The first cryptocurrency was started in 2008 which was also known as Bitcoin Currency. This currency was made by a Japanese engineer named Satoshi Nakamoto. There was not much value of this currency in the beginning, but gradually when people started to understand its benefits, their demand started increasing and today this currency is successful. At present, about one thousand types of cryptocurrency are present in the market.
What is Bitcoin Currency?
Bitcoin is also a type of currency like the dollar, rupee, like other currencies. But we cannot touch bitcoin like other currency because bitcoin is a digital currency which we can store and store in an online wallet only.
Bitcoin is an independent currency that has no owner. It is a currency that is not under any authority. This currency can be used to buy goods or buy a service.
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If we talk about the value of bitcoin, then it keeps changing with time. If we talk about the present time, then in today’s time the value of 1 bitcoin is 7,47,111.24 Indian rupee, now it is not that if you want to buy bitcoin currency. If you want to buy only one bitcoin, then if you want, you can buy even the smallest unit of bitcoin. One bitcoin has 100 million units.
Understand it in easy language
Just as there is money in one rupee in Indian currency, similarly 10 crore units together make a bitcoin.
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Some famous currencies other than bitcoin
Apart from bitcoin, some other cryptocurrencies are also present in the market. Which is also being used more nowadays?
1. Red Coin: – Red Coin is also a cryptocurrency like bitcoin, it is used to tip people.
2. Sia coin: – Sia coin is denoted with SC. This coin is growing well. The price of this coin may increase even more.
3. Cisco: – It is a revolutionary cryptocurrency that is provided with zero cost financial transactions and incredible speed. Business Asset provides the business with the infrastructure to securely trade digital certificate data. Cisco works on the blockchain which is a part of bitcoin itself.
4. Vice Coin: – It is a platform designed for emerging musicians where singers can price their music on their own. They can provide a sample track of music for free. Also, you can get support from music enthusiasts and users on the platform. The main objective of this platform is to monetize independent artists.
5. Monero: – It is also a type of cryptocurrency in which a special type of security is used. This is known as a ring signature. It is used extensively in the dark web and black market. Smuggling is done with its help. With this currency, black marketing can be done easily.
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Some Advantages of Bitcoin Currency
- The biggest advantage of bitcoin is that it costs less to exchange
- You can easily sell or buy bitcoins anywhere in the world.
- You can also invest long term in bitcoins because so far the value of bitcoin is increasing.
- The government does not keep an eye on these lesser amounts due to bitcoin, so you do not need to pay tax here.
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Some Disadvantages of Bitcoin Currency
Bitcoin currency is not controlled by any government organization, due to which if hackers steal your bitcoin currency, then the government will not help you in any way, and in this case, you may have to bear a huge loss.
Bitcoin is used extensively in black money, drug sales, tax evasion, and terrorist activities.
The increasing use of bitcoin has woken up security agencies in countries around the world. The Reserve Bank or any other regulator in India has not given legal recognition to this virtual currency.
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How to buy Bitcoin Currency?
Just like you buy shares of a company, you can buy this currency also, through Indian currency, there are some websites in India through which you can easily buy bitcoins.
The UNOCOIN website is very user friendly which any user can easily use and through this website, you can buy bitcoins very easily.
If you have to buy bitcoins, you can also buy through the Android application of unicorn.
ZebPay is also a user-friendly website through which you can easily buy bitcoin currency. If you want to buy bitcoin currency through the ZebPay website then you can buy through ZebPay’s Android application.
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Using Bitcoin Currency ?
- You can use this currency in international shopping.
- You can use this currency to send money to anyone in the world or you can receive it.
- You can easily pay through bitcoin currency.
- You can easily earn money by buying and selling this currency.
How is the growth of cryptocurrency?
Some time ago the prices of cryptocurrency used to be very low, but today due to an increase in their demand, their prices are also increasing continuously. Therefore, in today’s time investing in bitcoin cryptocurrency can be a profitable deal.
At present, there are about a thousand types of cryptocurrency in the market and the prices of all these currencies were absolutely negligible in the beginning. But in the last few years, their prices have also reached $ 1000.
Now you understand from bitcoin itself. When Bitcoin was launched, there was a daily transaction of $ 10 million worldwide. Today, Bitcoin is being transacted for $ 1 trillion in a week, while the worldwide physical currency of a week is about 70 transactions Trillions of dollars.
The price of bitcoin was initially close to 1 dollar but in today’s time, the price of bitcoin has reached close to eight lakhs. Now you can yourself guess what the growth of cryptocurrency could be in the future.
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In this article, we have given you complete information about cryptocurrency bitcoin.
- what is bitcoin?
- what are its benefits?
- how can you use this currency?
- why it is different from other currencies?
Hope that you have liked it, if you have liked this information, then you can also tell us by commenting. Share this information with others so that they too can know about this currency.
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