Bitcoin

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What is Bitcoin ?

Bitcoin is the world’s first cryptocurrency launched in 2009. It was created by an anonymous person or a group of people using the pseudonym Satoshi Nakamoto. Till today, the identity of Satoshi Nakamoto is not known. Bitcoin operates on a peer-to-peer basis, meaning there is no middle man and it is decentralized so no group of people, countries, or individuals can manipulate or control it. Bitcoin has been around for more than a decade and its prices have grown exponentially during this time from less than a dollar to an all-time high of $69,000 (₹55,25,306) in November 2021. With a finite supply of only 21 million Bitcoins, only 2 million Bitcoins are left unmined. The remaining 19 million are in circulation.

What does Bitcoin actually do?

Bitcoin is just like the normal fiat currency of a country but it has no physical embodiment. It can be used as a mode of payment to purchase goods and services if the retailer accepts them. Bitcoin’s utility has grown so much over the years, that it is on par with fiat currencies when it comes to using it as a currency. From a Florida man trading Bitcoins for pizzas in 2010 to major companies and food chains now accepting Bitcoin, it truly has revolutionized the entire digital finance space. So, simply put, Bitcoin can be used as a payment mode and you can use it to buy food and clothing, pay bills and taxes and even use it to book flights and hotels.

Who controls/owns Bitcoin?

Bitcoin is decentralized which means there is no central authority. No individual, group of people or government has control over Bitcoin. While it may look like developers can tamper with the network’s protocol or miners can foul play for their advantage, they cannot influence or manipulate Bitcoin. The peer-to-peer nature of the network restricts any form of centralized power. So, to answer who controls Bitcoin, it is everyone, who is part of the Bitcoin ecosystem. If any changes are required it is the whole Bitcoin community that decides on the future of Bitcoin.

What blockchain is Bitcoin built on?

Bitcoin is built on the Bitcoin blockchain. Bitcoin is a crypto coin which means it has its own blockchain. Crypto tokens, on the other hand, do not have their native blockchain and are built on top of an existing blockchain using a smart contract. The Bitcoin blockchain is a distributed, public ledger that contains the history of every bitcoin transaction.

What is the current Bitcoin price?

The current price of bitcoin is ₹ 24,48,499 . We update our BTC prices in real-time to help you make the best trading decisions based on the market. Please note that crypto is a volatile asset and prices may change in a matter of seconds.

How do you buy Bitcoin?

You can buy Bitcoin from a crypto trading platform like CoinSwitch. All trading platforms have their own compliance rules, for example, to start buying or selling Bitcoin with CoinSwitch, users must complete the mandatory KYC procedure, provide government-recognized identity proof and have a bank account. So, in order to buy Bitcoin, make sure you comply with all the procedures and start trading seamlessly. You can check the current BTC to INR rate to buy Bitcoin.

How many Bitcoins are left?

There are 2 Million Bitcoins left to mine. The creator of Bitcoin fixed the total number of supply of the first cryptocurrency at 21 million Bitcoins. And in the past decade more than 90% is already mined and in circulation. However, it will take another 120 years to mine the remaining Bitcoins. The extensive time gap is due to Bitcoin halving. Bitcoin halving is a regulative measure in the mining process that ensures that the block rewards for mining are cut in half every four years. This is to ensure that Bitcoin does not turn inflationary and cause its value to drop. At the moment, the mining reward per block is 6.25 Bitcoin. It will fall to 3.125 BTC per block in 2024.

What is the main purpose of Bitcoin?

The main purpose of Bitcoin is to act as a digital currency that people can send over the internet. It was created with an aim to be an alternative to fiat currencies but without the control of any central authority or governments. The traditional way of sending money across countries requires and lot of formalities and it is time consuming as well. Bitcoin’s purpose is to eliminate third parties involved and allow seamless cross-border transactions faster and cheaper.

What are the pros/cons of Bitcoin?

Despite its popularity and widespread utility there are pros and cons of Bitcoin.

Pros of Bitcoin:

Decentralization: Bitcoin is decentralized. So, the currency cannot be regulated by a central authority.
Transparency: Bitcoin transactions are transparent, and every transaction is recorded on the blockchain.
Speed and universality: Bitcoin is way faster than traditional banks because its transfers are permissionless. Bitcoin is universal, so while using Bitcoin in a different country, there is no need to convert, and its value is universal.

Cons of Bitcoin:

High volatility: Bitcoin, like all other cryptocurrencies, is highly volatile. It’s price and market capitalization fluctuates in a matter of hours or days. So, while the rewards are highly beneficial, the losses are also very high.
Limited utility: While Bitcoin’s utility has increased tremendously over the past few years, there is still some limitation to its utility. It is not acceptable universally, and users need to find a retailer that accepts Bitcoin.
Unregulated: Cryptocurrencies are unregulated in the majority of countries. While a country like EL Salvador has adopted Bitcoin as a legal tender, most governments around the world are still in the process of regulating the digital currency.

How is the Bitcoin network secured?

Bitcoin is secured by the underlying blockchain technology. The blockchain technology that Bitcoin is built upon was designed in a way to make it impossible to breach its security. While it might not be impossible to breach Bitcoin, it is extremely difficult to hack Bitcoin’s security due to its features like cryptography, public blockchain, decentralized, and permissionless. So far, Bitcoin has not faced major security issues like other cryptocurrencies and continues to stay on the top of the crypto market undefeated.

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Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.

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Bitcoins are a form of cryptocurrency or digital currency. There's no way someone can steal bitcoin; it's stored on a public ledger that's available to everyone in real-time.