What is a Bitcoin(BTC)? How to trade in BTC in India?
What is a Bitcoin?
Bitcoin (BTC) is worldwide decentralized cryptocurrency. It is a digital payment system. Bitcoins are not owned by any single person or organization. Noone controls it. Like Rupees, Dollars it cannot be printed. Bitcoins are produced by people on computers all around the world by using a software which calculates some mathematical calculations. It is becoming very popular in the world for the online transactions.
Who created Bitcoins?
Bitcoin was created by a software developer Satoshi Nakamoto on 3 January 2009. It has no central bank or regulatory authority backing it up. It cannot be made in a tangible form it is a digital currency it can be stored only in wallets and clouds. Now bitcoins are created by some group of people which anyone can join with knowing each other.
How many BTC can be created?
Bitcoins can be created in a limited number. Yes, it is true? This unique feature makes it work. The bitcoin protocol is a rule according to which only 21 Million can be created by BTC miners. It can be further divided into its smaller parts. The smallest divisible amount is 100 millionth of a bitcoin which is called a ‘Satoshi’ after its founder’s name.
What are characteristics of Bitcoin?
- It’s decentralized currency because it cannot be controlled by any central authority.
- It’s completely transparent because it stores all transactions happened in any time period in a huge general ledger called Blockchain.
- It’s easy to set in seconds without the need for any document verification and without any questioning or fee payable to anyone.
- It’s anonymous. Anyone can hold any no of bitcoins without linking to any name or address.
- It’s very fast payment system. You can send money to anyone in this world.
Is it Secure?
The security of Bitcoin is a very important topic of discussion. Bitcoins are secure but you have to keep secure your wallet credentials. It is very important to keep your credentials offline to secure your coins.
How to buy Bitcoins in India?
You can buy Bitcoins in India using your PAN Card and Bank Account. There are many companies like Zebpay, Unocoin, Coinsecure, Bitcoin India etc. These companies provide facilities to buy and sell bitcoin through your digital wallet.
Steps to Create a wallet:
- First of all, choose your Bitcoin Exchange Company.
- Then Download Your wallet on your smartphone.
- Signup with your name and upload your Pan Card.
- After successful verification your wallet is ready, now add money to your wallet to buy bitcoins.
- To sell your bitcoin see the selling price and you can sell any no of bitcoins.
- Send and receive bitcoins to your wallet from your bitcoin wallet address.
- You can buy and sell bitcoins according to min and max limit of bitcoin exchange.
These were all about Bitcoins in a short Description. Bitcoin is becoming very popular in India people think it to secure investment other than gold or anything. After Demonetization, the trading in Bitcoins has increased with a huge amount. The Ransomware attack in the world was also a factor to hike the price of Bitcoins.