There have been many different types of currencies and goods exchange happening right from the time when humans started trading. Later on, the paper currency became the norm and each country developed its own cashing system. After the internet was invented, digital transactions started becoming popular.
At present a large percentage of the transactions happening are in digital platforms only. Digital trends have led to adoption of digital currencies including cryptocurrencies and one of the most popular cryptocurrencies is Bitcoin.
What is Bitcoin?
Bitcoin has been in operations since the year 2009. There is no clear idea of who is the founder of Bitcoin. One of the distinct features of Bitcoin is, it eliminates the need for any middlemen and any other transaction charges that is applicable. It is an open-source payment method where the payment is done directly between the buyer and seller. There are many networks such as WordPress, eBay, Microsoft that are accepting Bitcoins as one of the payment methods.
How Bitcoins work?
Bitcoin does not have a centralized authority and it operates on its own network which is decentralized. There are networks that buy and sell Bitcoins in the native currency of the country. For example, you can convert INR to BTC and vice versa at these exchange networks.
Once you buy the bitcoins, they get stored in a digital wallet. This digital wallet can be accessed from any device and Bitcoins can be sent and received across users with a single click or tap. In many ways, it works similar to that of any other currency you would use.
What is Bitcoin Mining?
There is a network of individuals who use their computing capability to maintain the transactions in check. These miners ensure that each and every transaction made are legal and they get rewarded with bitcoins in return for the efforts they make.
How can you buy Bitcoins in India?
The Indian government has not legalized the use of Bitcoin as a part of the payment system but people are not restricted from trading in cryptocurrencies. There are many sources where you can buy BTC in India, but understanding how to buy Bitcoin is important. The different ways you can buy Bitcoin are:
•Exchange: A cryptocurrency agency is a convenient way to buy and sell bitcoin. Leading Bitcoin exchanges can help you to buy Bitcoin by registering on the exchange. Coinswitch is one of the best ways to buy Bitcoin. It is an exchange platform that lets you exchange various cryptocurrencies. It is one of the first platforms to integrate many exchanges into a single website.
•Peer-to-peer platforms(P2P): This is another platform where you can buy and sell Bitcoin. After registering on this platform, you can search or advertise for local institutions or people who buy bitcoins through your preferred method and price. But make sure to check for the trustworthiness of the local dealer beforehand.
People around the world use bitcoins for regular transactions. They use it to exchange money between friends as it helps in avoiding huge transaction fees. Some people use it for regular shopping on various sites too. Not just large businesses, there are also many small businesses that are accepting Bitcoins as their fee. If this new currency interests you, do try it through trusted exchanges.
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