What is Bitcoin? How Bitcoin Works?
And, almost a large number of people want to know about Bitcoin.
And so, today I will talk about what Bitcoin is, “ how Bitcoin works ”, how you can buy and sell Bitcoin and finally “ how to open a Bitcoin account ”.
As a result of the use of Internet , today human life has improved a lot and can easily adopt digital technologies .
With the convenience of receiving any kind of information, we can do " online shopping", " hotel booking" , "car or cab booking" , " train & flight ticket booking " and thousands of other tasks at home through the Internet.
Moreover, you are all familiar with the topic of making money online through the internet.
However, I have written many articles on my website about the rules or ways to earn money from the internet online.
Among these ways and rules “ blogging ” and “ YouTube channel ” are the best.
Moreover, currently there are many opportunities to earn money from bitcoin as well.
Many of you may have heard about Bitcoin or what Bitcoin is.
However, for those who still don't know anything about Bitcoin, I have written this article today.
In this article I will explain to you very clearly that " What is bitcoin?" .
What is Bitcoin?
Just like there are other currencies such as dollars, rupees, etc., Bitcoin is also a type of currency.
And, we can't feel these kinds of virtual currencies in our hands and we can't even see them with our eyes.
Hence, Bitcoin is also called as “ digital currency ”.
However, it can also be called electronic money.
Bitcoin is a type of currency that can only be bought and sold digitally online.
Using this type of digital currency or electronic money, online transactions can be done in various fields.
Bitcoin can only be stored in online wallets .
Moreover, in case of any online bitcoin transaction, these wallet apps or websites must be used.
Because as I said before, “Bitcoin cannot be held in hand and cannot be seen with eyes”.
This type of cryptocurrency can only be expressed through numbers.
Just as the value of 1 dollar abroad in each country is different, the value of 1 bitcoin will be different in different countries.
Now a simple question might be coming to your mind.
How much money is equal to 1 Bitcoin ?
So, the answer will be different for different countries.
In case of India,
As I am currently writing this article,
"1 Bitcoin is equal to 1,570,850.44 indian rupees"
in the case of Bangladesh,
“1 Bitcoin is equal to 1,875,215.55 Bangladeshi Taka“
In the case of us dollars,
“1 Bitcoin is equal to 19,732.40 USD“
But remember, this value of 1 bitcoin keeps going down every day.
Therefore, it is not necessary that the number I have given must remain forever.
Tomorrow may be twice as much or less than that.
Hey, it's a bit like the share market, isn't it?
However, Bitcoin has no link with the stock market.
Simply put, what is Bitcoin?
This means that it is a type of currency that has no bank, authorities or government to control it.
Simply put, bitcoin has no owner.
In the same way, the internet has no owner but we all benefit from its use, similarly, Bitcoin has no owner but one can use this currency digitally.
So I hope you understood the topic " bitcoin meaning in English ".
Who invented Bitcoin?
However, at that time Bitcoin was never as popular and popular as it is today.
According to Wikipedia.org website , when Bitcoin was invented in 2009, between 2009 and 2010, the value of 1 Bitcoin was almost nothing.
However, in March 2010, 1 Bitcoin equaled $0.003 and in July between $0.008–$0.08 .
Then, after 2012 from around 2013, the value of 1 Bitcoin increased at a rapid pace.
If you want, you can go to the " History Of Bitcoin " page of the wikipedia website and see the whole.
Then, by the way, today 2022, 1 Bitcoin is worth several lakhs of rupees or dollars ( according to Google ).
So think , if you had bought something in the first 2 to 3 years of Bitcoin launch, you would have owned several lakhs of rupees instead of 100 or 200 rupees today.
However, if I had known, I would have bought it.
And, that's how a lot of people are making money with Bitcoin.
But, there is something called forehead and scope which is not common to everyone.
How does Bitcoin work?
Let us know in simple terms how Bitcoin works.
I have already said that Bitcoin is a kind of electronic currency or digital currency.
And, to use, exchange or buy and sell such currency, internet is required.
Nowadays there are many types of online wallet apps like “ paytm ”, “ freecharge ” etc.
In the same way , using these wallet apps without holding or seeing the money, we can digitally transfer money from our own app to another wallet app, in the same way, Bitcoin is also a type of virtual money that we never see in our hands. You can't see with your eyes.
This entire process is done virtually or digitally through the internet.
However, you must use one of the “ bitcoin apps ” or “ websites ” to buy, sell or exchange bitcoins .
