How Bitcoin and Cryptocurrency Works

You must have seen many forms of money, i.e. rupees in India, dollars in America, pound in Britain, euro in Europe, etc. You must have seen all this currency in the form of paper shops, and you can touch it by hand, keep it in your pocket. Wherever you go in the world, you have to use the currency there. In such a situation, digital payment is being encouraged today. Due to this a phase of digital currency has started, which you cannot see, cannot touch, but it has become the most valuable currency in today's time. It is a worldwide cryptocurrency and digital payment system. It can be said that if the internet had been the name of a place, it would have been the national currency there.

In such a situation, digital payment is being encouraged today. Due to this a phase of digital currency has started, which you cannot see, cannot touch, but it has become the most valuable currency in today's time. It is a worldwide cryptocurrency and digital payment system. It can be said that if the internet had been the name of a place, it would have been the national currency there.

In India, it is completely invalid, meaning it has not been recognized by the Indian government, so no person in India can buy or sell it. This is being shown here because, for the first time in the world, India is preparing to freeze its ongoing transactions. Using this, the sellers of drugs have started the transaction of money through it. India's Narcotic Control Bureau has made preparations to freeze 500 bitcoins in this transaction.

What is Cryptocurrency

First of all, know about cryptocurrency, it is a kind of digital asset, for which cryptography is used. It is commonly used to purchase goods and services. It acts as a "peer-to-peer electronic" cash system. It can be used with the help of the internet. With its help, money can be hidden very easily. There is no need to visit any bank or other government institution for its use. Therefore, with the help of cryptocurrency, your money can be easily hidden.

Type of Crypto coin

There are about 1000 cryptocurrencies present in the immediate time, but there are some of them, which are used a lot.

Dash: Dash cryptocurrency was invented in the year 2014. It was initially known as Dark Coin. This network is faster and more powerful than bitcoin.
Jade Cash: It originated in October 2016. All the information is encrypted during its use, yet it cannot be used for 'double spread'.
Monero: It is also a special kind of cryptocurrency. A special type of security is used in this, which is called ring signature. It is very much in the 'Dark Web Black Market'. Smuggling is done with its help. Hence black marketing becomes easy with its use.

What is bitcoin

With this help, a person can send money to any other person anywhere with the help of a third party and a bank. That is, you can send money from your bitcoin wallet to another person's bitcoin wallet. For this, you only have to pay two and a half cents (i.e. 1 rupee 67 paise).

It is a kind of digital currency, which is manufactured and regulated with the help of an electronic system. This is a very fast way of transacting money. It is just a process between two people, so it does not require any third person. In its transactions, the money comes in the form of codes in your bitcoin wallet. With this, a good business has started in the whole world with the help of computers.

Beginning of Bitcoin

It was first released in January 2009 as open-source software by Satoshi Nakamoto. Different people have been claiming themselves as Satoshi Nakamoto at different places, but to date, its real programmer has not been revealed. In today's time, many such programmers are engaged in making it safe and strong. Its basic purpose was to release money from one place to another without the help of any third party or any central authority. Software related to this has been created around the world.

Bitcoin Value

5 years ago, a bitcoin was priced at Rs 6. But today its price is about 45,000 rupees. the price of one bitcoin was Rs 14 thousand in 2015, in the year 2016 it has increased to Rs 30 thousand and today it is worth Rs 45,000. According to an estimate, it could be up to 6 lakh next year.

What is Bitcoin Wallet

It is a kind of software program, in which bitcoins are stored and stored. If it is said in a true sense, it is not kept anywhere. A bitcoin has its own private number i.e. code, which is stored in the bitcoin wallet. With this help, we can take bitcoins very comfortably or give them to someone. This is similar to a mobile wallet.