Bitcoin, cryptocurrency, blockchain technology, if all these words are going into the universe of your mind and you want to know about it then you will get all the information here.
Tesla’s owner, Elon Musk, sometimes delivers bitcoins at the rate of one tweet, and sometimes tweets on the floor with another tweet. This is the reason that cryptocurrency has also been launched against them recently. Have you ever thought that in the end, what is Bitcoin and cryptocurrency, which was worth only one dollar at the time of launch (about 50 rupees at that time) and now it has a value of 50 lakhs. Do you also have the question that in the end, what is this technology, which benefits millions in a few days, and in a few hours everything is drowned.
If you listen to this story of cryptocurrency, your mind is dizzying like me. Bitcoin, cryptocurrency, blockchain technology, even if all these words are going into the universe of your brain and even then you do not understand where the end is? So let’s try a little to count on this flying bird ..
This is how bitcoin was born
Let’s start from the beginning and in 2009, when the puzzle named Bitcoin came to the world for the first time. Nobody knew anything about what this is. Before I explain bitcoin to you, you must first understand cryptocurrency. Crypto is a Greek word which means secret, meaning the meaning of secret and currency, you know ‘currency’. That is, the secret currency that no one knows about. So Bitcoin is the secret currency ie cryptocurrency or virtual currency which is just amazing technology but is not available physically. To put it more nicely, it is exactly like the God whom we all believe that he is, worshiping him a lot but actually nobody has seen God till today. I did not see, did you see?
Its story started with the American financial crisis of 2008, which took the whole world under its control. Due to this crisis, people had lost faith in financial institutions including banks for some time. This is why the world’s first free currency bitcoin came into existence. It is said that in 2009, Satoshi Nakamoto, a scientist from Japan, invented bitcoin, but no concrete evidence has been found till date. According to some people, it is not a single person but the name of a group which has got the cover of this name. Hey like it happens in Hollywood movies. Name of someone, work of someone. Some people claimed to be Satoshi himself, but till date it has not been proved whether Satoshi Nakamoto is anyone or not ..
No bank controls it
Now it is the turn to know about the amazing technology on which bitcoin or other crypto currencies have been made. Its name is blockchain technology. Block and chain is the whole game in its name. Let us understand that this is a database in which millions of blocks ie computers are connected to the chain ie internet network and in them all the data of every transaction is saved. That is, no one person, authority or government can control it. No one can hack or change anything. That is why bitcoin is considered so safe because no one has control over it. In other words, the freedom of bitcoin is its biggest feature. Like rupee, dollar or euro, it is not controlled by any central bank (like RBI in India and Federal Reserve Bank in US), so its trail cannot be traced. Just as the bank can detect any of your transactions in a pinch, that’s why it has become an important means of illegal transactions across the world. Today, asking for ransom in bitcoin is not a new thing.
In bitcoin, the transaction is through code. If you want to buy bitcoin, then you will get the keys (codes) that will be verified in the network spread across the world. When you have to sell bitcoin, you will have to sell the code which will be new this time. By the way, many exchange apps are also in the market, which do this work on commission.
Preparations are going on in India as well
There are currently around 200 cryptocurrencies in the world, of which Bitcoin, LiteCoin, Ethereum, ZCash, Steller Lumen are prominent. Cryptocurrency is recognized in many countries of the world, but in India, the government has not recognized it at present. .
However, the churn continues on this within the government. Minister of State for Finance Anurag Thakur has held a meeting with experts on this subject and soon an expert committee can be formed to conduct this study.
Now, if you are also making up your mind to invest in it, then firstly know more about it and then decide what you have to do. Only 21 million bitcoins can be mined in the world, and by February 2021, nearly 18 and a half million bitcoins have been mined and it is believed that by 2140 the last bitcoin will be mine.
What was the starting price of bitcoin
Now let’s talk about its value and investment security. There is no guarantee of investment security in this. In the last few days, we have all seen it happening in front of our eyes. Where a few days ago the price of a bitcoin had reached close to 50 lakhs in Indian currency and after the tweet of Elon Musk and then the shock of China, it is currently between 28 to 30 lakh rupees. At the same time, in 2011, the price of one bitcoin was 1 dollar, which was around 50 rupees according to this time.
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