Bitcoin dominance is increasing around the world. Now the world's famous electric company Tesla has also said that it will soon accept bitcoin as payment for its vehicles. At the same time, Uber company is also moving towards bitcoin.
What is bitcoin ?
Bitcoin is virtual currency. It started in the year 2009, which has now gradually become so popular that the price of one bitcoin has reached millions of rupees. It is also called cryptocurrency because it uses cryptography for payment. That is, now this currency can also be called future currency.
How is the transaction ?
Transactions in bitcoin require the consumer to send a payment message through a digital medium connected to a private key, which is verified through a decentralized network spread across the world.
Payment through this is unlike payment made through debit or credit cards. Bitcoin is a virtual currency, used only for online transactions.
Since it is not backed by a central bank, it is exchanged privately. It is generated through a process called 'mining', which requires a special kind of software. It requires better processor and uninterrupted power supply, which is difficult in our country.
Is bitcoin safe ?
This cryptocurrency is highly volatile and therefore very risky. For example, the value of bitcoin rose to $42,000 in January, then fell to $30,000, then rose again to $40,000 in the course of a week.
For bitcoin you have an app through which you do transactions. Let's say that your file has been deleted from the server or the password is wrong, then your money is lost forever.
