What is Bitcoin?
🔹 What is Bitcoin?
Bitcoin is a digital currency (cryptocurrency). It is not controlled by any country or government.
It was launched in 2009 by a person or group known as Satoshi Nakamoto.
🔹 Key features of Bitcoin
Digital currency – does not exist in paper or coin form, but only online.
Blockchain technology – a decentralized database is used to keep Bitcoin transactions secure.
No central bank – no bank or government controls it.
Limited supply – the total number of Bitcoins will be 21 million (21 lakh × 100 = 21 crore coins), no more can be created.
Peer-to-peer (P2P) transactions – can be sent directly from one person to another, without a bank or intermediary.
🔹 How is Bitcoin used?
Online Payment
Investing (buying like stocks and selling them when the price increases)
Sending money abroad
Crypto trading (trying to profit from price fluctuations)
🔹 How is Bitcoin created? (Mining)
Bitcoins are created through mining.
This is a type of computer process where new Bitcoins are created by solving complex mathematics. However, mining is now very expensive and complicated.
🔹 Advantages of Bitcoin
✅ Fast and borderless transactions
✅ No need for banks
✅ Valuable to many due to limited supply
✅ High profit potential
🔹 Risks of Bitcoin
⚠ The price fluctuates very quickly (there can be good profits, but also big losses)
⚠ There is a risk of hacking and fraud
⚠ There are legal restrictions in many countries
⚠ If you lose your password or your wallet is hacked, you can lose your money forever
