What is Bitcoin, Mining, rate today, top 5 cheap cryptocurrency and is it legal in India?

Table of Content:-

What is Bitcoin means.
What is Bitcoin mining. / How Bitcoin is mined.
Bitcoin Rate today.
Is Bitcoin legal is India.
Top 5 Cheap Cryptocurrencies.

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Bitcoin Meaning

Bitcoin is a cryptocurrency or we can say a virtual currency that help you to buy, sell and exchange them directly without any central organization like banks, government etc. It is digital currency and nobody control or owns it. It is virtual currency that is stored in digital wallet or in Internet.

Bitcoin is a virtual currency created on 2009 by Satoshi Nakamoto and it is world’s 1st cryptocurrency. Many famous companies like Microsoft, Amazon, Shopify, Tesla etc now accept bitcoin payment also.

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What is Bitcoin Mining & How Bitcoin is Mined?

You may hear this Phrase “Bitcoin Mining” and you always think that what it is exactly means. Does it means I can generate free bitcoin? Don’t tense, today we discuss about this.

Bitcoin mining is the process by which new bitcoin are made and entered into the circulations. Bitcoin mining is technique of creating this virtual currency (Bitcoin) by solving a highly complex mathematical computational problems. In the early days, Bitcoin miners solved these math problems with the processors and their computers. Soon miner discovered that graphic cards used for gaming were much better suited to this kind of working. But Graphic cards is faster, they use more electricity and generate a lot of heat and have high chance of being damaged.

The first commercial Bitcoin mining products included chips that were reprogrammed for mining Bitcoin. These chips were faster but still power-hungry. Due to this the popularity of Bitcoin increases, more miners join the network and making it more difficult for individuals to solve the math problems. To overcome this, miners have developed a way to work together known as Pooled mining. Pools of miners find solutions faster than their individuals members and each miner is rewarded to the amount of work he or she provides.

Mining is an important and integral part of Bitcoin that ensure fairness while keeping the Bitcoin network stable, safe and secure.

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Is Bitcoin Legal in India?

Many countries like USA, Canada, Australia and El Salvador where Bitcoin is legal. But there is a lot of confusion about bitcoin in India. Last year government proposed a bill to ban all cryptocurrencies, but due to confusion state government dropped this idea.

It means cryptocurrencies are illegal in India but you can sell, buy and exchange Bitcoin because it is not 100% illegal. The difference is that government can’t monitor cryptocurrencies this means government is not responsible for any kind of loss and fraud happen in Cryptocurrencies.

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Bitcoin Rate Today

There was a time when bitcoin was very cheap because of very little demand. The starting price of bitcoin in 2009 is 5 Rs (0.08$) But gradually its price started skyrocketing.