You must have heard the name of currency. In the days when you buy any item. So you need money to get that thing.
There are different currencies in every country, like dollar is in trend in America, rupee is the trend in India.
The way we use money in our daily life. Similarly, there are many currencies used on the Internet, in which bitcoin is the most used crypto currency. The price of bitcoin has jumped a lot in the last few years.
Its price has reached the sky in 2021. This shows. That the future of bitcoin is huge. In the coming times, the use of bitcoin will be used much more than today’s normal currency.
Why is bitcoin important, where is it used? Where is bitcoin used? You need to know this information.
What is bitcoin ?
Bitcoin is a kind of digital currency & Cryptocurrency used on the Internet, which you cannot touch, its existence is only on the Internet, yet it is not possible to use it in daily life.
It is an open source currency, which can be used by anyone, this currency was invented by Satoshi Nakamoto.
You can use it everywhere, but you can neither touch it, nor can you see it. This is such a currency, which you can also convert into your currency, if you know about bitcoin. Then you must know this.
How much is 1 bitcoin equal to ?
If we talk about the price of bitcoin, then till date the cost of 1 bitcoin is around INR 13,88,159 (Indian currency) or INR 13,88,159/-. It’s not like you have to buy all bitcoins if you want to buy bitcoins.
The thing to understand here is that the smallest unit of bitcoin is one satoshi and one bitcoin = close to 10,00,00,000 satoshis.
Like in Indian currency 1 rupee = 100 paise, 100 million satoshis makes 1 bitcoin. This also means that you can break 1 bitcoin down to 8 decimals. For example, you can buy or sell 0.0001 bitcoin.
What are the benefits of using bitcoin?
- Your transaction fee here is much lower as compared to paying by credit and debit cards.
- You can send bitcoins anywhere and anytime in the world without any problems.
- There is no bitcoin account block here, because sometimes for some reason the bank blocks our credit or debit card, so that should not be a problem here.
- If there is no government or authority monitoring the bitcoin transaction process, then there are many people who also use it to do wrong things, then it is beneficial for them.
What are the disadvantages of using bitcoin ?
- There is no authority, bank or government to control bitcoin, so because of this the price of bitcoin fluctuates a lot, so it becomes a bit risky.
- If ever your account is hacked you will lose all your bitcoins and you will not be able to get it back, no one will be able to help you with this.
Update on July 25, 2021 @ 7:03 am