What is Bitcoin price and How Does it Work – Hello friends hope you guys are fine. In this post what is bitcoin and how does it work? Should you invest money in Bitcoin? What is the price of bitcoin? People are making a lot of money by investing their money in Bitcoin. Do you also want to earn money? So in this post you will get full information what is bitcoin and how does it work.
What is Bitcoin price and How Does it Work
Bitcoin is a virtual currency that you can use for Online Transaction. Here Virtual Currency means that you cannot touch Bitcoin in the way you can touch INR or Dollar.
The number of bitcoins will be in Bitcoin Wallet, which only Online Transaction can do.
Whenever we have to buy something from the market, we easily buy by giving INR/dollar, but this is not the case with bitcoin. One can buy goods from a website only if it accepts Bitcoin Currency.
There are some websites that accept Bitcoin Currency, which are as follows.
If you have Bitcoin, you can use it on these websites. There are many more websites where you can use Bitcoin.
Bitcoin invent in the year 2009 by Satoshi Nakamoto (Founder of Bitcoin). At that time the price of bitcoin uses to be low. Now what will be the cost of bitcoin? What is bitcoin price and how does it work?
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What is the Price of Bitcoin
If we talk about how much 1 bitcoin will cost in Indian rupees then it is not a fix. 1 The price of Bitcoin keeps on decreasing, just as the price of the dollar keeps on decreasing.
The price of 1 bitcoin is about 8.5 lakhs in Indian rupees. If you are reading this post on another date, then the price of 1 Bitcoin may increase that day.
If you want to know any day what is the cost of 1 Bitcoin, then you can search by writing 1 Bitcoin in Google and you will see such a screenshot.
What is Bitcoin price Trading
If you want to buy Bitcoin, then there are two such applications in the Google Play Store, through which you can also buy Bitcoin easily.
You can download either of these two applications and from there you can buy bitcoins.
First of all download the application. After this, sign up or registration. For sign up you will have to provide your Aadhar Card, Voter ID, Bank Details. Your account will be activating 24 hours after giving all the details. Now you can buy or sell bitcoins.
Now you can buy bitcoin by deducting money from your bank to buy bitcoin. As I already told you that the price of 1 bitcoin is about 8 to 9 lakh rupees, then it is not necessary that you have to buy 1 bitcoin only.
You can buy bitcoin for 1000,2000 or even 5000 rupees. If you want to take bitcoin to your bank again, you can convert bitcoin into INR and transfer it to the bank.
You can buy or sell bitcoin with the help of both these applications, both facilities are available. Friends, you must know how to buy or sell Bitcoin?
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Benefits of Bitcoin
If you buy bitcoin, its value will increase in the coming time. This way you can benefit if you invest in bitcoin for a long time.
Bitcoin you can send or take to anyone, your account will not be blocked.
If you want to send your bitcoin to someone else, you can send it in minutes.
Disadvantages of Bitcoin
If your bitcoin account is hacked, then the chance of recovering is very low, because according to the rules of India, if you buy or sell bitcoin, there will be no help from the government.
If you invest all your money in bitcoin, if the price of bitcoin suddenly falls drastically, then you can lose all your money.
Should You Invest Money in Bitcoin
Just like you need to remember the UPI pin to make payment with UPI, similarly bitcoin ID is required to pay with Bitcoin.
But the bank can find the user’s name, address, photo and mobile number through the UPI ID, but cannot be detected by the Bitcoin ID. This is why the Government of India considers Bitcoin to be use.
I believe that you should not invest in Bitcoin. If bitcoin drops significantly, all your money will be lost.
What did you learn today?
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