What is bitcoin?

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Tarun Gautam asked 13-Nov-2017 in Currency by Tarun Gautam
edited 07-Dec-2017 by Manish-Kumar

What is bitcoin?

1 Answer

3 votes
Vishal Kesarwani answered 07-Dec-2017 by Vishal Kesarwani

"What is bitcoin? This question is on buzz these days and will be on buzz for many more coming days"

Bitcoin is a type of digital currency, created and command electronically. Nobody controls it. Bitcoins aren’t written, like bucks, rupees or euros – they’re made by folks by victimization some complicated formula that is termed Mining Bitcoin. 

What is bitcoin?

Major difference from normal currency and bitcoin
Bitcoin’s most significant characteristic, and also the factor that creates it completely different to standard cash, is that it's redistributed. No single establishment controls the bitcoin network. This puts some folks relaxed, as a result of it means an outsized bank can’t manage their cash.
Anything that comes as a serious force, it takes it slow for folks to simply accept it. Folks virtually became and remained skeptical for lasting. They couldn’t trust Bitcoin, however, school savvy folks already started accepting it and have vied an important role in popularizing Bitcoin.

Bitcoin in our country
In the year 2010 the value of one bitcoin was none but now in the current year, the value of one bitcoin is $11400 which is equal to 7.5 lakh Indian rupees. Bitcoin even though is not authorized by the Indian government and reserve bank of India has clearly warned Indian about the bitcoins. Well after the demonetization its demand and craze have hiked up in our country.

you will find this helpful:  bitcoins the new era of digital currency

VishalKesarwani commented 07-Dec-2017 by VishalKesarwani
hope it was informative
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TarunGautam commented 07-Dec-2017 by TarunGautam
Thanks for the reply : )
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