What Are Bitcoin and Cryptocurrency? Why Is It Becoming A Huge Deal Today? Explained.

Bitcoin:-

• Well, Bitcoin is an online digital currency through which you can buy products and sometimes services too.
• But, for your information not many shops or firms accept this currency as a medium to trade. In fact, many countries have even banned Bitcoins(Including India).
• So basically Bitcoin comes under cryptocurrency. Now you know what is cryptocurrency.
• Well, the fun begins over here, Basically as I said many countries have banned Bitcoins but, are now developing their own cryptocurrencies. Strange right?
• This is because the countries want to control the cash and the transactions made by their citizens. Plus, they want their currency fully digital so they are taking up this step.
• So, what happens over here is your hard cash would just change its state to Digital.
  

How to trade and mine Bitcoin?

• Firstly you cannot mine or buy or sell Bitcoins now as many countries have banned them. So basically you have very few traders left now to trade and plus even if you find one it’s difficult to deal with now.
• But, don’t lose your hopes you can still use these companies to trade cryptocurrency:-
  • WazirX
  • CoinDCX
  • BuyUCoin
  • Bitbns and many more but not recommended.
• Now let’s see how can you mine Bitcoin.
  • See, first of all, mining Bitcoin takes a huge amount of electricity and it was estimated that mining of only Bitcoin results in around 1% of the world’s totals electricity counted for a year. This is way much than you could imagine.
  • To figure out how to measure the amount of electricity used to run the bitcoin network, you’ll need to know how bitcoin is created. Calculating how many amounts are performed per second to solve bitcoin’s mathematical puzzles, and then determining how much electrical energy it takes to do each number, is one way to look at it in terms of the amount of electricity used. For your information, you can mine Bitcoin within 10 minutes.
  • Yes, that’s true. Moreover, you cannot use your regular PCs or mobile phones for calculating and solving Bitcoins Mathematical questions.
  • Thus mining Bitcoins takes up huge electric powers making it not suitable for the environment.