Technology

Bitcoin price and mining in India

Bitcoin literally may sound or make you think it like a normal coin which we use in out daily life, in reality, is not a coin at all.It is a cryptocurrency which came into existence in the mid of 2008 by a Japanese named Satoshi Nakamoto.Pricing of Bitcoin fluctuates from time to time depending on people buying and selling them.It is a peer to peer currency which is not controlled by any third party like bank, visa, or any type of mobile wallets.However, currencies transferred through bitcoin is recorded in bitcoin block chain which can neither be edited nor deleted showing a history of transactions.

Bitcoin cannot be controlled by any one government/authority/person as it is a type of decentralised currency and value of bitcoin will persist until and unless people accept it as payments or donations.It does not have any geographical or political border similar to the internet dubbing as leading internet currency.As day by day as currencies are getting demonetised the value of bitcoin are also increasing along with its users.The Recent report says that there are at present more than 15 million bitcoin wallets globally with the average increase in the transaction of 50%.It is obvious that some people have more than one or two wallets but it also tells how bitcoin is becoming popular in the modern era.

How can I get Bitcoin?

There are 3 processes of getting bitcoin-

1.Minning- Minning of bitcoin can be profitable if done in a right process. with the popularity of bitcoin many mining devices are becoming available nowadays and you can also get it from amazon online.you can open a farm by buying those miners devices for mining purposes.

 

2.Buy bitcoins- Bitcoins miners are constantly selling and buying bitcoins on the internet.You can also buy it from their community as an exchange of real currencies.

3.Accepts as payments- You can also get bitcoin by accepting it as a payment rather than accepting currencies online.There is also some big companies and website which offers and accepts bitcoin as payment like Microsoft, Reddit, WordPress, Expedia, cheaper, Dell, Wikipedia, Steam etc.

Price of Bitcoin

At 2015 price of 1 Bitcoin is around 18k (18 thousand) in India but now at present 2017, its price raise up to Rs.61621.36  or  904.866 Us dollar.

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Disadvantages of bitcoin

Disadvantages can differ from people to people but the scariest part of it is getting stolen.This reminds of the incident of Gox, 2014 where 745000 bitcoin was stolen overnight and the recent incident of Bitfinex hack 2016, where thieves stole 120000 Bitcoins.As bitcoin is not considered as legal in most of the countries globally so there is less protection available for it.thhats why Bitcoin service provider are hard to trust.However hardware wallets like Trezor, Ledger are some trustworthy service providers of Bitcoins in which you can put you Bitcoin safely.

Advantages of Bitcoin

Day by day the value of bitcoin is increasing along with its demands.though it is not accepted in most of the countries, Bitcoin holds a strong position and have a bright perspective in future.

Paying/accepting through bitcoin

Payment and receiving bitcoins are done through bitcoin wallets.wallets charge a small charge for each transection.wallets have unique addresses which are alphanumeric, similar to that of Gmail accounts which are usually 27-34 in characters.

Overall Bitcoin is the coolest cryptocurrencies ever and many people attracted to it because of it blockchain technology and its cost effective method of storing and increasing values and demands.What you think of it?does it really have a future?well, let us know by commenting and sharing below.

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8 thoughts on “Bitcoin price and mining in India

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