What is bitcoin, who created it and how to buy it

In this article, you will get to know what is Bitcoin?

Who invented bitcoin, where bitcoin is used, how you can buy a bitcoin, what are the advantages and disadvantages of bitcoin, and is bitcoin legal in India.

What is bitcoin

Bitcoin is a virtual currency, it is a currency that has no physical existence. You can't touch bitcoin, don't carry bitcoin in your pocket or purse. Bitcoin is a digital currency. A digital wallet is needed to hold bitcoins.

Bitcoin is used for online payment, it works on P2P networks. No country, government, bank, or company has control over bitcoin. People of bitcoin can directly transact with each other without any medium. It is a decentralized currency.

Bitcoin is very fast and efficient in an online transactions. Bitcoin is not only used for online payment, but people can invest in bitcoin and earn profits in the same way as they invest in the stock market. That's why bitcoins are very much discussed nowadays.

Bitcoin comes under cryptocurrency, it is the first and most expensive cryptocurrency. There are many types of cryptocurrencies available in the market such as Ethereum, RED coin, Ripple, etc. All these cryptocurrencies are governed by the laws of cryptography technology.

The record of all transactions occurring in bitcoin is kept secure by blockchain technology. In Blockchain technology, if there is a transaction with any computer connected to the network, then it becomes known to all the computers connected to the network. Therefore, the chances of fraud in bitcoin are very less.

Who created bitcoin

Bitcoin was developed in 2009 by a Japanese engineer named Satoshi Nakamoto. Along with bitcoin, he also introduced blockchain technology to the world.

Satoshi Nakamoto wanted to create a currency by which people can transact directly with each other without any bank, government, or company anywhere in the world, and the record of their transactions should be kept in a Public Ledger.

Uses of bitcoin

Bitcoin is used for online payment. In today's time, many companies, and NGOs are using it in online transactions.

Bitcoin works on Peer to Peer network technology, due to which people can do online transactions from one place to another without the intervention of government or banks.

How to make money with bitcoin

If you want to earn money with the help of bitcoin, then for this you will need to buy bitcoin. If you do not have enough money to buy bitcoin then you can buy satoshi, the smallest unit of bitcoin. Crypto always fluctuates whenever its price goes down.

How to buy bitcoin

To buy bitcoin, first, you need an online platform, in which you have to create an account with your Gmail ID, and complete KYC.

When you get into the dashboard of that platform, you will see many cryptocurrencies including bitcoin. You can buy bitcoin very easily from here.

Advantages of bitcoin

Some of the major advantages of bitcoin are as follows –

All records of bitcoin transactions are kept in the public ledger by blockchain technology. Therefore, there is less chance of fraud in it.

Bitcoin can be sent anywhere in the world.

Bitcoin is an efficient option in online payment.

Bitcoin is a digital currency, we cannot keep it physically with us, so there is no problem of bitcoin being stolen, mutilated.

Transactions can also be done in bitcoin without any third party (eg bank, company, government).

Sometimes our bank accounts are blocked, but bitcoin accounts are never blocked.

Good money can be earned by trading in bitcoin.

Disadvantages of bitcoin

There are also some disadvantages of bitcoin such as –

If you forget your bitcoin account password, you can lose all your bitcoins.

Since bitcoin is a digital currency, the risk of hacking also remains. Although the security of bitcoin is of a very high level, but still hackers can be successful in hacking it.

Some people can use bitcoin to buy illegal things.

Bitcoin is not controlled by any country or government, so its prices fluctuate irregularly.