BITCOINS

What is Bitcoin ?
Bitcoin is a virtual currency or coin which is issued in an electronic form. 

About Bitcoins-:
It came into existence in 2008, and it is believed to be invented by the Japanese Software Engineer Satoshi Nakamoto. But it is not clear whether it is the name of a person or a group. Another Australian software engineer Craig Wright is also associated with it. It is also known as a Crypto Currency mainly because Bitcoins are mined through a technology called Cryptography. Blockchain technology is used for buying and selling Bitcoins. This Blockchain technology also tracks the movement of Bitcoins from one account to another. The entire system has mathematical puzzles, the moment a puzzle has been solved a Bitcoin is created. For this purpose hardware and software are
needed and anybody can connect to this Blockchain system via the Internet. Since only 21 million such mathematical puzzles are there, a maximum of 21 million Bitcoins can be mined, out of which 15.2 million Bitcoins have already been mined. Since the difficulty level of the mathematical puzzles has continuously increased, it is expected that the last Bitcoin will be
mined around 2040. These Bitcoins can be either created by a user or they can be bought from other holders. This virtual buying and selling results into fluctuation of the price of Bitcoins.

Is Bitcoins can benefit ?
Since the number is fixed but the demand can be unlimited it is expected that the price of Bitcoins will continuously rise but it is mere speculation. The moment the internet users stop accepting the Bitcoins, the value is bound to fall. It may even fall down to zero. Japan and Russia have recently legitimized it as a mode of payment for those who are willing to accept it,
but it has not been made a legal tender.
LIBRA is a Crypto currency backed by Facebook. In 2020 it has been renamed as DIEM.

What is types Crypto currency?
 Some other popular Crypto currencies are Ethereum, Litecoin, Dogecoin etc.

What is Government stands for Cryptocurrency in India?
Central government of India brought Cryptocurrencies under the tax bracket, terming them as Virtual Digital Asset In the budget 2022-23. The government proposed issuing a virtual digital currency backed by RBI.

Which country in legal ?
El-Slavador and Central African Republic are two countries who adopted bitcoin as legal tender.

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