What is bitcoin ? | meaning of bitcoin | Advantages and disadvantages of bitcoin | The multitude

Bitcoin

Bitcoin is one of cryoptocurrency or digit virtual currency created by unknown person called satoshi nakamoto in the year 2008. Bitcoin is digit virtual currency which we cannot actually see or touch because it is digital currency we can store this only in computer system in the form of file.

Satoshi nakamoto

Satoshi nakamoto used blockchain technology. Each blockchain are interlinked with each other are categorized by Data, Hash , Hash of previous Block

ADVANTAGES OF BITCOIN

1. Low transaction fees for international payment.

2. No service charges. (elimination of banking fees)

3. Greater liquidity compared to other cryptocurrency.

4. Peer to peersystem is used so impossible of hack.

5. Payment can be made through mobile phone.

6. Accessibility.

7. It can be used as alternative currency, countries like USA, Australian, Japan use this currency as alternative currency.

DISADVANTAGES OF BITCOIN

1. Bitcoin prices fluctuate and it is high risk asset people may lose sometime.

2. Environment ills of bitcoin mining.

3. Bitcoin is not governed by any organization so any queries people may not know to whom to enquire.

4. Bitcoins are not acceptedin some countries.

5. Bitcoins are not In physical form.

6. No valuation guarantee.

7. It takes minimum 10 minutes for transaction.

ISSUES IN INDIA REGARDING BITCOIN

In India many people are in miss understanding that bitcoin is illegal in india but the actual thruth is bitcoin is never banned in india. The issue was on the year 2018 RBI ordered all bank to deny the access of those company or any organisation making transaction with bitcoin, RBI never mentionaed that bitcoin is banned or illegal.

On the year 2020 people protested against RBI and filled case in supreme court but the court held that according 19-1G RBI cannot restrain from any trade or bussines. RBI was against the costitution and finnaly on 4th march 2020 officially declared that anybody can trade and invest in bitcoin.

WHY RBI WAS AGAINST BITCOIN ?

Amit bharatwaj spread wrong news that he created his own cryptocurrency and anybody can buy and can sell, made around 2,000 crore rupees fraud

our currency is governed by government and RBI, it has our governor official signature " I promise to pay the bearer the sum of ten rupees", RBI sttamp and on the top as "guaranteed by the central government" but bitcoin is not governed by the any kind of institution or government or bank no one will follows the rules and regulation of bitcoin so due to this, bank and credit card company are against bitcoin because bitcoin is non governed cryptocurrency people making transaction with bitcoin need not to give any tax and services charges to bank and these bank and credit card company inccuring heavy lose.

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