actual real-time result of price of 1 Bitcoin into INR by clicking the below button to visit the official website.
Note: To check the price of 1 Bitcoin Into INR, Make sure you change the currency from USD to INR. You will find that the default currency is set as USD. You can change it by clicking it and select the desired currency you want to see the price of.
How To Invest In Bitcoin
We are NOT a financial advisor. Do not take this as financial advice and if you choose to invest in this market please understand that this is a very high-risk market and do not invest more than what you’re willing to lose.
This market is very volatile. It is not uncommon to see 30 to 40 % swings every single day.
But if you’re on the right side of the trade it’s pretty easy to see that you can make some very quick profits.
However, if you’re on the wrong side then you can lose a lot of money very quickly. So there’s pretty much two ways they could go.
How To Trade With Bitcoins?
About doing this you could be an Investor or you could be a trader.
>>What is a Bitcoin Investor?
The Bitcoin Investor, that typically means that you would purchase some cryptocurrency and hold on to it.
Basically, You could be holding on to it for a few months or even a few years and hoping that that value of that cryptocurrency will increase.
>>What Is A Bitcoin Trader?
If you choose to be a Bitcoin trader, You would typically focus on short-term profit.
It means you would purchase a cryptocurrency and utilize the volatility of the market to sell in and out of trades.
Basically it goes down to:
BUY LOW, SELL HIGH
It’s really up to you to evaluate what your goals are and what level of risk you’re willing to take.
How To Buy Bitcoins?
There’s a few different ways that you can go with to buy Bitcoins The most secured and best website to buy Bitcoin is Coinbase.
Coinbase has been around for a very long time and they’re pretty much the most reliable and trusted source to get Bitcoin.
All you have to do is just go onto coinbase.com and sign up for an account.
Currently, Coinbase offers Bitcoin, Etherium as well as Elite coins.
Click on the button below to buy Bitcoins from Coinbase :
Is It A Right Choice To Invest In Bitcoins?
Unfortunately, No one can answer this question for you whether you should invest in Bitcoin or not. Bitcoin is still very new and the value of a Bitcoin is extremely volatile.
It really depends on how much you believe in the Bitcoin system and if you think that the value will continue to increase you should better go for it.
We hope you are fully aware of “What Is A Bitcoin?” now. In case if you are planning to buy a Bitcoin. We recommend you to buy it after a lot of research. Many countries have banned the purchase of Bitcoin. There are chances to get arrested just to hold Bitcoin as well.
If you have any queries regarding this, Feel free to drop us a message. Our team will help you to discuss it. We hope you liked our article “What Is A BITCOIN? 1 BITCOIN Into INR“
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