Hi Friends,
This is the post, especially for those people, who don't know what is Bitcoin and if you
know what is Bitcoin then you should also need to read this post because I'll also tell
you about some important facts about Bitcoin.
Following Topics, I covered in this Post
  • What is Bitcoin?
  • What is a Bitcoin Wallet?
  • How to Get Bitcoins?
  • Advantages and Disadvantages of Bitcoin.
So let's start it
Some non-tech people still don't know what is Bitcoin and even some people are thinking
that Bitcoin is Coin like a Penny. So that's why I'm covering is topic.
What is Bitcoin?
There are many currencies are in the world like the Dollar, Euro, Japanese Yen, Indian
Rupee, and Pakistani Rupee and maybe one of them is present right now in your pocket.
But Bitcoin is not like that because this is not only a currency Bitcoin is a cryptocurrency.
And another strange thing is that we cannot touch this currency. Bitcoin is just stored
electrically in your virtual wallet. Bitcoin is not controlled by any centralized authority,
bank, or government. Bitcoin was invented at the end of 2009 by Mr. Satoshi Nakamoto
and since then Bitcoin becomes a very popular cryptocurrency.
At this time, Bitcoin Value is 10990.00 US dollars and it is not fixed it fluctuates with
time because it doesn't control by any bank or government. It doesn't mean that you
have to buy 1 Bitcoin. The smallest unit of Bitcoin is Satoshi and 100,000,000 satoshis
are equal to 1 Bitcoin. So if you want to buy Bitcoin
then you can also buy a few satoshis.
What is a Bitcoin Wallet?
In order to store Bitcoins then you need Bitcoin Wallet which is also virtual. There are
lots of applications, software, cloud-based wallet are available. You just need to create an
account out there. So what Bitcoin Wallet does?
It provides us a unique address because when we mine or want to transfer Bitcoins
then we need that the address which will help us to receive Bitcoins.
  • It provides a unique address.
  • Help us to send and receive Bitcoins.
  • Help us to Buy and Sell Bitcoin.
  • Help us to transfer money to local accounts.
How to Get Bitcoins?
  • Buy Bitcoins through local currency.
  • Accept Bitcoins for Service.
  • Earn Bitcoins from the web or app.
  • And Most Important By Mining.
What is Mining?
It is most important because new Bitcoins come into circulation by Bitcoin mining.
If I want to send or transfer 2 Bitcoins and this transaction will verify and those who
verify transactions are called miners and miners have a high computer with a high
processor. They are verifying that is there any cheating or scam in the transaction or
not and then miners get a few Bitcoins as a reward. This process is called Mining.
If you have a heavy computer and high processor then you can also start Bitcoin Mining.
If you are living in that country where electricity is expensive then Bitcoin mining will
not profitable for you because those computers need lots of electricity.
Lots of people are mining Bitcoin from all over the world and you can also
Advantages of Bitcoin
  • Very Low Transaction Fee.
  • You can send Bitcoin Globally.
  • The account can't be frozen.
  • Long Term Investment in Bitcoin is beneficial.
  • Your Privacy will remain hidden.
Disadvantages of Bitcoin
  • Uncontrolled Fluctuations.
  • The account can be a hack and there is no authority where you complain.
  • Bitcoin is still not completely Secure.
  • Shortage of electricity. As I mentioned above in Bitcoin mining lots of
electricity is needed.
So, guys, these are all basic information about Bitcoin. If you like it is posted then
share this knowledge with your friends as well.

Thanks, To Read

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