Who can say what bitcoins are? Very few hands are seen. Let's not know then. Have we all seen 100, 500, 1000 rupees notes? Do we know who the currency is in the economy? Yes, I know. In a way, bitcoin is a virtual currency that cannot be seen or touched. Goes just to transfer and calculate. In 2009, a Japanese man named Satoshi Nakamoto discovered bitcoins. At that time people did not realize that bitcoin would become so expensive in a short time. On April 20, 2020, that is, in today's market, 1 bitcoin is equal to 13,000 dollars, which when converted into rupees stands at 11,00,000 rupees. Can you imagine?
Why is Bitcoin so expensive this question is running through your mind. The government or the authorities can or will print the paper notes in our wallets from time to time if they want. But Bitcoin has a fixed limit of 21 million bitcoins. When these 21 million coins are passed, there will be no new bitcoins in the world. In the language of economics, what is the demand if the supply is low? Yes, the demand is high. Got it right. There is another big reason behind the increase in the price of bitcoin You will be surprised to hear that only Satoshi's name is known and he has never been seen. Mr. Satoshi just created an algorithm where the coding is how bitcoin will be created and transferred from one account to another. This means that bitcoin has no legal authority, no controller. It has been seen that today 1 bitcoin is equal to 2100 dollars, tomorrow that bitcoin will be 8000 dollars. So the price of Bitcoin is basically determined by the price of Bitcoin users.
there is another question in your mind now. The question is how Bitcoin is created again This is interesting information, listen. The process of creating bitcoin is called bitcoin mining. I am clarifying the matter. Suppose you transferred 100 bitcoins from your wallet to my wallet. How will this transfer be? There are many emulsions in the bank to do this work, there is no one like that here. So how will the transfer be? Will be brother. This transfer is done by Bitcoin Minor. Minor's job is to sit with a computer and mining software. Any transfer order is actually coded and transferred from one wallet address to another. In return for the 100 bitcoins he helped you transfer, he will receive 0.01 bitcoin (0.01 satsi) as a fee. This fee will not come from 100 bitcoins. It will automatically generate ঐ 100 from Bitcoin transactions. And this is how bitcoin is created. And this fraction of Bitcoin is called Satsi, which is named after the inventor of Bitcoin.
Now let's see why Bitcoin is becoming so popular day by day. A little while ago you gave me 100 bitcoin transfers. If you had paid the same amount through banks, PayPal, Payza, etc., you would have had to go through a lot of documentation and processes. The biggest thing is that they would deduct a huge amount of money as a charge. Bitcoin doesn't have that problem. Got it?
You can also open a bitcoin account if you want. Now there are three ways to get coins. First you can sell products online or offline and take payment in bitcoin. Second, you can buy Bitcoin from someone who has Bitcoin. And all you can do is do mining. Bitcoin mining is not an easy task. It takes excellent math solving skills. And what it takes is a very powerful computer. The computer on the market that you think is the strongest for playing games will also look much weaker in front of the mining computer. It costs around Rs 4-5 lakh to make a mining computer.