What Is Bitcoin, How Does It Work And How Safe Is It?

What Is Bitcoin, How Does It Work Dnd How Safe Is It? 

The dominance of bitcoin around the world is growing. The now world-renowned power company Tesla also says it will soon accept bitcoins as payment for its cars. With that, Uber also switched to bitcoin.

What Is Bitcoin, How Does It Work And How Safe Is It?

What Is Bitcoin

Bitcoin is a virtual currency. It started in 2009 and is now slowly becoming so popular that the price of bitcoin has already reached millions of rupees. It is also called a cryptocurrency because it uses cryptography to pay. This means that now this money can also be called future money.

How Did The Transaction Go?

Bitcoin transactions require the consumer to send a payment message via a digital medium attached to a private key, verified by a decentralized network spread around the world.

Paying through it is not the same as paying by debit or credit card. Bitcoin is a virtual currency that is used only for online transactions. The high volatility of the bitcoin value often raises the question of whether it will function as a currency ...

Because it was not supported by the central bank, it was exchanged privately. It is created by a process called "mining", which requires a special class of software. It requires a better processor and an uninterruptible power supply, which is difficult for us.

Bitcoin Is Safe?

This cryptocurrency is extremely fast and therefore very risky. For example, bitcoin rose to $ 42,000 in January, then fell to $ 30,000, and then returned to $ 40,000 during the week.

There is an application for bitcoins through your transaction. Let's say your file was deleted from the server or the password was incorrect, then your money will be lost forever. Recently, there have been reports that some people have lost millions of bitcoins because they did not have a password and forgot it.

10 Years In Prison For Buying And Selling Cryptocurrencies In India

The draft cryptocurrency ban and the official Digital Currency Act of 2019 propose that those who buy and sell cryptocurrencies in the country should be sentenced to 10 years in prison. According to his proposal, his JD includes all people who do, sell, hold, send cryptocurrencies to anyone or enter into any kind of cryptocurrency business. In all these cases, they were found guilty of up to 10 years in prison. But now the Supreme Court has lifted the ban.

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