Trending in news these week the price of Bitcoins gets lots of up and down remarkably in its History.Also due to Demonetization in India, Digital Money is at its peak promoting many payment methods.Among which the one is trending these days are BITCOINS…
Bitcoins is a form of virtual currency but it does not mean if you have bitcoins you can physically purchase goods by handing notes or tokens to the seller. Bitcoins are used for electronic purchases and transfers. You can use bitcoins to pay friends, merchants, etc. Every single purchase is immediately logged digitally (on computers) on a transaction log that tracks the time of purchase and who owns how many bitcoins.This digital transaction log is called ‘blockchain’.
The blockchain records every single transaction – of present and past – and the ownership of every single bitcoin in circulation. The people who are constantly verifying the blockchain, ensuring that all the information is correct and updating it each time a transaction is made, are called ‘miners’. One way to think of miners is: they those who confirm transactions. Their job is to ensure that the transaction is secure and processed properly and safely. In return for their services, miners are paid fees by the vendors/merchants of each transaction and are also given physical, minted bitcoins.
Bitcoins are growing in popularity, and although they were largely used by speculators who were looking at it as a way to make money by buying bitcoins at lower prices and selling them at higher prices just like Foreign exchange or Forex .There is a growing trend of businesses accepting Bitcoin as a form of payment. Many big companies like WordPress, Overstock.com, and Reddit accept Bitcoin, and a growing numbers of brick and mortar stores are starting to accept them internationally as well. More than $1.5 billion worth of bitcoins are currently in circulation around the world, with millions of transactions occurring daily. Needless to say, the popularity and usage of Bitcoin is picking up very quickly as more and more businesses and individuals are becoming aware of its benefits and advantages over traditional currencies.
1 Bitcoin = 65189.1572 Indian rupees
Bitcoins are like any other currency: they in value relative to other currencies. Similar to how the rupee’s valuation changes wildly against the US dollar this year, bitcoins have had drastic movements in price as well,but there is no centralized exchange for it.
There is no ‘fixed’ price.Usually, it’s the seller’s responsibility to give a fair price to the buyer based on what rate bitcoins are being traded in elsewhere. The difference between bitcoins and other currencies is that there is no centralised bank that prints the currency and sets relative values. Through transactions, the value of bitcoin fluctuates through supply and demand.
Benefits of Bitcoins!!
One of the main benefit for using the Bitcoins is its Transaction Rates.In Credit card usually 2-3% transaction fees are supposed to pay by customer.With Bitcoins, there are little to no fees involved.
The greatest advantage, however, is that all necessary information is public and transparent. Without revealing the identities of the buyer and seller, the entire bitcoin network is made aware of each and every transaction. This gives a tremendous amount of comfort to both parties of the transaction.
There are two components to a Bitcoin address:
Each Bitcoin address has its own Bitcoin balance. Every time a transaction is made, the public address of each user is made public to the entire network. Therefore, it is recommended that the sender creates a new address for each transaction.
A bitcoin user can freely share his public address with everybody. His private address, however, is only for him to know. This is critical in that this is what allows Bitcoin to be a secure payment system.
How to get That?
Bitcoin wallet is first required to get started with using bitcoins. A wallet can be created easily through different online applications. Your Bitcoin wallet is essentially just like, well, any other wallet.
Unocoin,Zebpay,CoinSecure are one of the leading Wallets that are being used in India.
3 Ways to Get The Coins!!
- If you are selling a good, you can accept bitcoins as a form of payment.
- You can purchase and sell bitcoins through Bitcoin exchanges (this is the most common way. Exchanges are typically found online.)
- You can trade bitcoins for traditional currencies of countries.