What is bitcoin, how does it work, advantages and disadvantages of bitcoin, types of bitcoin
Bitcoin is a digital currency that can neither be seen nor touched, but in today’s time the most valuable currency is bitcoin, it is a type of digital currency. It is a digital payment system.
What is bitcoin
With the help of bitcoin cryptocurrency, anyone can send money to anyone anywhere without the help of a bank. It is a global decentralized currency that can be used anywhere, it is a digital currency created and regulated on electronics technology, today it is the most expensive currency in the world.
Satoshi Nakamoto released bitcoin as open source in 2009, the main purpose of releasing bitcoin was to send money from one place to another without any third party, in today’s time the value of bitcoin is all coin. The value of bitcoin is increasing day by day and bitcoin is being liked very much by people all over the world, there are traders who do business with bitcoin only.
Shortly before today, the value of bitcoin was nothing, but in the present time, the value of bitcoin has increased from 45000 to 48000 and it is estimated that its value is going to increase even more. Is. The main reason for the increase in the value of bitcoin is that it is being bought by more and more people.
So far in this article we have known what is bitcoin, when did bitcoin start, how much is the value of bitcoin, then we will know how bitcoin works.
How does bitcoin work
Bitcoin works on the technology based on the blockchain, the exchange of bitcoin is done by peer to peer technology, it does not require any party or bank. Bitcoins are passed directly from person to person via computer. All these things are accounted for by the black chain, the black chain keeps a record of the transaction of every bitcoin, due to this black chain it is considered secure.
The people who verify the transactions of bitcoin are called miners, these people keep an eye on its transactions and work to make it more and more secure. In the early times 50 bitcoins used to be released in a block, their number is halved every 4 years, thus after 125 years the creation of new bitcoins will stop, that is why people are buying more and more bitcoins.
what is bitcoin wallet
Each bitcoin has a code, which is the private number of bitcoin. A bitcoin wallet is a software program in which bitcoins are stored in the form of these codes, from this wallet bitcoins can be bought and sold comfortably.
benefits of bitcoin
There are many benefits of bitcoin which are as follows
- It is a digital currency so it is a secure currency.
- It can also be invested in
- Transaction charges are low
- You can make more profit from bitcoin in less time.
disadvantages of bitcoin
There are some disadvantages of bitcoin too, so let’s know what are the disadvantages of bitcoin.
Since no one has control over bitcoin, its price keeps on decreasing, so sometimes investors have to bear heavy losses.
Bitcoin is used for illegal purposes, some people use it for illegal purposes, it is a type of digital currency, it can also be hac ked