What is Bitcoin, How to Earn from Bitcoin?

Today everyone is discussing bitcoin. Whether Elon Musk is the electric company Tesla or a common man. Now Elon Musk himself tweeted saying that Tesla will soon accept bitcoin in transactions to pay for vehicles. Along with this, the Uber company is also moving towards its transaction. Today, from the growing companies to the common people also want to earn a good profit by investing in bitcoin. So what is bitcoin today? Let’s understand the question closely.

What is Bitcoin?

Bitcoin is a virtual currency, it is a virtual currency i.e. Rupee, Dollar, etc. Currency has a physical form but Bitcoin does not have any physical form. It is a currency that cannot be seen or touched like money. That’s why it is called digital currency. If you have bitcoin then you can do any normal transaction. Bitcoin can only be held in an online wallet. Cryptography is used to use bitcoin, hence bitcoin is also called cryptocurrency.

Bitcoin is a decentralized currency. That is, it is not operated by any country, institution, bank, etc. It doesn’t even have any honor. Bitcoin was created by Satoshi Nakamoto in the year 2009. But this does not mean that he is the owner of bitcoin. Satoshi Nakamoto is said to be just the founder of bitcoin.

Anyone can buy and sell bitcoin. Anyone can invest in bitcoin. You can buy and sell anything with bitcoin.

How to transact with bitcoin?

Many merchants and big companies in the world have started accepting transactions through bitcoin. As in any business, records are kept in the form of a ledger for transactions. Similarly, a ledger is also created for the transaction of bitcoin. However, still, no central bank has accepted this transaction.

There are many exchanges in the world for bitcoin transactions today. Through which you can also buy bitcoin. There are many websites and apps available today through which bitcoin can be bought and sold. The information of buyers and sellers remains hidden. Big companies in countries like America have started accepting transactions in bitcoin. Bitcoin being the virtual currency you can only pay online.

bitcoin today rate

The value of Bitcoin is around $37800 in today’s day. Right now $1 is around ₹72.84. So if we look at bitcoin in terms of rupees, then the value of one bitcoin is ₹ 2,753,352. There are huge fluctuations in its value.

By the way, the value of bitcoin depends on many things. But being decentralized, its value depends more on the market demand and supply. For information, let us tell you that bitcoin can be mined only up to 2,10,00,000. More than this can not be mined under any circumstances. If the demand in the market is less than the supply, then the rate of bitcoin goes down. On the other hand, if there is more demand than the supply of bitcoin in the market, then there will be a huge jump in the value of bitcoin.

What is Bitcoin Wallet?

As the name Bitcoin Wallet suggests, this wallet is used to store Bitcoin Cryptocurrency. Your crypto assets and tokens are stored in this wallet. It is like a device or software program. Blockchain is also used to keep your bitcoin assets safe and also to sell or buy bitcoins.
Specifically, bitcoin wallets are divided into two categories. The first is a hot wallet, second is a cold wallet.

Hot Wallet :-

Hot Wallet can be accessed anywhere or anytime by being connected to the internet. This includes all types of crypto exchanges, software wallets, cloud wallets, mobile wallets such as devices or programs.

Cold Wallet :-

The same cold wallet cannot be accessed from anywhere as it is not connected to the internet. It cannot be accessed from any cloud wallet, mobile wallet or crypto software, etc. The cold wallet can be accessed with the help of a paper wallet and hardware wallet.

What is Paper Wallets?

A paper wallet is placed in the category of the most secure option, it is started through the printed seat of the paper, due to not having a SIM on the server of the Internet, it can be saved from any kind of distal hack. Do not depend on third parties, but a paper wallet should never be taken by taking photos in your phone.

What are Hardware Wallets?

The hardware wallet is used at the time of storing the bitcoin. It balances safety and convenience. It protects your private key from the methods of storing it online. For example, hackers can access the device. Since the private key provides a security cover to your device, it cannot be hacked in any way.

The best features are that in case your wallet gets lost or broken in any way. You can still access your bitcoins through the new wallet.

How to earn from Bitcoin?

By the way, today bitcoin has become very expensive, so the common man cannot invest in it. This is how many people think nowadays, that if you want to invest, then there should be millions of rupees for bitcoin. But in reality it is not so. If you do not have lakhs of rupees then you can invest in bitcoin even in less rupees. Let us tell you today 3 ways to invest in bitcoin or earn from bitcoin.

1. The first way is that if you have lakhs of rupees then you can buy a bitcoin directly. But if there is not much money then you can buy the smallest unit of bitcoin ” satoshi” . Just as there are 100 paise in ₹ 1, there are 100 million satoshi in 1 bitcoin .

