What is Bitcoin, how it works and how secure it is

What is Bitcoin, how it works and how secure it is

Bitcoin’s dominance around the world is growing. The now well-known electric company Tesla has also stated that it will soon accept Bitcoin as money for its vehicles. Uber is also moving towards Bitcoin.

What is Bitcoin?

Bitcoin is a virtual currency. It started in 2009, which has now gradually become so popular that the price of a bitcoin has reached the equivalent of millions of rupees. It is also called cryptocurrency because it uses cryptography to make money. This means that now this currency can also be called the currency of the future.

How is the transaction

For Bitcoin transactions, the customer needs to send a payment message via digital means connected to a private key (s), which has been verified through a decentralized network worldwide.

Contrary to debit or credit card payments. Bitcoin is a virtual currency, used only for online transactions. Due to the huge fluctuations in the value of Bitcoin, the question often arises as to whether it is capable of acting as a currency …

Since it is not supported by any central bank, it is exchanged privately. It is generated through a process called ‘mining’, which requires certain types of software. This requires better processors and uninterrupted power supply which is difficult in our country.

Bitcoin is safe

This cryptocurrency is highly volatile and therefore very risky. For example, the price of Bitcoin rose to $ 42,000 in January and then fell to ,000 30,000, then to আবার 40,000 again in a week.

For Bitcoins, you have an application through which you transact. Suppose your file is deleted from the server or the password is wrong, then you have lost your money forever. It was recently reported that some people lost millions of bitcoins because they did not have a password, they forgot it.

Jailed for 10 years for buying and selling cryptocurrency in India

The ban on cryptocurrencies and the draft of the Official Digital Currency Bill, 2016 proposed that those who buy and sell cryptocurrencies in the country could face up to ten years in prison. According to the draft, those who create, sell, hold cryptocurrencies, send or transact in cryptocurrencies all have been sentenced to 10 years in prison. But now the Supreme Court has lifted the ban.

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