BitCoin -The virtual currency of the internet and one of the most searched words on the internet. So what the hell is this BitCoin? Is this legal? and how it works? Is it safe?
BitCoin is an electronic currency also known as “cryptocurrency” developed by unknown programmers under the name Satoshi Nakamoto who published the invention on 31 October 2008 to a cryptography mailing list in a research paper called Bitcoin. It came into the picture by 2009.
Watch this Video:
I hope you’d understand the basics of BitCoin.Before explaining the BitCoin and BlockChain concept, let’s understand the problem why is it invented?
Suppose, Tahir & Yash are close friends and Yash is required ₹500 urgently but he requested Tahir to send ₹1000 in his account instantly. Suddenly, Tahir accepted his request and send ₹1000 in Yash account.
Unfortunately, Yash received only ₹900 in his account and As they are close friends, he didn’t ask Tahir for this ₹100 less amount.
Who is responsible for this ₹100? Whether Yash or Tahir?
Here, Bank was the cheater which sent only ₹900 to Yash and made a fraud of ₹100.
So here is the solution of all such problems.
Bitcoins are highly controversial because they take the power of making money away from central federal banks, and give it to the general public beyond the control of traditional police and financial institutions.
At the starting of BitCoin release, Cost of 1 BTC was equal to ₹1 only and today, 22 July 2017 cost of 1 BTC is more than 1.8 Lacks. This is a very interesting fact that
“If I’d invested ₹4500 when I was in school, I’d have 450 Crore today.”
A Billionaire of course.
Here in above chart, you can see in April a BitCoin costs around 75K and now just after 3months it costs around 175K which is more than double in just three months.
So, It’s a golden time to invest in BitCoin and if you are interested in investment, ping me so that I can help you out.
In my next article, I’ll write about “how to invest in BitCoin successfully in 2017.”
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