The Supreme Court has today removed the ban from trading of cryptocurrencies banned in India. Now all the banks of the country can start its transaction. Explain that the Reserve Bank of India had issued a circular in the year 2018, forbidding banks to trade in cryptocurrency. After the Supreme Court's decision, Indians will also be able to buy and sell cryptocurrencies like Bitcoin. There are many types of cryptocurrencies, one of which is bitcoin. Bitcoin is the most expensive currency in the world. Currently, the price of one bitcoin is $ 9000. If you talk in rupees then about 6.39 lakh rupees are made. There have been many ups and downs in the last one year. From April 2019 to March 3, 2020, the price of bitcoin has increased by 125 percent. At the end of April 2019, the price of bitcoin was around 4000 dollars (about 2.84 lakh rupees) which has reached 9000 dollars (6.39 lakh rupees) today.
Solving a puzzle online gives Bitcoin, and it can also be purchased by paying money. Not only Bitcoin, there are many currencies which are very expensive and its value is increasing year after year.
How Bitcoin Works - You can install bitcoin as a bitcoin wallet on your computer or mobile phone. This will create your first bitcoin address and you can also create more than one address if needed. Now you can give your bitcoin address to your friends. After this you can take payment from them or pay them.
Large-scale use in illegal businesses - Bitcoin is used extensively in black money, hawala, purchase and sale of drugs, tax evasion and terrorist activities. The increasing use of bitcoin has woken up security agencies in countries around the world. US investment bank Goldman Sachs said in its report that crypto currency cannot be ignored. There is a strong possibility of growth in it.
A transaction consumes 240 kilowatts of electricity. Expense- One time transaction of bitcoin and large amount of electricity is used in mining (making), because 25000 computers are needed to make one bitcoin (mining). According to a report released by Denmark's big investment bank ING, every transaction of bitcoin costs 240 kilowatts of electricity. This is almost equal to the monthly electricity consumption of an average family.
Bitcoin mining is the highest in China
A study has said that China ranks first in 58 percent of the world's largest cryptocurrency mining. America's number is second in this list with 16 percent figures. According to a study published by Cambridge University on the bitcoin industry, a quarter of the total electricity is being produced in China alone in the production of all types of cryptocurrencies worldwide. A Bitcoin uses 25 thousand computers. In such a situation, even if there is a disturbance, then the sword can hang on the jobs of crores of people.
What is cryptocurrency?
Cryptocurrency is a digital currency based on blockchain technology. The encryption technique is used in this currency. Through this technique, the transaction of currency is completely audited, which makes it very difficult to hack. This is the reason that the possibility of fraud in cryptocurrency is very less. The operation of cryptocurrency is independent of the central bank, which is its biggest drawback.
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