Bitcoin is basically a computer file which is stored in a digital wallet app on a smartphone or computer. People can send Bitcoins or part of one to your digital wallet, and you can send Bitcoins to other people.You can buy Bitcoins using real money. You can sell things and let people pay you with Bitcoins.The money you put into Bitcoin is not safe from value fluctuations. Bitcoin is a volatile investment. If you’re looking for a “safe” investment with guaranteed returns, then don’t invest in Bitcoin
Bitcoin is the oldest cryptocurrency in the world. It is a digital currency that is often used to exchange value for goods and services. Bitcoins work on the principle of blockchain technology. Bitcoins can also be mined or produced using a massive computing system, complex technical process, and an active internet connection.People have traded in Bitcoin for over a decade now. Many companies have even started accepting Bitcoins as a payment method. The price of the coins has gone up substantially over the years.
In April 2018, the RBI had effectively banned cryptocurrency transactions via banks and e-wallets in the country. It was initially supported by the Supreme Court, though the top court later quashed the ban in March last year.Earlier this week, the government listed a bill titled The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 that is aimed to provide a framework for creation of an official digital currency to be issued by the RBI and prohibit all existing private cryptocurrencies. Experts, however, believe that it would take some time for the country to bring any changes.
Bitcoin held at exchanges are vulnerable to theft through phishing, scamming, and hacking. As of December 2017, around 980,000 bitcoins have been stolen from cryptocurrency exchanges.The use of bitcoin by criminals has attracted the attention of financial regulators, legislative bodies, law enforcement, and the media.Bitcoin gained early notoriety for its use on the Silk Road.