Satoshi Nakamoto created bitcoins a digital currency derived from mathematical formula and at the same time it does not having any control of central authority like RBI.
The price of one bitcoin is around $450 and 11 million are in circulation . And therefore we can produce only 10 million. In the year 2140 the last bitcoin will be produced
Bitcoins is created in digital format which has an encoded data security. And only the authorized person can read it.
There are certain community of people that produces bitcoins and anyone can join the community one only needs a computer and software to solves mathematical problems and is freely available.
RBI does not control bitcoins therefore it is totally decentralized
Setting up a bitcoin address just takes few seconds therefore it is very smooth. And at the same time transaction fees is also very low
The network records each and every transaction that takes place. Therefore every user knows how many bitcoins other user has.
First of all we need to install a bitcoin wallet (which is a small personal database) on our computer. And after opening the wallet a digital signature is produced to keep the transaction fully secured, because each and every signature is unique for each user.
And after this the transaction can be done from one wallet to another and each and every data is stored in the public ledger which is tracked, labeled and publicly disclosed. As a result everyone in the network knows how much money is there in each wallet.
Legality In India
On December 24, 2013, RBI cautioned everybody with a press release that bitcoins is not authorized by them so one needs to be careful before buying or selling of bitcoins. RBI has also cautioned all virtual currency traders and users from potential threats such as hacking, malware attack etc. And on Dec28, 2013, the Deputy Governor of the RBI, K. C. Chakrabarty made a statement that RBI has no plans to regulate bitcoin. RBI is currently examining the risks associated with the usage of virtual currencies under the legal and regulatory framework of India.
Bitcoin Use In India
Bitcoin is a new concept but still are making inroads in India. And Sellers like Sapna Book House, bus ticket booking portal eTravelSmart, Dharwad International School, fashion portal Fashiondiva, Indsoft, all are now accepting bitcoins from their customers.
Zebpay users can use bitcoins to buy vouchers of Amazon, Flipkart, Freecharge, Bookmyshow and Makemytrip and also recharge prepaid or postpaid plans of different telecom operators. The company plans to add 500 new users each week. India currently has around 50,000 bitcoins user.
Bitcoins Earning Methods
It is very difficult to produce bitcoins therefore not recommended at present. Because out of total 21 million bitcoin 11 million are in circulation. And balance left is only 10 million and therefore production will be more difficult.
Earlier it was easy to produce bitcoin with our computer CPU or high speed video processor card. But today it is difficult because the cost of hardware has gone up and its consume,s huge amount of electricity .
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