What is Bitcoin?
In simple words: Bitcoin is a cryptocurrency and a worldwide payment system which uses peer-to-peer technology to facilitate instant payments created in 2009. It is the first decentralized digital currency as it does not have a central bank like any of the currency does, and does not work under a single administration instead the transactions takes place directly between users, and this transactions are verified through the use of Cryptography and are recorded in a public distributed ledger called a block chain, which is a shared public ledger in which all the confirmed and verified transaction are stored, and this block chain, is the backbone as the entire Bitcoin network relies on the Block chain which is stored in cloud and can even be stored in personal hard disk.
So How Does This Bitcoin Function ?
So for the beginners, the Bitcoin is very similar to that of a digital wallet. In which you have to install the Bitcoin wallet on your PC or in your phone and after the installation you will be given a Bitcoin address. This address would be further used to make your payments or transactions by disclosing your Bitcoin address to your friends who is using it, one person can have multiple addresses. In Bitcoin transaction means the transfer of Bitcoin wallets and this transaction is recorded in a distributed ledger called the “Block chain” as mentioned earlier. Unlike, other financial institution Bitcoin is decentralized, which means they don’t have a central authority controlling it, like banks or national mints. Instead, they are controlled by a group of people called “Miners” who use computers and specialized hardware to process and secure transactions and there are no precious metals like Gold behind it, the value of each Bitcoin relies in bitcoin itself. These miners are the decentralized authority enforcing the credibility of the Bitcoin Network. The process through which Bitcoins come into circulation is known as Mining.
What is The Present Worth Of A Bitcoin Today?
As of now, one Bitcoin worth is $14400 a considerable jump from 2016 which was around $770 which makes it up to 913053 Indian Rupee
Who Invented Bitcoin?
There has been a long controversy about the founder of the cryptocurrency, Bitcoin. Satoshi Nakamoto was the name associated with the group of people for inventing the first decentralized cryptocurrency with the release of the original Bitcoin Whitepaper in the year 2009. No other information about the founder has been found so far, except for his date of birth, which is 5th April 1975, as date of birthday is required for signing up as per the Bitcoin protocol. The media believe Satoshi Nakamota to be a computer wizard and he began writing down the code in 2007. He created a website with the domain name bitcoin.org and continued to collaborate with other developers.
Is Bitcoin Legal In India:
The rising value of Bitcoins has attracted investors in the recent years including the Bollywood celebrities like Amitabh Bachchan, but the Reserve Bank of India (RBI) has cautioned the people about investments on cryptocurrency and made it clear that the country does not hold cryptocurrency as a legal Currency and further the Reserve Bank of India has warned the interested investors that their investments would be considered as fraudulent investment as it does not consider cryptocurrency as a legal tender. The government has emphasised the status of the virtual currency to be not legal, but cryptocurrency exchanges operate freely in India and it has not been clearly declared as illegal and no regulatory measures has been set up by the government to prevent the the use of cryptocurrencies. So, it is quite confusing and not clear about the status of Bitcoin in India. So summing up the above we see that bitcoin is neither Legal nor illegal in India.
Every coin has two sides, and surely does this quote apply for Bitcoin as well, Bitcoin has been in controversy all these time but there are many positive sides of it such as it offers instant payment with very low or not at all transaction fee, it is secured as the transaction details are stored in cloud and personal drives s well.