Bitcoins | What are Bitcoins? | How to earn Bitcoin?
Bitcoins
Bitcoin is a virtual digital cryptocurrency used in entire world for the online Transactions. Which is invented and implemented by Mr. Satoshi Nakamoto in 2009. Bitcoin is not a physical coin that can be touched or seen. We can assume it as Digital Coins. It was released as Open-source software. The system works on peer-to-peer concept i.e There is no intermediate resides between the Transactions and these Transactions are encrypted by its designing algorithms so that no one can monitor these Transactions.
Over the normal currency, there is a control of some authorities (Centralized Government) and banks that decide that how much currency they can print. But when we talk about the Bitcoins there is no-one to control over the values of Bitcoins. That’s why the value of a Bitcoin fluctuates anytime and there is no involvement of Government. The secret behind the changing values of Bitcoin is its designing algorithm in which the value of Bitcoin changes on its demand and supply means it completely depends on the number of transactions if the demand is high then the price will increase and if not then the price will decrease. Bitcoin has the advantage over the payment gateways that Bitcoins are transferred directly from Person to Person via the internet and User can transfer the big amount of money without paying the Taxes. But each Technology can be treated as the Boon as well as Curse.
As there is no control of Government over the Transactions of Bitcoins, some users who do illegal activities on the internet , take the advantage of it . They do smuggling in the deep and dark web, hire the Hitmen and all the transactions of these are done by Bitcoins. If you guys are aware of wnacry Ransomware which targeted the 90+ countries .Those hackers also received the Ransom using Bitcoins. Thus, Bitcoins are very useful for these kind of users as they can do whatever they want (Hiring Hitmen, Smuggling, Ransomware Attacks) without knowing the Government and without paying the Taxes over the Transactions even if they are in other Country.
Basically Big Multi-National Companies use the Bitcoins for the Transactions as it is more easy and reliable for them and provide the Flexibility to transfer big amount of money, you can also do normal shopping using Bitcoins but only to those sellers who accept the Bitcoins . Due to the unawareness of the people Bitcoins are not used that much but as the year passes the users of Bitcoins are increasing.
How to Earn Bitcoin?..
Before learning the process of earning the Bitcoin you need to know the value of Bitcoin .The current value of a Bitcoin to Indian Rupees is around 1.7 lacks. As I told you above that this value fluctuates anytime the recent value of Bitcoin to INR as I remember was around 75k.
Like in Normal physical Currency 1 Rupee = 0.100 Rupee (1 ₹= 100 paisa) same in Bitcoins the small value is known as Satoshi 1 µBTC = 100 satoshis.
You can have your own Bitcoin by purchasing the Bitcoin, For that you will have to pay the current amount of Bitcoin and you will get your own Bitcoin. If you don’t want to invest much then you no need to buy the 1 Bitcoin you can buy the fraction of Bitcoin i.e. Satoshis.
You can purchase your own Bitcoin from here.
The Bitcoin will be stored in your Wallet (You can use unocoin wallet or zebpay wallet) and when the value of Bitcoin again fluctuates analize that you are in profit or not and when you feel yourself in Profit you can sell that Bitcoin. But this is somewhere Risky because the value of Bitcoin can also decrease.
2nd method : -
There is a method to create the Bitcoin known as Bitcoin Minning. There is a limited number of minning the Bitcoins i.e. 21 million means only 21 million Bitcoin can be exist in the Market. This is because to increase the value of each Bitcoin in the coming years.
Like in Normal physical Transaction when sender sends money to someone there is involvement of Banks and some other authorities to verify or to complete the Transactions but in Bitcoin Transactions there is no one but a miner can be there actually every transaction firstly goes to the Blockchain in the encrypted form where several distributed computers work as miners. Each Transaction contains some Math Problems and these math problems are actually the decryption algorithms of the encrypted transaction. Now to verify or to decrypt the algorithm of the Transaction the miner needs powerful CPU and GPU or ASIC (Application Specific Integrated Circuit) to solve the Math Problems. And the miner will be awarded some Bitcoin or the fraction of Bitcoin i.e. Satoshi to solve the math problem ,this is the only way to make a new Bitcoin and make it’s existence in the Market. This method is known as Bitcoin Mining.
NOTE:- During this method keep in your mind that the value of the Bitcoin which you are getting is more than the Bill of your Electricity as Your High end PC with dedicated Graphic card needs a Power Supplier which will eat your Electricity Bill . So if you are not getting more than the value of your electricity Bill then there is no benefit of mining the Bitcoin.
For more :- http://bit.ly/1rqYeD2
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ReplyDeletethanx for the information tarang
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