2. Another way is that if you are selling your goods to someone online and he gives you bitcoin in exchange for money, then take it. Going forward, when you are getting a good price for bitcoin, then you can earn profit by selling it. Bitcoin will be stored in your bitcoin wallet until you sell it.

3. The third way is that you can earn bitcoin through bitcoin mining . For this high speed computer is required. I will not tell you much about this, because for this you should have a lot of money. But let me tell you a little that it has to be checked that whatever transactions are happening in bitcoin. There is no fraud in them. The people who do this check are called miners. There are some processes to become miners.

4. Money can be earned by trading in bitcoin like the stock market .

5. Just like you get interest by lending money to others, similarly if you have bitcoin, you can get interest on it by lending to other people.

Is it safe to invest in bitcoin ?

Whenever it comes to investing in bitcoin, the first question that comes up is whether it is safe to invest in bitcoin.

Let us tell you that this cryptocurrency keeps on fluctuating heavily and hence investing is very risky. For example, the value of bitcoin was at its all-time high in March. That is, when I saw its prices in April, one bitcoin was about $64000. But in May, its rates went up to $30000. Now in the last week of May, its rate has become around $ 38000.

To invest in Bitcoin you have to have an app. If you accidentally deleted your file from the server or forgot the password, then understand. Keep money in your wallet, now the money is gone forever. Also, you cannot claim anyone for this. Even today there are reports about bitcoin that some people do not even have a password or have forgotten their password. For this they have to lose their lakhs of rupees.

What are the advantages?

1. Bitcoin is a virtual currency, so the chances of fraud are less.

2. Here your transaction fees are very less. That is, the transaction fees are very low even with debit cards and credit cards.

3. Paying through Bitcoin is considered more secure than normal digital payment.

4. Bitcoin does not have the right to block your debit card or credit card account as the bank. Here your account is never blocked.

5. Investing in Bitcoin can be beneficial for you. The rate of bitcoin has seen a very high jump in the last few years.

6. Every single transaction of bitcoin is closely monitored and protected.

What are the disadvantages?

1. If a wrong transaction is done then it cannot be reversed. This can cause a lot of damage.

2. Due to no control over bitcoin, its price fluctuates a lot.

3. Investing in Bitcoin is high risk.

4. At one time there was a decline of up to 70% in Bitcoin, due to which investors had to suffer heavy losses.

5. If the bitcoin account is hacked in any way then all the bitcoins kept in your wallet will be lost. It cannot be recovered in any way.

6. Bitcoin is mostly used for wrong purposes.

7. Exact information about prices is not available.

Also Read: What is Dhani App | How to Apply Indiabulls Personal Loan

Top 5 Bitcoin Investors

1. Barry Silbert
2. Dan Morehead
3. Tyler and Cameron Winklevoss
4. Michael Novogratz
5. Digital Asset Holdings

Top Platforms to Buy Bitcoin

By the way, there are many platforms available on the Google Play Store to buy bitcoins. But today we will tell you some such platforms which come in the best category. You can buy bitcoins by choosing any of these platforms.

1. Unocoin
2. Zebpay
3. Coinbox
4. Coinsecure
5. BTCxIndia
6. LocalBitcoin

Following are the important documents required for registering on these platforms –

1. Aadhar card, Voter ID card or any identity proof document should be there.

2. It is necessary to have a bank account.

3. To invest in bitcoin or to do any kind of trading, it is necessary to have a PAN card.

4. You must have a phone number.

5. It is very important to have an email address, if you do not have an email ID, then definitely create one.

Is bitcoin illegal in India?

Friends, in the year 2018 in India, bitcoin was banned by the Central Bank. Also, in the year 2019, the government was going to bring a bill to completely ban bitcoin. His draft was prepared. In which those who trade and invest in bitcoin will have to go to 10 years in jail. But in March 2020, the Supreme Court has given the green signal to invest in bitcoin. Due to which now any Indian can easily invest in bitcoin.

Interesting facts about bitcoin

1. Who invented Bitcoin is a mystery.

2. Pizza was first bought with bitcoin.

3. Only bitcoin can be mined up to 21 million. There are about 13 million bitcoins in the market as of now.

4. Bitcoin cannot be banned in any way. It is not the currency of any institution or country.

5. Satoshi Nakamoto is said to be the founder of bitcoin but in reality it is an unsolved mystery . To this day it is not known what the real name of the creator of bitcoin is.

What did you learn I

hope you know what is bitcoin? Detailed information would have been received on the question of. Also I hope you liked this information.