Introduction About Bitcoin :-

Bitcoin is a worldwide cryptocurrency and Digital Payment System introduced on 3rd Jan 2009 invented by an unknown programmer but it was proposed by Satoshi Nakamota. Bitcoin is the first Decentralized Digital Currency, since it is not regulated by any Bank or Government. It works without a central repository. On 1 August 2017 bitcoin split into two derivative digital currencies, the classic bitcoin(BTC) and Bitcoin Cash(BCH).

Over 100,000 Merchants and Vendors accept bitcoin as payment. Some of the prominent ones are wordpress, bloomberg, expedia, reddit, namecheap, EZTV and the list never ends. Bitcoin can be exchanged for other currencies, products etc. Bitcoin can also be held as an investment.

Characteristics of Bitcoin :-

1.  Used to buy things Electronically :-

Many Merchants and vendors accept Bitcoin as a mode of payment. Hence, Bitcoin is widely used as a mode of payment. It is like conventional Dollars, Euro traded Digitally.

2.  Decentralised :-

The Bitcoin network does not have any centralised authority t o govern and regulate.

3.  Not controlled by single Network :-

Bitcoin is not controlled by single network. It is distributed among several networks. Computing power of bitcoin is distributed among different networks.

4.  Bitcoin Protocol :-

There are 21 million bitcoins created my miners that can be mined in total. So, Controlled supply principle is followed.

5.  Can be Divided into parts :-

Bitcoin can be divided into smaller parts. The smallest amount i.e one hundred millionth is known as Satoshi.

6.  Non-repudiable :-

A Bitcoin transaction can’t be revoked. Bitcoin transmitted can’t be returned back, unless recipient returns back to you.

Who can you send Bitcoins to?

1. To anyone who has a bitcoin address.

2. One person could have multiple addresses.

3. Receivers can get to spent them within minute.

4. Once given away, there is no way gettng back unless receiver’s consent.

Where do you get Bitcoins?

1. Bitcoins are available in bitcoin exchanges.

2. You can become a bitcoin miner by investing in software and hardware.

3. Unocoin is a Bangalore-based company that allows users to buy, sell, store or use bitcoins.

4. There are more than 500 merchants who accept bitcoins for payment in India.

Value of Bitcoin :-

1. One bitcoin is worth roughly about $3,896(2,49,727 INR) at present.

2. Bitcoin is a deflationary currency and if demand rises value of Bitcoin will rise.

Bitcoin Investment in India :-

1. Bitcoin have been banned in several countries because it becomes an easy channel for money laundering and financial terrorism.

2. Government of India has set up a committee on April 12, 2017 to look into ways of regulating the fast-growing segment to suggest measures for dealing with virtual currencies including issues relating to consumer protection and money laundering.

3. Since December 2013, the RBI has also cautioned users,holders and traders of virtual currencies about the potential financial, operational, legal and security related risks that they are exposing themselves to.

Summary
IS BITCOIN INVESTMENT SAFE IN 2017:THINGS YOU SHOULD KNOW
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IS BITCOIN INVESTMENT SAFE IN 2017:THINGS YOU SHOULD KNOW
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Bitcoin is a worldwide cryptocurrency and Digital Payment System introduced on 3rd Jan 2009 invented by an unknown programmer but it was proposed by Satoshi Nakamota. Bitcoin is the first Decentralized Digital Currency, since it is not regulated by any Bank or Government. It works without a central repository. On 1 August 2017 bitcoin split into two derivative digital currencies, the classic bitcoin(BTC) and Bitcoin Cash(BCH).
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