Bitcoin is traded in cryptocurrency exchanges such as Coinbase and Binance, and its price keeps fluctuating from time to time. Despite initial scepticism about its applicability in the mainstream economy, eventually, with the rising number of users, Bitcoin has gained much acceptance and is being accepted for payments by major companies like Microsoft and Tesla. As of 2021, there are around 6000 cryptocurrencies operating around the world. The success of Bitcoin and its open-source nature has inspired the creation of several other cryptocurrencies such as Ethereum, Ripple, Litecoin, etc. Since its launch, the number of Bitcoins rewarded to miners is halved every 210,000 blocks or approximately every four years. This ensures the immutability of the Bitcoin ledger. New blocks are added to the blockchain in a chronological order, making it impossible to reverse or alter a transaction. Miners use special computers/equipment to discover new blocks where transactions are added and in return, the system rewards them with a fixed number of Bitcoins for their work. Based on the blockchain technology, Bitcoin uses a proof-of-work model to reward miners. The cryptocurrency can either be mined or purchased from a cryptocurrency exchange.Įach Bitcoin can be further divided into 100,000,000 units or satoshis - which is the smallest unit of the coin - making it possible for users to acquire even a fraction of a Bitcoin. New Bitcoins are created through a process called ‘mining’ which involves the use of computing power to approve transactions in the Bitcoin network. The number of Bitcoins that can ever exist is limited to 21 million. The network isn’t controlled by any central authority or banking institution and Bitcoin transactions are completely transparent. Bitcoin is essentially a digital currency that works on a decentralized peer-to-peer network. It was launched in 2009 and is based on the technology - blockchain. This private key can either be stored in digital wallets available for storing such information or can be noted down and stored physically in a locker or wallet.Ĭreated by an individual or a group of individuals identified by the pseudonym “Satoshi Nakamoto”, Bitcoin is the world’s first cryptocurrency. In India, the coin can be bought or sold through popular crypto exchanges such as CoinDCX, WazirX, CoinSwitch Kuber and UnoCoin.īitcoin owners get a private key associated with their coin which can be used to establish their ownership. Though there aren’t any regulations prescribed by the Indian government or any such regulatory body so far, Bitcoin trading is allowed in India.īitcoin is publicly traded through crypto exchanges around the world. That means, people can buy or sell Bitcoins through crypto exchanges providing their services in the country. Yes, Bitcoin trading is completely legal in India.
New Bitcoins are created through a process called mining which involves the use of specialized computers used to solve mathematical puzzles and approving transactions in the network. Many companies and even brick-and-mortar stores accept payment in Bitcoin and hence, it holds real monetary value.īitcoin operates on a blockchain based decentralized ledger which is controlled by several nodes and servers operated by users around the world. Though it’s a digital currency that has no physical existence, it is publicly traded around the world and has intrinsic value.
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