What Is Bitcoins and How Does It Work?

What is Bitcoins, how does it work, where we kept it and how can we earn it, these types of questions are maybe in your mind. Because of the internet, the life of people became easy. Also, you can get any type of information and buy and sell things like online shopping, ticket booking, etc. on the internet. We can also earn money using different ways from the internet. One of the ways is the Bitcoins through which we can earn a lot of money. Among all of you, some might have knowledge about Bitcoins and some might not have so through this article I will provide detailed information about Bitcoins.

Bitcoin

What is Bitcoin?

Bitcoin is a virtual currency. Other currencies like Rupee, Dollar, etc, in the same way, Bitcoin is also digital currency. It is totally different from others because neither we can see it nor it is can be used as normal money. Bitcoin is only stored in an online wallet. Bitcoin is developed by Satoshi Nakamoto in 2009 and from that time and now it is becoming more and more popular. Bitcoin is a decentralized currency which means that it is controlled by any bank or authority or government and it does not have any owner. Bitcoin can be used by anyone like the internet.

Why we use Bitcoins?

Bitcoin is used for online payment or any kind of transaction. Its work is based on peer to peer network which means that there is a transaction among each other without the use of the bank, credit card or company.  Using bitcoin for transaction mean to be very fast and reliable. Now, many people are accepting bitcoin like online developers, entrepreneurs, non-profit organizations, etc. So, bitcoin is used for global payment in today's world.

If you make online transaction with your currencies then you have to follow banks payment process then only payment is successful and all the transaction you made is stored in a bank account by which you can know where money has been used. But, Bitcoin doesn't have its owner so the transaction through bitcoin is recorded in public ledger which is known as "Blockchain". Here, all the transactions using bitcoin are stored and it is the evidence to know where there is a transaction or not. 

What is the Value of Bitcoin?

The value of Bitcoin is currently $999.The value of Bitcoin might be high or low because it does not have any authority to control it and its value changes according to the demand.

What is a Bitcoin Wallet?

Bitcoin is stored electronically and for this, the bitcoin wallet is needed. There are many kinds of bitcoin wallets like desktop wallets, mobile wallets, online/web-based wallets, hardware wallets. Using one of these wallets, you have to make an account. This wallet will provide a unique id as address like let us consider, you have earned some bitcoin and you want to store it in your account then you need that address and with the help of that, you can store your bitcoin on your wallet. And, if you want to sell or buy bitcoin you need a bitcoin wallet. Also, to transfer the money you get after selling bitcoin you need a bitcoin wallet.

How Bitcoins can be earned?

We can earn bitcoins in three ways:-

1. The first method is that, if you have money then you can easily buy bitcoin at $999. It's not like that if you want to buy one bitcoin then you have to give all $999, you can buy the smallest unit of bitcoin i.e satoshi. One bitcoin has 100millions of Satoshi. If you want then you can buy satoshi and by collecting them you can have 1 ore more than that bitcoin. You can sell these bitcoins whenever the price is high and you will get a lot of money.

2. The second method is that, if you are selling products online and the buyer has bitcoins then you can have bitcoins instead of money. With this, your product will be sold out and also you get bitcoins which will be stored in your bitcoin wallet.

3. The third method is the bitcoin mining. For this, you need a high-speed processor computer along with good hardware. We use bitcoins only for online payment and if anyone made payment through bitcoins then that transaction is check for the verification. Those who verify this they are called the miners and these miners have high-performance computer and GPU. And with the help of this, they verify the transactions. They verify whether the transaction is right or wrong. With this verification, they will get some bitcoins as their prize and like this way, new bitcoin came into the market. Anyone can do this but they must have a high-speed processor computer which is very expensive.

Like every country have a rule that only a limited amount of money can be printed in one year, the bitcoins have also its limit which the market can't have more than 21 million bitcoins. There is approximately 13 million bitcoin in the market and now, the new bitcoin will be market through mining.

What is the disadvantage of using bitcoin?

1. There is no authority, bank, and government to control the bitcoins so there are rise and fall in the price of bitcoins. So, it is a little risky.

2. If your account is hacked then you will lose all your bitcoins and you cannot get back and there will be no one helping you.

How to buy Bitcoin in India

You can buy bitcoin as like buying gold in Indian currency. Ok, now let's know about the website which is present in India where we can buy Bitcoins easily in our own currency.

The following websites give you easily the price of the Bitcoins in real-time:-

1.Unocoin
2.Zebpay

1. Unocoin

Unocoin is a very friendly website that can be used by anyone. With this, you can easily buy bitcoin. There are a lot of features in Unocoin which make it different from others.

Features:

1. Zero % fees - This website does not take any charge while buying bitcoins.
2. Simple Integration- You can easily integrate your business with Unocoin.
3. 0% Volatility Risk - If there are rises and fall in the price bitcoins then you can sell it easily.
4. No Chargeback -If you are using Unocoin then you don't have to give chargeback.
5. OTC Trading(Over the counter)
6. Auto Sell Bitcoin
7. Netki - You can generate your own Bitcoin address which can be read by anyone.
8. 2 step Authentication for tight security

How to buy it?

If you want to buy bitcoin then you can buy it from the Unocoin website.

NOTE: If they ask for Referral Code then write " U124697"  so that you can buy bitcoins at Rs.200 per bitcoin.

2. ZebPay

ZebPay is a very friendly website that can be used by anyone. It has lots of vendors which provide more facilities.

Features:

1. With the help of bitcoins, you can fill top up in your mobile and DTH.
2. You can buy a voucher in Amazon, Flipkart, and MakeMyTrip which helps you save 10 %.
3. The fastest method to buy Bitcoin.
4. It is very secure as well.
5. Lowest price in the market.
6. By using the App, you can buy it from your mobile.

How to buy it?

If you want to buy Bitcoin then you can use Zebpay Android Application.

NOTE: If they ask for Referral Code then write " REF77839482" so that you can buy bitcoins at Rs.100 per bitcoin.

This is the information about bitcoin. I hope that you have understood now that what is bitcoin and how can we earn it. Also, it's advantages and disadvantages. If you know extra information about bitcoins and also any queries about this topic then you can write on comment below. If you like the information then please don't forget to share on your Social Networking Sites like facebook, twitter, etc.

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