CRYPTOCURRENCY

                       WHAT IS BITCOIN

 Bitcoin is a virtual currency. It started in the year 2009 but has gradually become very popular, the price of a bitcoin equals millions of rupees. It is also known as cryptocurrency because it uses cryptography for payments. That is, now this currency is also known as the currency of the future.

How Bitcoin Works for Transactions?

Bitcoin transactions the customer must send a payment message via digital means connected with a private key, which is verified by a worldwide decentralized network.


Payments made through this are different from payments made by debit or credit card. Bitcoin is a virtual currency that can only be used for online transactions. Due to the large fluctuations in the value of bitcoin, the question often arises as to whether it has the potential to function as a currency.

Since it was not initially supported by the central bank, bitcoin transactions are done privately. This requires a software. It requires a good processor, uninterrupted power supply, which is difficult in our country which is not given at present

This cryptocurrency is very dangerous whether bitcoin is safe or not. For example, in January the value of bitcoin rose to $ 42,000, then dropped to $ 30,000, then rose again to $ 40,000 within a week.

There is an app where you can trade for bitcoins. Understand that if your file has been deleted from the server or the password is incorrect, you have lost your money. There have been some reports that millions of bitcoins have been lost due to lack of password.

10 years imprisonment for buying and selling cryptocurrencies in India



Prohibition on cryptocurrency as well as the Digital Currency Bill 2019 draft proposes 10 years imprisonment for those who buy and sell cryptocurrencies in the country.

Under the draft, anyone found guilty of creating, selling, possessing, sending, or dealing with cryptocurrency cryptocurrency could face up to 10 years in prison if convicted. But now the Supreme Court has lifted the ban.

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