Bitcoin is a collection of computers or nodes, that all run Bitcoin’s code and store its blockchain. A blockchain can be thought of as a collection of blocks. In each block is a collection of transactions.
Because all these computers running the blockchain has the same list of blocks and transactions and can transparently see these new blocks being filled with new Bitcoin transactions, no one can cheat the system. Anyone, whether they run a Bitcoin “node” or not, can see these transactions occurring live.
Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.
Step 2 — Register & Open an Account
Step 3 — KYC
Step 4 — Google 2 Step Verification
Step 5-Add Bank details
Because all these computers running the blockchain has the same list of blocks and transactions and can transparently see these new blocks being filled with new Bitcoin transactions, no one can cheat the system. Anyone, whether they run a Bitcoin “node” or not, can see these transactions occurring live.
Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.
Key elements of Bitcoin include:
- Blockchain
Unlike fiat currency, Bitcoin is created, distributed, traded, and stored with the use of a decentralized ledger system known as a blockchain. - Trading
Bitcoin’s history as a store of value has been turbulent; the cryptocurrency skyrocketed up to roughly $20,000 per coin in 2017, but as of two years later, is currency trading for less than half of that. - Inspiration
As the earliest cryptocurrency to meet widespread popularity and success, Bitcoin has inspired a host of other projects in the blockchain space. - Transparent
There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to, that along with all Bitcoin transactions is verified by a massive amount of computing power. - Altcoins
Bitcoin charts high on popularity, and has triggered the launch of hundreds of other virtual currencies collectively referred to as Altcoins.
How to Buy Bitcoin In India?
In India, you can buy bitcoins from some trusted Bitcoin apps. There are quite a lot of such apps. One among them in India is BuyUcoin with no hidden charges. Choosing the best platform to buy them from is another task.
Step by Step Guide For Beginners, How to Buy Bitcoin in India?
BuyUcoin is an exchange that provides buying and selling Bitcoin in India as well as other cryptocurrencies. Below is a step by step guide to buying Bitcoin via BuyUcoin:
Step 2 — Register & Open an Account
Step 3 — KYC
Step 4 — Google 2 Step Verification
Step 5-Add Bank details