In the coming years, it would be very obvious for us to hear the term “BITCOIN”. The notes, coins, and online bank transactions would get a tough competition. And mind me, free bitcoin is gaining a lot of importance, and it is obvious, as it is one of the limelight of the technical advancements.
So basically, what is a bitcoin?
To put it in simple words, bitcoin is a Cryptographic Currency(electronically stored in computers/online), which was first introduced by Satoshi Nakamoto in the year 2009. It is a virtual currency that has got no centralized authority and no back up from the government or any bank. That is why it is rightly termed as “A Peer-to-Peer Electronic Cash System.
” Unlike typical banks, free bitcoinhas no requirement of a middleman or a channel and has got no restrictions or any control for the transactions. You can trade or exchange in the way you want. Unlike typical cash systems, a bitcoin has no fixed value as there is no central authority to determine its value. The amount keeps on fluctuating.
The bitcoin price
If we just focus on its prices, we will get to know that at its initial stage, the value was $0. Since then, the currency has seen a lot of crashes and rises in value. The price had reached its peak value in late 2017, the amount being $19,783. As of the present value, one bitcoin equals to $7160.06 or 5,47,372.31 INR.It is known that only 21 Million Bitcoins were mined at the initial stage. The number was fixed so that the value keeps on increasing.
Though it is popular, in some regions, transactions in terms of bitcoinare not recognized and accepted. And investing in it is subject to personal risk.