If you would have bought $1000 of Bitcoin in 2013-beginning, you would be planning your retirement now, as you’ll be sitting on $80 million.
There are 16.7 million bitcoins, which have been released in the system till now, with 12.5 new ones released roughly every 10 minutes, thru a process called “mining”. Mining is a process, where global network of computers competes to solve complex algorithms in reward for the new bitcoins.
Bitcoin is a cryptocurrency and a worldwide payment system. It is the first decentralized digital currency – the system works without a central repository or single administrator.The network is peer-to-peer and transactions take place between users directly through the use of cryptography, without an intermediary.These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain.
Bitcoin’s smallest unit is a Satoshi, named after the elusive creator of the cryptocurrency, Satoshi Nakamotoand released as open-source software in 2009. One Satoshi is one hundred-millionth of a bitcoin.
Bitcoin in India:
Bitcoin currency is not regulated or supported by any Indian government regulators, banks or administrators. Though there are multiple platform providers, acting as an execution/ exchange platform. Therefore, lure of fast buck, may lead to blocking your funds without any support or help.
Source: NDTV & Wikipedia
