Its, not such a new term,but whenever in the parties this discussion came up, I used to feel like
So, Here is the gist what I learnt from various blogs/videos in a most simplified manner. We all want to invest in a way to get high returns, this is said to be one of the risky but worthy options. First, let's know a few things.
What Is A Bitcoin?
Bitcoin comes from the word "bit" smallest unit of data. We’re talking digital money, a form of currency that’s not backed by any raw material like gold or silver. It was released during the financial crisis in 2008 by Satoshi Nakamoto(said so)
What Is A Bitcoin Wallet?
This is the very first step before you can use bitcoins , This is just like "Paypal/Paytm" wallets; digital form of our leather wallets. It has a unique Bitcoin address that keeps changing per transaction to add on the security.
How To Get Bitcoins?
- Get or do Payments in bitcoins rather than conventional currency.
Purchase Bitcoins on Exchanges (yes! there are)
Bitcoin Mining: This is the toughest way to get them, solve complex mathematical problems using highly computable machines like ASIC (Application Specific Integrated Circuit) which are designed specifically for bitcoin mining operations. Generally, it takes a whole team to do the mining, after which they divide their share of rewarded bitcoins. WOW!
Price Of 1 Bitcoin Into USD/INR
while I'm writing, it's 1 bitcoin = 9,089.58 $ or 678,432.18 INR.
Drawbacks of Bitcoin
First, Bitcoin fluctuates very high. Also, Bitcoin transactions are highly secured and can't be tracked thus highly used in the black market.
How To Buy or Trade With Bitcoins?
There are many websites that allow you to buy bitcoins in just minutes.
There are many platforms where you can buy or sell bitcoins just like stock markets utilizing the volatility of the market to sell in and out of trades by being sometimes investors, sometime trader.
Top comments (1)
Actually Bitcoin is 100% trackable. That's really the only way a Bitcoin "exists". Everyone agrees that it was rewarded for mining a certain block and then later transferred from one person to another (and another and another).
It's the fact that all "persons" can be 100% anonymous and there's no limit to the number of "persons" an actual human could be in the Bitcoin network combined with good old fashioned money laundering techniques that allows "untraceable" transactions.