What is Bitcoin?

Bitcoin

Bitcoin is a decentralized cryptocurrency India that is processed by a decentralized system called the Blockchain system. It was created in the year 2019 January by an anonymous person named Satoshi Nakamoto whose identity is still a mystery. It is a type of cryptocurrency since it uses cryptography for security purposes. People can buy and sell bitcoin in the bitcoin crypto exchange India market. This does not have any specialized banks to do transactions. The transactions are done in a public ledger that is accessible to anyone so it is impossible to fake the transaction or even reverse the transaction.

The first bitcoin rate was about $150 when launched first in 2009 publically, but over a period of time bitcoin reached a drastic rise in its rate as of now one bitcoin worth about $50,000 on March 1, 2021. The value is expected to rise as time goes on because the supply of bitcoin is reduced to 21 million. Many high industry investors are starting to invest in it considering it as a digital gold asset.

Bitcoin got so popular that it influenced to make more new types of cryptocurrency in the market it is referred to as an altcoin. These transactions are handled by a process called “mining” which is considered to be a massive power source of computing. The transaction fees of the top cryptocurrency in India bitcoin are less compared to the traditional payment method. Bitcoin does not have any backed banks it is an individual system. Bitcoin is built and collected in Blockchain systems.

The co-founder & CEO of digital financial service company Holyhead Anton Mozgovoy states that “The reason why it’s worth money is simply that we, as people, decided it has value—same as gold”.

How Bitcoin Works?

Bitcoin is built and collected in Blockchain technology. Blockchain holds all the information about the transaction in the form of a block which is made up of data and units. This has information like date and time of the transaction, total amount, the information of buyer and seller, also generates a unique identification code for all transactions. The entries are ordered in chronological order, which creates a digital block for each chain.

Stacey Harris, consultant for Pelicoin, a network of cryptocurrency ATMs states that “Once a block is added to the blockchain, it becomes accessible to anyone who wishes to view it, acting as a public ledger of cryptocurrency India transactions,”

Early Stages of Bitcoin

On August 18, 2008, first-time bit.org is registered, but the identity of the person who registered was unknown.

On October 31, 2008, a person or a group named Satoshi Nakamoto announced working on an electronic cash system that needs no third party and fully peer to peer.

On January 3, 2009, bitcoin was mined for the first time.

On January 8, 2009, the first bitcoin software is introduced.

On January 9, 2009 block 1 is mined.

In 2011 the price of one bitcoin is 22.50 which have risen to 45, 50,845.56.

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