Bitcoin India | Bitcoin wallet in india |Is Bitcoin legal in india

BITCOIN INDIA
What is Bitcoin in India and how does it work ?
Ans. Bitcoin, is as a cryptocurrency, a virtual currency or a digital currency - is a type of money that is completely virtual.



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It's like an online version of cash. You can use it to buy products and services, but not many shops accept Bitcoin yet and some countries have banned it altogether like India Currently indian govt. has been ban Bitcoin uses .
The physical Bitcoins you see in photos are a novelty. They would be worthless without the private codes printed inside them.

How does Bitcoin work in India ?

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Bitcoin is basically a computer coded file which is stored in a 'digital wallet' app on a smartphone or computer or oofline in white papper .
People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people.
Every single transaction is recorded in a public list called the blockchain.
This makes it possible to trace the history of Bitcoins to stop people from spending coins they do not own, making copies or undo-ing transactions.

How do people get Bitcoins in India ?
There are three main ways people get Bitcoins.
  • You can buy Bitcoins using 'real' money.
  • You can sell things and let people pay you with Bitcoins.
  • Or they can be created using a computer.
  • Through Bitcoin Mining 
How are new Bitcoins created in India?
In order for the Bitcoin system to work, people can make their computer process transactions for everybody.
The computers are made to work out incredibly difficult sums. Occasionally they are rewarded with a Bitcoin for the owner to keep.
People set up powerful computers just to try and get Bitcoins. This is called mining.
But the sums are becoming more and more difficult to stop too many Bitcoins being generated.
If you started mining now it could be years before you got a single Bitcoin.
You could end up spending more money on electricity for your computer than the Bitcoin would be worth.

Why are Bitcoins valuable?

There are lots of things other than money which we consider valuable like gold and diamonds. The Aztecs used cocoa beans as money!
Bitcoins are valuable because people are willing to exchange them for real goods and services, and even cash.
Why do people want Bitcoins?
Some people like the fact that Bitcoin is not controlled by the government or banks.
People can also spend their Bitcoins fairly anonymously. Although all transactions are recorded, nobody would know which 'account number' was yours unless you told them.
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