What is Bitcoin and how to invest in bitcoin


What is Bitcoin and how to invest in bitcoin

History of BITCOIN – Before going to the history of bitcoin, you should know that what is bitcoin?

So let us first tell you about Bitcoin.

And then we will tell you the history of bitcoin and along with the history, how has been the journey of bitcoin so far.

What is BITCOIN?
Bitcoin is a virtual currency.

Virtual currency means the currency which we cannot touch or see.

As you must have seen, every country has its own currency, like the currency of India is the rupee, the US dollar is this currency, it is physical. That is, we can touch them, we can see them.

But the opposite of this is Cryptocurrency which we cannot touch or see.

Bitcoin was the first cryptocurrency which was launched on 3 January 2009 and its founder is Sotashi Nakamoto. Apart from this, there are many other Cryptocurrency – Red Coin, Sia Coin, SYS Coin (Ciscoin), Voice Coin etc.

But the oldest cryptocurrency is Bitcoin. At present, there are more than 10 million bitcoins around the world, whose value is more than 55000 crore rupees.

Bitcoin was started in 2009. When it was new, it was not as popular as it is today. Today its value in the market was not so much in the beginning. But today there is turmoil in bitcoin or any cryptocurrency, then news from newspaper headlines to television’s prime time starts running the news that the decline in bitcoin, the boom in bitcoin.

To explain the history of Bitcoin well, how has been the journey of Bitcoin till now, we are explaining it through a timeline which is as follows –

The initial phase of Bitcoin is said to be between 1998 and 2009. However, we are not doing medicine for this. We have got this information from research papers, articles in news papers, and many other websites.

It is said that Satoshi Nakamoto was the person who introduced bitcoin. Although no one knows about him who he is and where he lives. Till date no one has come to know about him. Overall, his identity remains confidential.

Let us tell you that bitcoin mining is a process with the help of which new bitcoins are made and which are given as rewards to those people who verify the transactions on the blockchain. In a separate post about this, we will talk about what is bitcoin mining and blockchain.

Bitcoin came into existence in 2008-2009 and started being used in 2010.

It was first used by paying 10000 bitcoins for two pizzas. If the person who took those 10000 bitcoins had held that coin today, he would have been a billionaire.

FAMOUS in 2011
In 2011 the popularity of bitcoin began to grow. People gradually started using it because by using it they considered themselves and their money informed. Because the government or any bank does not interfere in this. By this time, another cryptocurrency had also come in the market by the name of altcoins. It seems that the importance of bitcoin had increased, perhaps that is why other cryptocurrency started coming in the market.

Gradually, business people, big companies started using bitcoin for their transactions, due to which its importance started increasing and a time came that the price of bitcoin started to skyrocket and those who had bitcoin became rich.

decline started again
The period also came when the prices of bitcoin coins started selling. Bhusaval was 2013 when the price of bitcoin fell to $1000 no-no or further down and fell to $300. People who had invested in bitcoin at that time had suffered a lot. People started to think that it would not be appropriate to invest in bitcoin. It took 2 years to handle the people and after 2 years bitcoin changed both its condition and direction and today bitcoin is doing a lot of business.

On the one hand, there was a huge drop in bitcoin prices in 2013. On the other hand, there were also cases of fraud related to bitcoin in 2014. One such big case came to light in 2014, in which the world’s largest bitcoin exchange Mt.Gox became a victim of hacking. In this, many people lost more than 850,500 of their bitcoins and they lost about $450 million dollars.

This case of fraud cannot be called in the history of Bitcoin. Because many people had lost their years’ deposits. And then the time came when bitcoin corrected itself. Prices jumped. That time was 2016 – 2017. By this time the popularity of bitcoin had started to skyrocket because no other cryptocurrency was able to compete with bitcoin. And still bitcoin is the most influential cryptocurrency at the present time.

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Ashok Kumar Gupta
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