What is bitcoin?
Bitcoin is a decentralized cryptocurrency system that allows its users to process various transactions and exchanges. Created by an undisclosed group of individual or individual, bitcoin is a very popular kind of currency. Bitcoins can be either mined by a computer or can be created by solving a complex mathematical algorithm. All of the currency that you have accumulated can be stored on your bitcoin wallet, which can be accessed by your Smartphone or your computer. Here are some advantages that using bitcoin gives you.
- Freedom of payment
With bitcoin you can pay anyone from anywhere at any time. You do not have to be tensed about travelling across the world to pay your benefactor in secrecy. You can do it while staying at home and not be afraid of any types of leak. There is no central authority governing your money in the bitcoin network.
There is huge security in using bitcoin. You are in control of all of your actions and are able to keep your bitcoin safe. Merchants cannot charge extra without giving prior notice. When making transactions, your personal information is hidden from the prying eyes. Your bitcoin is easily backed up and can be used to protect against identity theft.
- Transparent information
With this block chain technique, all information on the transaction is open for view for others, but your personal information is not jeopardized.
With all of this, you need to know that you can convert bitcoin to any type of currency. 1 btc to inr is worth approx. 7 lac.