What is Bitcoin? Highest bitcoin price in India
Basically, Bitcoin is a decentralized cryptocurrency that uses peer-to-peer technology for instant payments between people or businesses.
Bitcoin created in 2008-09. It hit its all-time high in price in December 2020 back a few days, when 1 bitcoin was worth nearly 18,01,289 Indian Rupee as its price was just around 20,000 Rs
In technical terms to define Bitcoin we can it is a form of digital currency that is created and held electronically on a computer.
Bitcoins are not paper money like rupees, dollars, euros, or yen controlled by central banks or monetary authorities as it is a cryptocurrency.
History of Bitcoin:
As of Wikipedia, The domain name “bitcoin.org” was registered on 18 August 2008. On 31 October 2008, a link to a paper authored by Satoshi Nakamoto (an unknown person or group of people) titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list. Nakamoto implemented the bitcoin software as open-source code and released it in January 2009. Till now Nakamoto’s identity remains unknown.
How are Bitcoins created?
Unlike paper currencies, Bitcoins cannot be minted, they can only be mined. There are only 21 million bitcoins that have been created.
At present, only 16.8 million or 80 percent of all the bitcoins have been mined.
What is Bitcoin mining?
Bitcoin mining is the process of adding transaction records to Bitcoin’s public ledger of past transactions or blockchain. This ledger of past transactions is called the blockchain as it is a chain of blocks.
Mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady.
How to buy Bitcoins?
Firstly, you will need to get yourself KYC (Know Your Customer) verified. For that, you need to submit your PAN card and valid address proof. Next is a bank account. Make sure that the PAN and bank account belongs to the same person. The verification process takes about 2-3 working days. After this, you are good to go.
You can look for various digital currency exchanges to buy bitcoin.
You can purchase Bitcoins with a credit card. Coinbase.com and Coindesk.com are the most popular exchanges. They also offer tutorials on digital currencies. In India, you can purchase Bitcoin from the Zebpay exchange. Zebpay has an Android and iPhone app that lets you link your bank account for quick transfers.
You can buy Bitcoins by making a payment to Zebpay’s bank account. You can also withdraw the money to your bank account, and track data on Bitcoin valuation in the country.
What is a bitcoin current price?
The current bitcoin price is around Rs 18,01,289 + and growing. You can google it.
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