What is Bit coin? Know the complete knowledge of bit coin – bit coin is a digital currency which we can call common currency in general language. We cannot store this currency in our house or in our wallet because it is not a kind of note or any coin. Therefore, you can use bit coin only online. Bit coin is a Decentralized way, meaning there is no Authority, Government or any bank to control this currency. It works on Peer-to-Peer Network Base, and bit coin users believe that it is a currency. This way it has become a global currency. Bit coin is invented by Santoshi Nakomoto. This has become quite popular currency.
How much is Bitcoin?
If you talk about the value of bit coin, in today’s date (January 2017), the price of 1 bit coin is approximately 70,000 Indian Currency. It is not that if you want to buy Bitcoin, then you will have to buy 1 bit coin. The smallest unit is Santoshi and 1 bit coin = 10, 00, 00,000 (million) is Santoshi. Just like Indian currency, there is 1 rupee = 100 paisa. Just like 10 million Santoshi, a bit coin is formed. That means you can break 1 bit coin up to 8 decimals. You can also use 0.0001 bit coin.
If we cannot put it in our house or pocket wallet, then you can store bit coins and store it. You need a bit coin wallet to store it. Software And Cloud-Based Wallet is where you can store bit coins by creating an account.
How does Bit coin Wallet work? First of all, he offers you a unique address. Let us assume that you have purchased Bitcoin from anywhere, you will need an address to order it, so you can store bit coin in your wallet and store it. If you have sold bit coins and earned some rupees from them, then you will need Bit coin Wallet to transfer those funds to the bank.