Through the website or app itself, you can see the numerical value or amount of bitcoin you have.
And, through these Bitcoin websites or apps, you can buy and sell Bitcoin as needed.
Generally, people buy Bitcoins when the demand in the market decreases.
Because, when there is less demand in the market, the value of each bitcoin will decrease.
So, you can buy more bitcoins by spending less money.
Again, when demand for bitcoin increases again in the market, its price will remain high.
And, this is the time when you can resell the bitcoins you bought at a low price, making more profit or money.
You can also know the current price or value of your purchased bitcoin through apps or websites.
How to open a bitcoin account?
So, to buy bitcoins first we will need a “ Bitcoin wallet account ”.
To open a wallet account, go to a bitcoin wallet and register.
Bitcoin wallets can be of different types.
- Desktop wallet
- Mobile wallet
- Online wallet
- Hardware wallet
These wallets give us an ID, as a unique address.
Through this unique address or ID, we can deposit future earned bitcoins in our wallet account.
Now, there are two aaps most commonly used to open a bitcoin account.
With this, you can easily buy and sell bitcoins.
Unicoin has many features, for which many people are buying bitcoins using this website.
- Zero % fees
- Simple integration
- No chargebacks
- OTC trading
- Auto sell bitcoin
- Netki : You can create your own bitcoin address.
- For better security, there is the benefit of 2 step authentication.
To open a bitcoin account, you can create a bitcoin wallet account by downloading the Unicoin app and submitting some of your information and documents .
Various people are using it and Zebpay has proved to be the best application for buying Bitcoins.
Features Of Zebpay:
- Mobile and DTH Recharge through Bitcoin is possible here.
- Amazon, Flipkart and Make My Trip vouchers can be purchased through Bitcoin.
- The fastest way to buy bitcoins.
- You can buy and sell Bitcoin very securely.
- It is possible to buy and sell bitcoin from mobile using this application.
How to buy bitcoin
This Zebpay app must be downloaded first to buy bitcoins.
Moreover, you can also register an account by going to the zebpay website .
Then you need to register the account with some information and documents.
Finally, after the account is approved, you can buy and sell bitcoins as and when required.
So, there are these two good and popular websites or apps to open bitcoin account in India at present.
How to earn bitcoins?
The first and most popular way is,
Buy bitcoins by spending money.
If you have money, you can buy a whole bitcoin for money.
But currently, you need to spend $57,401 to buy a whole Bitcoin.
Moreover, you can buy small parts or units of Bitcoin if you want.
Like 1$, in the same way a bitcoin has many small units which are called satoshi .
1 Bitcoin contains 10 million satoshis.
And, you can buy these small satoshis for very little money.
You can buy 1$, 2$, 10$ or 100$ satoshi or smaller bitcoin units if you want.
And in the future, when the value of your purchased bitcoins increases, you can sell your bitcoins to earn more money and profit.
The second medium is,
If you are selling a product online then you can take Bitcoin from the customer in return.
In this way, your product is sold and you can earn some amount of Bitcoin in return.
The bitcoins taken in this way will be deposited in your bitcoin wallet account.
Moreover, you can sell those bitcoin numbers at a higher profit in the future or use them for buying and selling.
The third way to earn bitcoins is,
The third and most popular way to earn bitcoins is bitcoin mining .
Bitcoin mining is completely different and you must have a lot of knowledge about it.
In this case, you will need a computer whose processor and hardware should be of high quality and powerful.
Let's get to know what Bitcoin mining is.
What is Bitcoin Mining?
And, when such bitcoins are transacted online, the transactions are verified.
Those who verify these bitcoin transactions are called miners.
And, this process of verifying bitcoin transaction is called bitcoin mining.
These miners must have high performance computer systems.
In verifying the transaction, they see that the transaction was done correctly?
There is no kind of lattice process or medium used?
Bitcoin miners are automatically gifted some Bitcoins as a result of the verification of such Bitcoin transactions.
And in this way, they can earn a good amount of bitcoins.
Moreover, this is how new bitcoins are coming to the market through mining.
But anyone can do the work of bitcoin miner.
But, as I said before, in this case you need a powerful and high performance comments computer system which is not possible for everyone to buy.
our last words
In fact, the price and demand for Bitcoin were low a few years ago, so those who bought Bitcoin at that time, today have an opportunity to make huge profits.
However, if you are thinking of buying Bitcoin right now, think twice.
Because, nowadays its demand and price has increased to a great extent.
And so, whether or not there is an opportunity for more profit in the future is a matter of judgment.