Bitcoin are the first kind of Cryptocurrency which came into picture in year 2009. It was launched by person named Satoshi Nakamoto. However it is said that it was not his true identity. Bitcoins can be referred as internet/ digital cash, which we can be assessed through internet and moreover like other accounts on internet, a password is required to access Bitcoins.
There is no RBI for Bitcoin, this means that there is no centralized agency which controls Bitcoin. Bitcoin does not subject to any regulations. Moreover, transactions through Bitcoin does not involve any middlemen. Hence payment with Bitcoin are quite cheap as well as easy. It acts as an internet cash which may be used for shopping, making payment as well as investment purposes.
One can easily Buy bitcoin in India as well sell Bitcoin in India. There are number of exchanges available to trade Bitcoin. Hence one should look for the best Bitcoin rate and then do the trading. Once bought, Bitcoin like other currencies need to be stored, wallets in which they are sored is not any leather wallet. Bitcoin wallets are digital in nature hence are called digital wallet. This means bitcoins can be store only on internet.
Bitcoin transfers are very much secure as Bitcoin transactions are based on principle:
1 address=I transaction.
Bitcoin transactions are anonymous and does not involve any hidden or unwanted charges. Bitcoin advantages and disadvantages are as follow:
Advantages of Bitcoin
• Bitcoin provide freedom of payment to the client. There is no limit as far as Bitcoin are concerned.
• Transacting through Bitcoin have either no or very less fees attach to it.
• Bitcoin transactions are very much secure.
• Bitcoin provide transparent mode of transaction as the entire information is available online.
Disadvantages of Bitcoin
• Bitcoin are still not that popular among people, hence due to lack of awarenessthe acceptance of Bitcoin is very low in the business world.
• Bitcoin being a new concept still under developing mode.