WHY BITCOIN IS COSTLY IN INDIA?

Bitcoin is a digital payment system invented by an unknown programmer under the name of Satoshi Nakamoto. It is also called as crypto currency. It was released on 2009.

First, it was introduced as an open source software, this system transfer money through a peer-to-peer system, there is no intermediary like a bank, all details are recorded in public distributed ledger called a block chain.

Since the system works without a central administrator, Bitcoin is called the first decentralized digital currency. And has services in legal and illegal black markets.

As of Feb 2015, over 100,000 merchants and vendors accepted Bitcoin as payment, according to research produced by Cambridge university in 2017. There are 2.9 to 5.8 million unique users using a cryptocurrency wallet, and most of them using bitcoins.

WHAT IS A BLOCK CHAIN?

The blockchain is a public ledger that records bitcoin transactions. All confirmed transactions are included in the block chain.

HOW BIT COIN TRANSACTION WORKS?

Once you have installed a Bitcoin wallet on your computer or mobile phone, it will generate your first Bitcoin address and you can create more whenever you need one. You can disclose your addresses to your friends so that they can pay you or vice versa. In fact, this is pretty similar to how email works, except that Bitcoin addresses should only be used once.

A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, The signature also prevents the transaction from being altered by anybody once it has been issued. All transactions are broadcast between users and usually begin to be confirmed by the network in the following 10 minutes,

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