Bitcoin is nothing but crypto currency which is not in the form of notes and coins. It is a digital currency which is decentralized.
Bitcoin was developed by satoshi nakamoto in October 2008. We don’t know whether its a individual or team who invented it. It is a peer to peer electronic cash system which is released in 2009. Crypto currency is a currency which cannot be seen or touched, it can be purchased or transferred digitally that is through online. A technical paper was posted at that time about this bitcoins currency.
The price of 1 bit coin in 2010 is
1 BIT COIN = 46,200 INR
The price of 1 bit coin in 2018 is
1 BIT COIN=1,176,400 INR
The value of bit coin is increasing very fast due to demonetization and online transfer and purchases.
There is no physical form for a bitcoin, it can be purchased and transferred from wallet to wallet. We can purchase items through bit coins wherever they are accepted. For example if you want to buy a mobile, you can transfer bit coins and purchase a mobile if there is acceptance.
We know that we purchase items through credit cards, debit cards, in the same way we can use these bit coins to purchase.
There is no authority on bitcoin. It is a decentralized system of earning and spending. There is no authority of any bank or any financial agencies on the bitcoin. This is the main difference between crypto currency and normal currency.
At present there are about 2 lakh bitcoins running. We can create about 21 million bitcoins and it is the last range of amount in bitcoins. After reaching this amount the persons can only transfer the bitcoins among them, it means we cannot earn bitcoins after reaching 21 million.
Bitcoins are being run under algorithms. Bitcoins are transferred on a ongoing basis. These can be purchased and sold based on value of bitcoins they are having at present. Because maximum amount of bitcoins one can reach is up to 21 million. After that the persons with lower bitcoins can have the demand to buy coins from the seller.
WHAT AFFECTS THE BITCOIN PRICE?
With increased use and adoption of bitcoin the demand for bit coin will keep increasing. The bitcoin value is directly proportional to the demand of it. Bitcoin acts as market instrument and commodity. Every bitcoin exchange transaction that involves the purchasing of bitcoin via another currency whether flat or crypto currency has the effect of pushing the bitcoin price up.
The demand is based on various factors like
- Demand from new users from publicity
- Demand is also based on competitors of online transaction sites
- The market price can be manipulated by the investors who can expand the supply or demand based on their own goals.
- New coins enter the system through mining, mining generates new coins as proof of work.
- Demand is set by the number of buyers who are willing to buy additional bitcoins.
- The number of bitcoins in circulation at anytime is calcucable
- Actions of the government are not realated to the virtual currencies directly.
The media can also influence the bitcoin price which can lead to increase and decrease of usage of the bitcoins, transactions and acceptance. Example news about bankrupty or hacks can cause panic on bitcoin users which will lead to price dips. Unlike other currencies bitcoins are valuable only when they are exchanged with other currencies.
Sites such as reddit and other sites are accepting the bitcoins, acceptance is a factor which affects price of bitcoin.
Bitcoin mining explains transferring coins between wallets. There are miners who solve the puzzles of the blocks in order to transfer from one wallet to another. There is high security transaction of bitcoins through miners. It means the cryptography is solved by the miners. This is just to know the process of how transferring of bitcoins take place.
There are many online sites which accept bitcoins through which you can do online shopping and purchase things.
Total coins mined till present are 16,457,588. This amount can increase by transferring the coins. The miners get money by solving blocks of cryptography through rewards and in the form of transaction fee. There is software for mining, through which they transfer bitcoins. ASIC that is application specific integrated circuits are used for mining. These are used by miners for decrypting the code which is encrypted by algorithms. Miners use algorithms to decrypt and transfer coins between wallets.
As pay tm transactions are increasing day by day, in the same way bitcoin transactions rise.
HOW TO EARN BITCOINS:
There are many sites to earn bitcoins. There are gaming sites, survey sites to earn bitcoins by following the instructions which are given in the site,
Example: paidbooks.com is a site where you can read books and earn bitcoins.
Another website is takefreebitcoin.com.
The easy website to earn bitcoins is freebitco.in.
After opening the website
- Create an account, enter email id, password, referral code comes automatically.
- Enter the captcha and sign up
- The website opens and request desktop site
- It shows the balance on top right of the page, at starting it shows 0.00BTC
- There will be a lucky number and payout on the chart
- Just enter the captcha for every hour and enter roll
- Now check the balance, the balance will be increased.
- You can earn more bitcoins and satoshis by clicking on multiply your bitcoins. This can be done only after you are reaching minimum bitcoin amount like 20 to 30 thousand satoshis.
- After reaching the amount you can click on “bet hi” and “bet low”
- By doing this you will be winning and losing bitcoins. You can try to win more based on the lucky number you get.
Follow the given process in the website and you will start earnings within few days. All the best.
There are other gaming websites through which you can play games and earn bitcoins.