First of all let’s say Bitcoin is completely illegal in our country. There are also several reasons for invalidation. However, almost all countries of the world have legalized its transactions. Almost everyone knows the name Bitcoin.
Especially those who work online must know. The rate at which the price of Bitcoin has increased since 2019 has given almost everyone some idea about it. Today I will try to tell you what Bitcoin is, how it works and the rules of use
How Bitcoin Works
Many people think that Bitcoin works like a virtual master card online. Not at all. You are not controlled by a specific person or organization. Bitcoin is a completely free payment network. The main purpose of creating this system was to provide decentralized payment system for internet usage. The exchange and recording of which happens automatically through the blockchain.
However, a special computer called a mining rig verifies the records and information of these transactions every day. However, the current rate at which Bitcoin usage is increasing requires more powerful computers to increase mining. Compared to 2009, its mining volume has increased by almost 12 trillion times. Basically Bitcoin is mined by mining using computer power. Computers whose owners mine are called miners. They get bitcoins at fixed rate due to contributing bitcoins. But currently it is of no use. A Satoshi is the smallest unit of Bitcoin. It can be easily transacted through an online account. There are three million bitcoins left as of now. Mining is expected to end by 2040. Bitcoin may not be created again since then. Mining will stop, but transactions will continue.
Bitcoin price
It has no specific value. Its price changes from time to time. Sometimes the price increases and the price becomes high and sometimes the price decreases completely. Its price also changes with the change of time. But after 2018 its value has increased to a great extent. Currently in 2021 its value stands at more than Rs 40 lakhs. Which used to stay within 5 to 7 lakh even a few years back. The abbreviation of Bitcoin is BTC.