What is Bitcoin? Uses of Bitcoin and Much more

bitcoin

Hi, guys today I am going discuss Bitcoin.

What are Bitcoin lots of people have asked me about Bitcoin that’s why I am going to write on Bitcoin and in this article, I am going to cover following questions
what is Bitcoin?
what is Bitcoin Wallet?
what is Bitcoin mining?
Advantages and Disadvantages of Bitcoin?
So let’s have a look

What is Bitcoin?

Bitcoin is virtual and digital currency and you can say it’s kind of internet money you cannot store it in your pocket or wallet because it doesn’t any physical form like a coin or a note you can use Bitcoin online only Bitcoin is a decentralized currency there is no authority, bank and government to control it. It works to P2P Network and Bitcoin user believes in it as a currency and this makes Bitcoin as a Global Currency. It was invented by Satoshi Nakamoto in 2009 and since then it has become a very popular currency.
Let’s Find out Bitcoin value

At the time of writing this article  1B=2450.01 US Dollar. But it doesn’t mean you have to buy 1 Bitcoin because the smallest unit of Bitcoin is Satoshi and 1 Bitcoin is equal to  10, 00,00,000  Satoshi like 1 rupee is equal to 100 paise. It means you can break 1 Bitcoin up to 8 decimal places you can even use 0.0001 Bitcoin also. It is not necessary to use 1 Bitcoin.

What is Bitcoin Wallet?

Basically, you need Bitcoin wallet to store Bitcoin. Lots of application, software and cloud-based walled are available you just need to make an account.
So let us see use of Bitcoin wallet
First of all, when you create an account it provides you a unique Bitcoin address eg: you earn or mine any Bitcoin and you have to transfer it to your account then you need an address that will help you to receive Bitcoin. If you want to buy or sell Bitcoin you need a Bitcoin wallet and if you sold Bitcoin and earn from it and you want to transfer to your bank account you need a Bitcoin wallet.
How to get Bitcoin? 
There are lots of techniques to get Bitcoin but you can easily buy Bitcoin through local currency.
 2. Accept Bitcoin for goods and services.
 3. Earn Bitcoin (From web or app).
And forth is very important mine Bitcoin.
So let’s have look what is mining.

What is mining?

Before going to mining first I will tell you that just like every country has a limitation on the numbers of notes same case with Bitcoin also.
Value of Bitcoin
Limitation
Maximum limit of Bitcoin is 21million – currently available 13 million approx
New Bitcoin comes to market through mining.

So let’s find out what is mining.

Eg: I sent 5 Bitcoin to you this transaction is verified and those who verify the transactions are called miners and these miners have high-performance computers and high-performance GPUs and they verify the transaction using them. But what are they verifying? They verify whether the transaction is correct or not is there cheating or scam in the transaction or not and they get some Bitcoin as a reward for mining and this is how new Bitcoin come into the market so if you have a heavy computer with powerful GPU then you can mine Bitcoin.

Advantages of Bitcoin

There are number of advantages some are following

  1. Low transaction Fee.
  2. Can use Bitcoin Globally.
  3. Account can’t be frozen.
  4. Long-term investment is beneficial.
The record show that the value of Bitcoin continuously increasing since there is no government authority to control it, many people are using it for illegal purpose like drugs etc

Disadvantages of Bitcoin

  1. Uncontrolled Fluctuations
  2. Account can be hacked
So these were some information about Bitcoin.

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About the Author: Mudassir Iftikhar

Mudassir Iftikhar is an Author of GL{Dot}com. I love to write articles and I love to learn and teach newbies and beginners what I know. I'm Blogging Lover that's why I created GiftLenders. Follow me On FaceBook & Youtube

14 Comments

  1. Bitcoin been a digital currency is really becoming an acceptable tender for exchange of goods and services in the world today, investing in it requires that one needs to be very careful when choosing an online platform to buy or sell bitcoin because the rate of frauds this days are becoming much. I really love this great article because it has helped me to understand bitcoin very well.
    Thanks for sharing

Comments are closed.

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