What is Bitcoin?
Many questions arises in yourr mind when you listen to Bitcoin,Like what is Bitcoin ,how does it is works and where stored.So in this post we are going to tell you all things about Bitcoin.
So lets start,
Bitcoin is a virtual currency like other currencies as Rupee, Dollar But in case of Bitcoin we can’t touch Bitcoin physically or can’t be seen by the eye .It can only use online for doing a transaction. It is stored in an online wallet. it does not work under any government, bank or any higher authority like other wallets.It was invented by Satoshi Nakamoto in 2009. It’s work individually it means anyone can use Bitcoin.
Why is it used?
Bitcoin usess to do any online transaction. It is work directly so it has not requiredd any medium like Payment Gateway or Bank and Credit card or any other companies.
Bitcoin works peer to peer based connection method .it means Bitcoin works directly with that person who sending Bitcoin or who receiving Bitcoin. In result, anyone cant identifies who are receiving those payments. It works very fast so its popularity is increasing regularly.
Bitcoin Wallet And its Types.
Bitcoin Wallet also works like other electronic wallets, it is also available on many platforms like Desktop Wallet,Mobile Wallet, Web -Based Wallet and Hardware Wallet also available. In order to use these Wallet you have to register yourself as Bitcoin wallet holder after registering you get a unique id or address which is used to doing transaction.
Types Of Bitcoin Wallet.
1.Online Bitcoin Wallet-Online Bitcoin wallet can be accessed on the web from any internet connected devices.
2.Bitcoin Hardware Wallets- Many physical devices designed to Store & Secure Bitcoins.
3.Software Wallets- Many software application is developed to store Bitcoins.Which is also available for Different OS platforms like Windows, Mac, Android, Web and iOS.
There are many different ways to use Bitcoin so there are also many Bitcoin wallets available.
Some name of Bitcoin Wallet platforms is given below.
Bitcoin Wallets For Android Platforms
you can find It in Google Play Store.
For Windows Platform.
Web-Based Bitcoin Wallet.
2.Bit Go Wallet
By simply click on th the link you can go these official website.
What is the value of a Bitcoin ?
it has not a value like other currencies. It means its value depends upon demand and uses of Bitcoin. So the value of Bitcoin can increase or decrease anytime according to its demands. In result use of Bitcoin could be risky on those when the demand of Bitcoin is decreasing.
You should know all advantages and disadvantage of start using Bitcoin. So read it carefully.
The advantage of Bitcoin:
- Less Transaction Charge-it means if you want to do a transaction using Bitcoin then you’ll charge some Bitcoin as the form of transaction charge which very less than other Banks or Wallets.
- It works globally- it is an important source to send or receive money globally.
- It is open source platform-Of course, it’s an open source platform So anyone can use it.
- If you want to invest your money in Bitcoin and if its value increases then you can gain more benfit by selling Bitcoin at latest maximizes value.
- In this transactions, sender and receiver both identity is hidden in full process. So it’s also used by many people who received his payment for illegal purpose.
The disadvantage of Bitcoin uses:
Bitcoin is risky many reasons available for this which can you see below.
- It has not any help and support if you losses your Bitcoin or Your account is hacked then there is no any option available to track them that who theft you Bitcoin.
- There is no identity of both sender and receiver so here more chances available to loss your Bitcoin.
- Its values are not fixed so sometimes the value of Bitcoin can be reduced.
- The receiver can not be tracked even if he receives payment for illegal activity.
How can earn Bitcoin ?
There are many options available to earn Bitcoin which is given below.
1.You can buy Bitcoin as exchanging your money and if Bitcoin value maximizes then by selling Bitcoin you can earn the profit.
2. If you are a seller of any service or anything by online method then you can ask for Bitcoin to sell your product are services and you can receive your price in your Bitcoin wallet using your unique address.
3.Bitcoin Mining- Bitcoin mining is a process of verification. There are many transaction doing on daily basis.So a verification is required for this those verifier are called miners and the process of verification is known as Bitcoin mining. For Bitcoin mining, we have required a Computer with high processor unit and GPU and in return of verify miners get some Bitcoin.
How can Buy Bitcoin.
There are many platforms available to create wallet but here we are going to describe some platforms
Unocoin is an Indian bitcoin Wallet .It has a user-friendly interface and many other feature available which makes it unique .
- It’s not charge any extra bitcoin in return of transaction if you use Unocoin.
- Simple Interface -It has simple interface which easy to understand.
- No ChargeBacks- If you are using Unocoin them then you Don’t have to pay any charges.
- 2-step verification- It is most secure wallet on comparison to other wallets.
What is Limitation Of Bitcoin?
There are many limitations Of Bitcoin Which is given below.
1.Bitcoin can not use anywhere simply like other currencies.
2.Bitcoin Not Widely Accepted. So in result, You can not use them Anywhere you want.
3.Wallets Can Be Lost.
4.Bitcoin Valuation Fluctuates.
5.No Valuation Guarantee
6.No Buyer Protection.
7.Risk of Unknown Technical Flaws.
8.No Physical Form
I Hope this post is helpful to understand about Bitcoin.So if you like this post then You can share with Your Friends.
If you have any question regarding Bitcoin you can ask me in given comment box. I will be happy to help you.