In this digital world, our currency is also becoming digital, in past few weeks you heard a word Bitcoins. everyone wants to know ‘What is Bitcoins’. In this post, we would let you low everything about this type of currency.
What is BITCOIN?
“What is Bitcoins”, Bitcoins are the cryptocurrency use over internet for transactions, investment, payments etc.it is completely digital currency used in all over the world. According to Sathvik Vishwanath, CEO and co-founder of Unocoin, a Bengaluru-based Bitcoin exchange where you can purchase the currency.
“In simple terms” Bitcoin is a digital currency that is protected with layers of encryption, “he also adds “Just like gold, Bitcoin is mined, albeit digitally. It is a decentralised currency, implying that the transfer of Bitcoins is not subject to any third-party support, including banks.”
Sandeep Goenka, COO and co-founder, Zebpay, an Indian Bitcoin exchange. “It is a peer to peer transaction which works without an intermediary. It is an open source software. This means, that no person, company or country owns this network just like no one owns the Internet,”
Value of Bitcoin ?
Now most of the people investing their money in bitcoins because the growth of bitcoin currency(BTC) is increasing rapidly now the current value of one bitcoin is equal to 3,30,132 while the last year in September this value is equal to 40,000. That means if you had purchased one bitcoin last year ar the price of 40000 now you can sell your bitcoin at price of 3 lakhs.
Bitcoins in india?
Now in india digital transactions are growing rapidly but in terms of bitcoin like cryptocurrency india is little stuck according to Sandeep Goenka “Presently, all Bitcoin exchanges have come together to form a self-regulatory body called Digital Assets and Blockchain Foundation India (DABFI),” and “However, the Finance Ministry has set up a committee to look into cryptocurrencies in India, there is no official stance from the Government nor RBI taken on virtual currencies in India. Bitcoins is not illegal as per existing laws in India, it is just not yet regulated.”
How to buy Bitcoins in india?
There are so many platform where you can buy bitcoins ,for example user can buy bitcoins from Unocoin, zebpay by online transactions from banks and mobile wallet .some platforms takes the money by NEFT in returns of Bitcoins.
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