Bitcoin Pdf -What is Bitcoin,Litecoin & Other Cryptocurrencies -bitcoin pdf book – bitcoin is a Virtual Currency . Now A Days bitcoin is A Trending Term all over World . Those who are preparing for Various Competitive Exams like -UPSC,MBA,SSC,NDA,IBPS PO,IBPS Clerk,RBI And Other Competitive Exams. They Must Know About Bitcoin and other virtual Currencies .’Bitcoin Pdf -What is Bitcoin,Litecoin & Other Cryptocurrencies’
Questions from these topics can come in Exam. So guys in this Article We will provide Full Details about Bitcoin and Other Cryptocurrencies in Full Details.
- What Is Bitcoin ?
- How Does Bitcoin Work ?
- Why Do We Need Bitcoins ?
- Bitcoins values and Regulations
- What Are The Advantages Of Bitcoins ?
- What Are The Disadvantages of Bitcoins?
- Are Bitcoins Limited In Numbers?
- How To Get Bitcoins ?
- Arguments Against Bitcoins ?
- How is New bitcoins Generated ?
- Who Can you Send bitcoins to ?
- How Does The Bitcoin payment System Works ?
What Is Bitcoin?Bitcoin Pdf -What is Bitcoin,Litecoin & Other Cryptocurrencies
- “Bitcoin is a type of digital currency that enables instant payments to anyone.
- Bitcoin was introduced in 2009.
- Bitcoin is based on an open source protocol and is not issued by any central authority.
- Bitcoin is a type of virtual currency, created in 2009 by an unknown person named Satoshi Nakamoto.
- There are no Middle Man or Bank or regulatory Agency in this whole process .
- All Transactions are made without any Regulatory Agency or bank .
Bitcoin is a peer-to-peer currency. Peer-to-peer means that no central authority issues new money or tracks transactions. These tasks are managed collectively by the network.
Bitcoin was the First virtual Currency to exist in world . After that many new currencies were introduced in financial market .All digital currencies created since then are called Altcoins, or alternative coins.
Litecoin, Peercoin, Feathercoin, Ethereum and hundreds of other coins are all Altcoins because they are not Bitcoin.
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What Are The Different Characteristics of Bitcoin ?
- With the Help of Bitcoin You can buy Any thing like We buy with conventional Money .
- It is Virtual Currency .
- Bitcoin is not Regulated by Any Bank or Agencies .
- Bitcoin is a Decentralized Currency .
- A Large Bank can not control people money.
- Only 21 Millions Bitcoin can be created .
- These coins can be divided into smaller parts.
- The smallest divisible amount is one hundred millionth of a bitcoin and is called a ‘Satoshi’.
How Does Bitcoin Work ?Bitcoin Pdf -What is Bitcoin,Litecoin & Other Cryptocurrencies
- Bitcoins are generated all over the Internet by anybody running a free application called a Bitcoin miner.
- Mining requires a certain amount of work for each block of coins.
- This amount is automatically adjusted by the network such that Bitcoins are always created at a predictable and limited rate.
- Bitcoins are traded from one personal ‘wallet’ to another. A wallet is a small personal database that you store on your computer drive (i.e cold storage), on your smartphone, on your tablet, or somewhere in the cloud (hot storage).
- Your Bitcoins are stored in your digital wallet which might look familiar if you use online banking.
- When you transfer Bitcoins, an electronic signature is added.
- After a few minutes, the transaction is verified by a miner and permanently and anonymously stored in the network.
- you can use Bitcoin for Purchasing good and Services online any time .
- You can send bitcoins to any one . From your wallet to some one others wallet.
- You can store bitcoins offline also in your wallet.
Bitcoins values and Regulations
What Are The Advantages Of Bitcoins ?
