Bitcoin - The Ultimate Currency

Category : FinTech | Sub Category : Cryptocurrency Posted on 2020-12-18 07:41:30


Bitcoin - The Ultimate Currency

History Of Bitcoin  

The history of Bitcoin is amongst the most mysterious theories in the world. After 11 years of its establishment, the name of the founder/organization of Bitcoin is still unknown.

There were a lot of discussions about the founder/organization in the past, but still, it has a question mark.

According to the most prevalent theory,  Bitcoin was founded by Satoshi Nakamoto(a pseudonym given by the real unknown founder/organization of Bitcoin).

There is two hypotheses about Satoshi according to this, the good one and the bad one.

The good hypothesis says that the real Satoshi doesn't want to unveil his/her identity, and let the Bitcoin run and grow on its own.

The Bad hypothesis on the other hand says that Satoshi had about 1 million Bitcoins, and ran away without revealing his/her identity.

By the majority of the crypto-community, the bad one is considered to be real.

There are a lot more theories explaining the real Founder of Bitcoin but has some inappropriate fallacies.

No-one had ever met Satoshi Nakamoto in real, except through e-mails and phone calls.

Craig Wright, an Australian computer scientist, once claimed that he is the real man behind the pseudonym Satoshi Nakamoto, but later on this was concluded as a wrong claim, by journalists and the crypto community itself.

Doesn't it sound like we are in a sci-fi world?


Here are some of the most interesting facts about Bitcoin:-

1. There are only a limited number of Bitcoins that the whole world can mine, which is 21 million Bitcoins, if this total gets mined, then the ongoing supply would be exhausted.

2. In 2010, a person named Laszlo Hanyecz, gave 10,000 Bitcoins for ordering two pizzas at Papa John's, I can totally feel the regret he would have now, as, if now he had that 10 grands of Bitcoins which gets a total of about 16 billion Indian Rupees, he would be among the richest ones.

3. The bad hypothesis, concludes that Satoshi had 1 million Bitcoins, and if someday the Bitcoin hits 1million dollars/Bitcoin, as some analysts say, then Satoshi will have a net worth of about 1 Trillion dollars, which is at least 10 times wealthier than the current richest man.

I literally have no surprise that he/she disappeared!

But, Satoshi, If you're reading this, Bravo!

Maybe, Satoshi Nakamoto is just the initials of grand tech companies - SAmsung - TOSHIba - NAKAmichi - MOTOrola, really?

 

What is Bitcoin(BTC) and how does it works?

To begin with, it's very much important to know what Bitcoin is.

Bitcoin doesn't have any physical form as a coin or a bill, which you can transfer as normal fiat currency or find on your bank statements.

This gives this currency the initials - CRYPTO(encrypted and unaccessible)

It's just a file that is considered as money, consists of the payment address or the receipt.

Bitcoin is based on the structural technology which is known as a blockchain(an encrypted and unaccessible block) which contains the address of the sender of every Bitcoin transaction and the receiver's address registers in the Bitcoin network.

When you try to send the Bitcoin to someone, then there is an address linked to the receivers wallet, which is the output of the transaction, which you have to enter during the process of transaction, so that the transaction could land safely.

Bitcoin Wallet works the same as Paytm Wallet(contains digital currency), there are some well-known Bitcoin wallets:

1.Coinbase

2.Exodus

3.Coinswitch

4.Trezor

....and many more!

 

Market and future predictions of BTC

At the starting of the year 2020, the price for 1btc was nearly $7k (4lakh INR) and right now in December 2020, Bitcoin got a huge hike and now the price is nearly $23k (1.69million INR).

Bitcoin just crossed its high time resistance of around $20k, and according to crypto-analysts and investors the price of Bitcoin can cross the value of $100,000 in the future, maybe in 2025!

 

Is BTC legal in India?

For Bitcoin enthusiasts, Indian Supreme Court took a markable decision in early 2020, the ban on Bitcoin was drawn out.

It was a major announcement for the crypto-community, as the RBI was the party against this case.

So for now, all the activities including investment and trading related to this cryptocurrency are LEGAL in our country.


How to earn Bitcoins and Use Them? 

First let's discuss some ways to earn BTC - 

1.Using Affiliate Programs

2.Crypto Mining 

3.Bitcoin ads 

4.Using Crypto Interest Account  

Now, how to use BTC as currency -

1.Exchange Bitcoin with other currency  

2.Investment and Trading

3.Getting vouchers of e-commerce websites.

In India, Bitcoin is not yet much prioritized in terms of daily exchange, but by predictions of some big crypto-analysts and crypto-community, the cryptocurrency will get much more consideration in coming years!

- Prakshal Jain



Learn more about Bitcoin and Blockchain - Here or Here

You can put your queries in the comment section below, would be glad to answer your questions!

 

Discuss/Comment
Sambhav Jain
at 2020-12-22 23:21:51
Nice one