Bitcoin value has risen dramatically in the last few months Some experts warn of the risk of a bubble with Bitcoin You can buy Bitcoin online easily from Indian exchanges Over the years, you’ve probably been hearing the terms Bitcoin, cryptocurrency, and blockchain. The first of these, Bitcoinis the most famous one, and it refers to a kind of alternative currency that only exists digitally. It is a decentralised currency, implying that the transfer of Bitcoins is not subject to any third-party support, including banks.
It is an open source software. This means, that no person, company or country owns this network just like no one owns the Internet,” adds Sandeep Goenka, COO and co-founder, Zebpay, an Indian Bitcoin exchange. When Bitcoin was new, most people got into the currency by mining it, as the process was quick and easy.
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However, by design, there is an upper limit to how many Bitcoins can exist in total, and as more and more Bitcoins were mined, the complexity required to uncover fresh coins also went up.
At first, anyone with a home laptop could have mined for Bitcoin and built up a collection. Over time, as Bitcoin gained in value and interest rose, dedicated miners started to invest in specialised hardware, to rapidly mine for coins.
By now, the computing power required is high enough that it’s almost impossible for a home user to set up a miner and end up with any Bitcoin – it’ll take longer than your lifetime to mine a Bitcoin today, which is why you need to buy instead. A few months ago, the hackers behind the WannaCry ransomware held thousands of computers around the world hostage, and demanded payment in Bitcoin as those payments would then be much harder to trace by the governments of the world.
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But there’s also an additional reason why a lot of people have been getting interested in Bitcoin, and that’s because the value of a Bitcoin has been skyrocketingespecially recently. Right now, Bitcoin is a bit of both. You’ll find services, both online and offline, that are willing to accept payments in Bitcoins. It’s also an easy way to pay freelancers in other countries, because it takes away an incredible amount of paperwork in that scenario.
But as we mentioned, the value of Bitcoin has only been headed up. Although the amount you’ll have to pay to buy a Bitcoin BTC today surges wildly, on a whole, Bitcoin has been trending upwards and right now, on the Zebpay exchange, 1 BTC is selling for Rs. For comparison, this time last year 1 BTC was around Rs.
Although initially several government bodies had their concerns with the usage of Bitcoin, currently the transactions are not illegal in India.