Bitcoin has numerous benefits and advantages over using localized currency; we will discuss some of the biggest advantages.
|Advantages of Bitcoin||Details|
|No third party Interruptions||
|Purchases Are not taxed||
|Very low transaction Fee||
|No Paper Work||
|Bitcoins Completely bypass Banks||
|Bitcoin transactions are irreversible||
|You can create your Own Money||
|People can’t steal your payment information from merchants||
What Are The Disadvantages of Bitcoins?Bitcoin Pdf -What is Bitcoin,Litecoin & Other Cryptocurrencies
In this world if any thing has positive points than it also has negative points too. In Bitcoin case also there are some disadvantages also . Here we are sharing some of the disadvantages of bitcoin in table given below .”Bitcoin Pdf -What is Bitcoin,Litecoin & Other Cryptocurrencies”
|Disadvantages of bitcoin||Details|
|Degree of Acceptance||
|Money laundering And Black market||
|Potential to Be Replaced by Superior Cryptocurrency||
|Banned By Many Countries||
Are Bitcoins Limited In Numbers?Bitcoin Pdf -What is Bitcoin,Litecoin & Other Cryptocurrencies
- There Are total number of 21 Millions Bitcoins .
- The Bitcoins number will not be exceeds more than 21 millions .
How To Get Bitcoins ?Who create bitcoins and How you can get bitcoins .
People Ask Many Questions regarding Regarding Bitcoin.How do you earn bitcoins?How do you mine Bitcoins?
How do you get bitcoins for free?How do you buy Bitcoins?Bitcoin Pdf -What is Bitcoin,Litecoin & Other Cryptocurrencies
There Are Three Easy Steps to get Bitcoin and use them .
- Download Any Bitcoin Wallet .
- There Are Various Bitcoin Wallets Across Various Platforms.
- Bitcoin Wallet is app or Program Which Allowed you receive and Send Bitcoins .
- This Wallet Keep Record of all transactions and Your Transactions History .
- Now Add Bitcoin in Your Wallet from different Bitcoin platforms .
- you can buy Bitcoin with the help of Credit Card and Bitcoin Exchange .
Use Bitcoin to send and receive Bitcoin .
- Copy the receiver’s public Bitcoin address (or scan QR code)
- Open your wallet and navigate to its “Send” feature, paste the receiver’s address into the appropriate field Specify the amount you want to send (for help converting fiat currency into bitcoin visit our Bitcoin Tools page.)
- Confirm that the address and amount are both correct
What are the Different CryptoCurrencies – Virtual Currencies and Crypto Currencies .
India and Bitcoin – What is the stand of Indian Government on Bitcoin ?
Bitcoin regulation In India ?Bitcoin Pdf -What is Bitcoin,Litecoin & Other Cryptocurrencies
- The central bank had clearly stated that “creation, trading or usage of VCs including bitcoins, as a medium for payment are not authorised by any central bank or monetary authority.
- No regulatory approvals, registration or authorisation is stated to have been obtained by the entities concerned for carrying on such activities.”
- As such, any user, holder, investor, trader, etc. dealing with Virtual Currencies will be doing so at their own risk,” the Reserve Bank clarified.
Finance minister Arun Jaitley said last week that India does not recognise cryptocurrency as legal tender ‘as of now‘.“Recommendations are being worked at. The government’s position is clear, we don’t recognise this as legal currency as of now,” Jaitley said when asked whether the government has taken any decision on cryptocurrency.
Securities Exchange Board of India (Sebi) on 20 December said that if bitcoin is considered as a commodity derivative then Sebi might regulate it. In countries such as the US, the Sebi-equivalent regulatory body is looking into cryptocurrencies. Experts say, considering cryptocurrencies are looked at as a commodity, Sebi should look at regulating them.
Though there are still no clear regulations or proper jurisdiction, the income-tax department is clear that tax has to be paid on all cryptocurrency transactions. Though there is no mention of cryptocurrencies in the Act, income tax will still have to be paid on any gains accruing from cryptocurrency transactions.Bitcoin Pdf -What is Bitcoin,Litecoin & Other Cryptocurrencies
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